Volta Trucks UK bought by hedge fund Luxor Capital
08 December 2023
Volta Zero electric truck (Photo: Volta Trucks)
It has been reported across a series of news outlets that Luxor Capital has purchased the UK business assets of Volta Trucks.
Having led three of the company’s five funding rounds, hedge fund Luxor Capital has created a new business unit intended to manage the electric truck maker.
Volta Trucks had filed for bankruptcy in Sweden, where it has its headquarters, following the bankruptcy of its battery supplier, Proterra. Inability to ensure supply of battery packs had made further investment and vehicle production unfeasible.
According to a report from Reuters, Andrea Jakes, managing director of Alvarez & Marsal, one of the administrators, said in a statement: “We’re pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles Ltd.”
Volta Trucks had raised about €460 million ($500 million) and taken orders for about 5,000 trucks before it filed for bankruptcy.
Financial details of the deal were not disclosed. It is not clear how many of the estimated 800 employees of Volta Trucks will remain with the company.
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