Summary: The management of Volta Trucks, a bankrupt electric truck maker, is urgently seeking a buyer to rescue the company and continue with mass production. The startup had raised around 460 million euros ($488 million) from investors and had received orders for over 5,000 vehicles. Management is actively approaching investors and hopes to secure a rescue bid by next week.
Volta Trucks, a Swedish-based electric truck maker with operations in the UK, is in search of a buyer as the company faces bankruptcy. The startup, which had selected a factory in Austria for mass production, filed for bankruptcy due to the bankruptcy of its supplier Proterra and uncertainty surrounding its battery supplier, hindering its ability to raise necessary capital.
The management of Volta Trucks is determined to rescue the company from administration. Despite the bankruptcy, customers who have placed orders for more than 5,000 vehicles are still eager to take delivery. The management has received initial queries from around 10 to 20 potential buyers, both strategic and financial investors. However, time is of the essence as they have a limited period while the company is in administration to secure a rescue bid.
The executives at Alvarez & Marsal Europe (A&M), who have been appointed as bankruptcy administrators, have not yet commented on the matter. The management of Volta Trucks has started actively approaching investors and aims to generate a bid by next week, and secure the future of the business.
This development comes as many electric vehicle startups face financial challenges due to rising inflation, resulting in limited funding access. Other startups, such as Proterra and Lordstown Motors, have also initiated bankruptcy proceedings.
Tags: Volta Trucks, electric truck, bankruptcy, buyer, mass production, rescue bid, investors, administration, Proterra, electric vehicle startups