Electric truck maker Volta collapses with 600 UK jobs at risk

Volta, the electric truck start-up, has revealed it is on the verge of collapse after supplier problems made it difficult to raise money.

Volta said it would file for bankruptcy in Sweden, where the group is based, and seek to appoint Alvarez & Marsal as administrators of its main UK business, where it has manufacturing and research and development facilities.

The decision leaves 850 jobs at risk – 600 of them in the UK – but its assets could be seen as attractive to potential buyers given the race towards net zero to fight climate change.

The company had been carrying out customer trials of its all-electric truck, the Volta Zero, in both the UK and on the continent, and had only recently opened a service center in north London.

The emission-free model, which has a range of up to 200 kilometers (124 miles), is designed for multiple deliveries within a large city or town.

It has a central driving position that saves costs by easing the pressure on the manufacturing process as it does not need left or hand drive versions.

The central driving position meant that the vehicles were suitable for use on the Continent as well as in Britain

A series of cameras replace mirrors, which it claimed meant improved safety for cyclists and pedestrians.

The company said of its impending demise on Tuesday: “We piloted in five countries in Europe and received fantastic feedback which led to a strong pipeline of highly regarded customers who wanted to introduce our Volta Zero Trucks into their fleets.

“However, like all scale-ups in the electrical manufacturing sector, Volta Trucks has faced challenges along the way.

“The recent news that our battery supplier (Proterra) has filed for Chapter 11 bankruptcy has had a significant impact on our manufacturing plans, reducing the amount of vehicles we had expected to produce.

“The uncertainty with our battery supplier also negatively impacted our ability to raise sufficient capital in an already challenging capital raising environment for EV players.”

The statement said of its decision to declare insolvency: “The board has not taken this course lightly or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as clients and partners.

“We would like to sincerely thank the Volta Trucks team and are incredibly proud of their pioneering work to deliver such an innovative zero-emission commercial vehicle.”

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