Sweden’s Volta Trucks, a developer of electric heavy goods vehicles (HGVs), is making a comeback following its entry into administration last October. The company was in talks to raise €250 million in March 2023, ahead of a potential initial public offering. However, these plans were disrupted when their sole battery supplier faced legal and financial issues, leading to a lack of investor confidence and a liquidity shortfall for Volta Trucks. The company, which was still in the development phase without revenue, had to lay off the majority of its workforce across the UK, Italy, and Austria.

Despite these setbacks, the company’s assets were sold through the administration process, ensuring that Volta’s electric trucks would still be released in Europe. The sale attracted interest from major players in the industry, with 46 parties viewing confidential data and 18 receiving management presentations. Six parties made offers, but the one from Volta Commercial Vehicles Ltd (VCVL), associated with Luxor which had a significant share in Volta Trucks, was accepted due to its certainty and swift completion.

The sale was finalized on November 30 for £2.2 million, covering intellectual property, stock, and other assets. This sale allows for the preservation of jobs for the remaining employees and provides an opportunity for suppliers to minimize losses. A former director at Volta Trucks hinted at a new beginning for the company, referring to it as the “Phoenix Project,” and promised to reveal future plans soon.

Details: here