The electric vehicle manufacturer Volta Trucks has just announced that it has formally filed for bankruptcy in its home country, Sweden, as a result of difficulties in accessing new financing to develop its business and, in part, also due to the bankruptcy of its main supplier of electric batteries, the American company Proterra.
The announcement comes as a surprise to the fleet and leasing sector, where Volta had designed a sales and distribution structure that, for example in Spain, should be ready to take its first steps by the end of this year.
«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 volume of vehicles we had planned to produce. The uncertainty surrounding our battery supplier has also negatively impacted our ability to raise sufficient capital in an already challenging environment for electric vehicle operators,» Volta explained in a note to investors.
Just four days ago, Volta announced that it had reached an agreement with Societe Generale, the financial arm of the bank Socíété Générale – Societe Generale Equipment Finance – to become the credit provider for its vehicles.
«Like all companies in the electric vehicle manufacturing sector, Volta Trucks has faced challenges along the way,» Volta detailed in the statement.
Volta Trucks was in the process of going public, with the idea, last March, of raising at least 250 million euros to begin its consolidated entry into the markets where it planned to start its project.
Strictly in terms of fleets and companies, Volta Trucks had already reached various supply agreements with companies such as the German transport and distribution giant DB Schencker or the French multinational leasing company Petit Forestier.
«The Group’s main trading entity, Volta Trucks Limited, will shortly apply for receivership in England, with insolvency administrators Alvarez & Marsal expected to take over management. Other Group entities will also shortly apply for insolvency proceedings in the relevant jurisdictions,» Volta Trucks stressed.
The company also explained that «the Board of Directors has not taken this decision easily or lightly and is fully aware of the significant impact it will have on the organisation’s workforce, as well as on its customers and partners».
Volta Trucks began operations in 2019.