Volta, the go-green startup that makes electric trucks, said it plans to file for bankruptcy in Sweden with the same action soon following in the UK. The company blames supplier difficulties for its inability to raise funds and sustain the business.
Volta reaches the end of the line with bankruptcy filings
Headquartered in Sweden, this electric vehicle outfit also operates in the UK. The move puts 850 jobs on the chopping board, 600 of which are UK-based. However, the dash toward net zero emissions could possibly attract viable interest.
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Volta said the liquidation of Proterra and uncertainties regarding its battery supplier resulted in supply chain issues that hobbled the company’s ability to manufacture sufficient trucks. In a press statement published on the company’s website, the Volta Board of Directors said:
The Board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers 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.
According to Reuters, the company raised approximately €300m from investors and had orders for more than 5,000 vehicles. Volta Trucks earmarked a factory in Austria to handle production.
Recent years saw several electric vehicle startups raising billions in funds. Most of these, however, struggled to kick start and sustain mass production. Some, such as Proterra and Lordstown had to close their doors.
