All-electric commercial vehicle manufacturer and services provider, Volta Trucks, will receive funding support from the European Investment Bank (EIB).
Venture debt financing to the tune of €40 million ($65 million) will be provided by the EIB to support the Swedish startup’s Truck as a Service (TaaS) infrastructure over the period 2023-2026.
It’s part of a long-term commitment to push the electrification of the road transport sector, by facilitating electric trucks deployment.
The project is in line with the European Commission’s comprehensive framework of policies to reduce greenhouse gas emissions, including the Sustainable and Smart Mobility Strategy (December 2020) and the EU Green Deal (November 2021).
Additionally, the project contributes to the EIB’s objective for Sustainable Transport and Climate Action hence is in line with the Bank’s lending objectives and Transport Lending Policy.
“To receive the validation and support from the European Investment Bank is a huge validation of our ambitious goal to become a European champion of fleet electrification,” said Chief Executive Officer of Volta Trucks, Essa Al-Saleh.
“We are confident that our Truck as a Service proposition, which the EIB is supporting, offers fleet managers a frictionless and hassle-free way to electrify their fleet, and the EIB loan will accelerate this considerably.”
Founded by Carl-Magnus Norden and Kjell Waloen in 2019, Volta Trucks makes the claim that it has the world’s first purpose-built all-electric 16-tonne vehicle designed for urban logistics.
That vehicle, the Volta Zero, has been designed from the ground up as a viable alternative to help reduce the environmental impact of freight deliveries in city centres.
Its reported operating pure-electric range stands at 150-200 kms.
To date, Volta Trucks has raised over €360 million funding to date.