Volta Trucks, the electric truck manufacturer that filed for bankruptcy in October, has found a buyer in Luxor Capital Group. The New York-based hedge fund, which was both a shareholder and lender to Volta Trucks, has completed the acquisition for an undisclosed sum.
As was widely predicted, the joint administrators overseeing Volta trucks, Andrea Jakes, Mark Firmin, and Jo Hewitt of professional services firm Alvarez and Marsal Europe, have now officially confirmed the sale of the company and its assets to Volta Commercial Vehicles, owned by Luxor Capital Group.
Andrea Jakes, Managing Director of Alvarez and Marsal, stated, “We’re pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles.”
Volta Trucks filed for bankruptcy in Sweden in October, with administrators appointed in the UK shortly afterward, blaming the collapse of its battery supplier, Proterra for its own demise. The bankruptcy filing by Proterra had a significant impact on Volta Trucks’ manufacturing plans, leading to a reduction in the forecasted volume of vehicles to be produced.
The uncertainty surrounding its battery supplier also hampered Volta Trucks’ ability to raise sufficient capital, particularly in what the company described as an already challenging capital-raising environment for electric vehicle manufacturers.
At the time of the bankruptcy filing, Jakes indicated that the company would explore various options as it sought a potential buyer to secure the future of the business. The acquisition by Luxor Capital Group now marks a crucial development in ensuring the continuity of Volta in the electric vehicle market.