The European Investment Bank (EIB) has announced it is in negotiations with Volta trucks for a €40 million venture debt financing to support the growth of the company’s Truck as a Service (TaaS) infrastructure over the next four years. The funding will enable Volta Trucks to roll out its TaaS proposition, which offers fleet managers an easy and hassle-free way to electrify their fleets. The company is already known for its disruptive all-electric commercial vehicle manufacturing and services, which has gained a lot of attention in the industry.
The EIB’s venture debt financing is in line with the European Commission’s framework of policies to reduce greenhouse gas emissions. The project is part of the Sustainable and Smart Mobility Strategy and the EU Green Deal and supports the EIB’s objective for Sustainable Transport and Climate Action.
According to Essa Al-Saleh, the Chief Executive Officer of Volta Trucks, the EIB’s venture debt financing is a significant validation of the company’s goal to become a European champion of fleet electrification. He expressed confidence that the TaaS proposition would offer fleet managers a frictionless and hassle-free way to electrify their fleets, and the EIB loan would accelerate this considerably.