Electric truck company Volta has filed for bankruptcy in Sweden after struggling to secure funding.
The company, which created the world’s first purpose built 16-tonne all-electric truck, revealed that it has had problems with its battery supplier leading to a “significant impact” on the firm’s manufacturing plans and reducing the volume of vehicles it had forecast to produce.
In a statement, the company said: ”The uncertainty with our battery supplier also negatively affected our ability to raise sufficient capital in an already challenging capital-raising environment for electric vehicle players.
“With deep and sincere regret, the Board has therefore taken the difficult decision to take steps to file for bankruptcy proceedings in Sweden. The main trading entity of the Group, Volta Trucks Limited, will shortly file for administration in England, with insolvency practitioners from Alvarez & Marsal anticipated to take office. Other Group entities will also shortly file for insolvency proceedings in the relevant jurisdictions.
”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.”
