Start-up truck builder Volta Trucks has announced it has filed for bankruptcy in Sweden and is calling in the administrators at its UK operations.
In a statement released by the Board of Volta trucks, the company has taken the decision to commence bankruptcy proceedings in Sweden, while the primary trading entity of the group, Volta Trucks Limited, will also file for administration in England. Insolvency practitioners from Alvarez & Marsal are expected to assume control. Additionally, other group entities will initiate insolvency proceedings in their respective jurisdictions.
In the statement the company cites uncertainty around the battery supplier following the news its battery supplier, Proterra, had filed for Chapter 11 Bankruptcy in August. This development had a substantial impact on Volta Trucks’ manufacturing plans, significantly reducing the volume of vehicles it had initially intended to produce. This, in turn, affected the company’s ability to secure the necessary capital to continue trading.
Volta announced it’s Volta Zero distribution truck had been granted full series type approval earlier this year and there had been a steady stream of announcements from the company promising big fleet orders. The company had announced a production agreeement with Steyr Automotive in Austria earlier this year for the supply of 14,000 vehicles per year. The first customer vehicles had expected to be rolling off the line this month.
