Buyer found for Volta Trucks as major creditor seals deal

Luxor Capital Group has bought Volta Trucks for an undisclosed sum after the electric truck manufacturer filed for bankruptcy in October.

It had been reported earlier this week that the New York-based hedge fund, which was both a shareholder in and lender to Volta Trucks, was closing in on a deal to buy the business.

The joint administrators to Volta Trucks, Andrea Jakes, Mark Firmin and Jo Hewitt of professional services firm Alvarez and Marsal Europe, have now confirmed the sale of the business and assets to Volta Commercial Vehicles, owned by Luxor Capital Group.

Andrea Jakes, managing director of Alvarez and Marsal, said: “We’re pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles.”

The electric truck manufacturer filed for bankruptcy in Sweden in October and days later appointed administrators in the UK following the collapse of its battery supplier.

Proterra had filed for Chapter 11 Bankruptcy, which Volta Trucks says had a “significant impact” on its manufacturing plans, reducing the volume of vehicles that it had forecast to produce.

The uncertainty with its battery supplier also negatively affected its ability to raise sufficient capital in what it described as an “already challenging capital-raising environment” for electric vehicle (EV) manufacturers. 

At the time, Jakes said that it would continue to consider the options for the company as it searched for a potential buyer to secure the future of the business.