Volta Trucks raises €37 million to bring electric delivery trucks to the streets of London and Paris – TechCrunch

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Trucking tends to be associated with highways, but it’s not uncommon to find large delivery vehicles rushing through the dense streets of the world’s most populous cities. According to EV startup Volta Trucks, this is far from ideal. In London, heavy commercial vehicles cause about 26% of pedestrian deaths and about 80% of cyclist deaths, accounting for the majority of carbon emissions.

Volta’s solution is to electrify and redesign large freight vehicles, called heavy cargo carriers (HGVs) in Europe, for middle-mile and last-mile deliveries in urban areas. “Trucks and traditional designs in the city center don’t really work together, but you can’t ban trucks from the city center,” a spokeswoman for the company told TechCrunch.

Volta Trucks has raised € 37 million ($ 44 million) in funding rounds to accelerate the plan, starting with a fleet of pilot vehicles in London and Paris.

The round was led by the New York-based Luxor Capital Group and Stockholm repeater Byggmästare Anders JAhlström Holding. New investors included US electric truck and battery maker Proterra and supply chain management firm Agility.

When Elon Musk unveiled the Tesla Model 3, the company’s idea came to Volta co-founder and Swedish serial entrepreneur Carl-Magnus Norden. Norden has found that there is little equivalent movement to electrify the world of commercial vehicles. It produces most of the carbon emissions.

Four years later, Volta (not to be confused with European EV charging station company Volta Charging) devised a truck that gives the driver a 220 degree view, similar to what is seen on a city bus. The driver’s seat is also in the center of the cab. Inside a 16-ton truck called the Volta Zero is a single unit that includes an electric motor, transmission and rear axle from OEM supplier Meritor. This unit, called the eAxle, increases the space between the chassis rails for the battery.

These batteries range from 95 to 120 miles and are designed by Proterra, a supplier (and now an investor) who says Volta can supply batteries at longer-term and higher production levels. Volta predicts that it will produce up to 5,000 trucks by the end of 2023, 14,000 to 15,000 trucks by 2024, and 27,000 trucks by 2025.

Volta will also offer a “truck as a service” model, which is a lease agreement that includes insurance, charging infrastructure, and service repair and maintenance. Volta also plans to sell the truck completely, but a spokeswoman for the company said it expects the leasing model to account for 50% of the business, up to 80%.

Volta is preparing for the launch of six R & D vehicles in London and Paris earlier this year. These tracks are used for internal verification. By mid-next year, the company plans to launch a program of approximately 33 vehicle pilots with customers in two major European cities.

As a result, Volta will begin full-scale production by the end of 2022. All vehicles except the six beta trucks are manufactured by Steyr Automotive of Austria. The two announced a manufacturing agreement last week.

Volta says it has a statement of intent for 2,500 trucks. The goal is to transform these into binding deposit-driven orders as Volta approaches series production. To date, the total funding for this round will be around 60 million euros ($ 71 million).

Volta Trucks raises €37 million to bring electric delivery trucks to the streets of London and Paris – TechCrunch Source link Volta Trucks raises €37 million to bring electric delivery trucks to the streets of London and Paris – TechCrunch

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