Creditor in talks to acquire Volta Trucks

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【Summary】Luxor Capital Group is in advanced discussions to acquire Volta Trucks, an electric truck manufacturer that filed for bankruptcy last month. The collapse of its battery supplier and the impact of Proterra's Chapter 11 bankruptcy significantly affected Volta's manufacturing plans and ability to raise capital. Luxor Capital, a shareholder and lender to Volta, is reportedly close to finalizing a deal to buy the business, potentially saving 850 jobs.

FutureCar Staff Nov 27, 2023 3:14 PM PT

Creditor in talks to acquire Volta Trucks

Luxor Capital Group is reportedly in advanced talks to acquire Volta Trucks, an electric truck manufacturer that recently filed for bankruptcy in Sweden and appointed administrators in the UK. The collapse of its battery supplier, Proterra, had a significant impact on Volta Trucks' manufacturing plans, resulting in a reduction in the forecasted production volume. This, coupled with the uncertainty surrounding its battery supplier, made it challenging for the company to raise sufficient capital in the already difficult capital-raising environment for electric vehicle manufacturers.

Andrea Jakes, the managing director of administrators Alvarez and Marsal, stated that they would explore options and search for a potential buyer to secure the future of the business. While the administrators declined to comment, it has been reported that Luxor Capital Group, a shareholder and lender to Volta, is nearing a deal to purchase the company. The agreement could be finalized in the coming days, although there is a possibility of a delay in the timetable.

The administration of Volta Trucks has put 850 jobs at risk, with 600 of those jobs located in the UK, where the company had established a service hub in North London.