Major creditor in talks to acquire Volta Trucks

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【Summary】Luxor Capital Group is in advanced talks to buy bankrupt electric truck manufacturer Volta Trucks. The collapse of its battery supplier and a challenging capital-raising environment for EV manufacturers affected Volta's manufacturing plans and ability to raise sufficient capital. Luxor Capital, a shareholder and lender to Volta, is reportedly close to reaching a deal to buy the business, potentially saving 850 jobs.

FutureCar Staff Nov 27, 2023 5:15 AM PT

Major 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. Following the collapse of its battery supplier, Volta Trucks appointed administrators in the UK. This bankruptcy filing had a significant impact on the company's manufacturing plans, reducing the volume of vehicles it had projected to produce. The uncertainty surrounding its battery supplier also hindered Volta Trucks' ability to raise sufficient capital in the challenging capital-raising environment for electric vehicle manufacturers.

Andrea Jakes, the managing director of administrators Alvarez and Marsal, stated that they would explore options to secure the future of the business by finding a potential buyer. While the administrators declined to comment, sources have revealed that Luxor Capital Group, a New York-based company that was both a shareholder and lender to Volta Trucks, is nearing a deal to purchase the business. Although an agreement could be reached in the coming days, there is also a possibility of delays.

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.