Volta Trucks, a leading and disruptive all-electric commercial vehicle manufacturer and services provider, has confirmed that the European Investment Bank (EIB) is engaging with the company for €40 million venture debt financing. The funding from the EIB would support the rollout of Volta Trucks’ Truck as a Service (TaaS) infrastructure over the period 2023-2026.
The aim of the European Investment Bank’s funding support for Volta Trucks is to contribute to the electrification of the road transport sector, by facilitating electric truck deployment.
The project is in line with the European Commission’s comprehensive framework of policies to reduce greenhouse gas emissions, including the Sustainable and Smart Mobility Strategy (December 2020) and the EU Green Deal (November 2021).
Additionally, the project contributes to the EIB’s objective for Sustainable Transport and Climate Action, hence is in line with the Bank’s lending objectives and Transport Lending Policy.
Essa Al-Saleh, Volta Trucks CEO, said: “To receive the validation and support from the European Investment Bank is a huge validation of our ambitious goal to become a European champion of fleet electrification.
“We are confident that our Truck as a Service proposition, which the EIB is supporting, offers fleet managers a frictionless and hassle-free way to electrify their fleet, and the EIB loan will accelerate this considerably.”
Last year, Volta Trucks announced the first implementation of its new all-electric Volta Zero with Truck-as-a-Service charging infrastructure to Heppner. The latter is the creator of transport and logistics solutions and an independent leader in international transport from and to France. The pre-order with a deposit from Heppner will see 16 Volta Zero electric vehicles operate from the company’s depots in Rungis and La Courneuve in Paris and Lyon.
More recently, Volta Trucks announced another milestone on its journey to production, receiving European Whole Vehicle Type Approval for its 16-tonne Volta Zero. This certification allows Volta to produce and sell the all-electric Volta Zero in volume. It’s the process used to ensure that all vehicles meet the stringent and relevant environmental, safety and security standards.
All of this, including the EIB investment, is all good news for Volta allowing them to continue ramping up towards its production models and them hitting the road for zero emissions last-mile deliveries.