- Luxor Capital Group in talks to save bankrupt Volta Trucks, preserving UK jobs.
- Volta, known for the Volta Zero, filed for bankruptcy last month in Sweden.
- Luxor’s potential acquisition aims to address challenges, including Proterra’s bankruptcy.
Hedge fund giant Luxor Capital Group is working on a deal to rescue the bankrupt electric vehicle start-up Volta Trucks
Luxor Capital Group, a major investor and creditor in Volta Trucks, is currently in advanced talks with the company’s administrators. The group is aiming to secure the manufacturer and potentially protect hundreds of jobs in the UK. While an agreement could be hammered out in the next few days, there’s a note of caution that the timeline might see adjustments.
Volta Trucks announced its bankruptcy back in October, to the shock of many in the industry. Subsequently, Volta appointed administrators to oversee its primary UK business. With 600 out of around 850 employees based in the UK, the potential acquisition by Luxor holds promise for preserving a significant portion of British jobs.
Volta Trucks, recognized for its emission-free vehicle, the Volta Zero, had been conducting customer trials in the UK and on the continent. The electric truck, designed for multiple deliveries within urban areas with a range of up to 200km (124 miles), garnered attention in the industry.
Luxor Capital played a pivotal role in a financing round that raised €230m last year. This underscores its substantial investment in Volta. The deal could serve as a lifeline for the electric vehicle company. The challenges Volta faced included the Chapter 11 bankruptcy of its battery supplier, Proterra.
Luxor’s acquisition talks are ongoing, however, they will be eagerly watched by the EV industry. The talks bring the potential to revive a company that faced setbacks in a competitive market and challenging fundraising environment. We will continue to follow this story and report on any and all outcomes.
