BREAKING: Electric truck manufacturer Volta Trucks files for bankruptcy – again

Swedish-founded electric truck maker Volta Trucks has once again been forced to file for bankruptcy. The company has failed to secure the financing needed to continue operations, co-founder Kjell Walöen confirmed to Impact Loop.

"It’s a shame. I really believed the trucks would make it to the roads, and I had full faith in it all the way. I don’t have any ownership in the company anymore, but over time, you start to identify with it and look forward to seeing it become reality," Walöen told Impact Loop.

Acquired by hedge fund

This marks the second time in two years that Volta Trucks has filed for bankruptcy. The first time was in 2023, after which the business was restructured later the same year with support from new investors.

The 2023 bankruptcy was triggered by the collapse of their battery supplier, US-based Proterra, which halted battery deliveries and caused significant financial strain for Volta.

But just a few months later, in December of the same year, the company’s assets were acquired by US hedge fund Luxor Capital Group, a former major investor in Volta. The business was relaunched under the name Volta Commercial Vehicles Ltd, with headquarters in the UK.

Once again, the bankruptcy was triggered by a lack of funding.

"We were very, very close to signing a deal with a new financier that looked extremely promising," said Walöen to Impact Loop.

"None of it was wasted"

Carla Detrieux, Global Business Development Director at Volta Trucks, reflected on the bankruptcy in an emotional Linkedin post, addressing her younger self:

"You didn’t know it then, but you were going to help bring something bold into the world. You would fight for it with everything you had. You would pitch, build, destroy, rebuild. You would lead initiatives no one believed were possible. You would lose sleep. You would gain courage. You would find your voice. And yes, you would fall hard, sometimes."

She continued:

"And yes, now five years later, the ending won’t be what you’d hoped. The company you poured your whole heart into is preparing to close its doors, again. But none of it was wasted. You were there, fully."

Volta Trucks was founded in 2019 by Kjell Walöen and Carl-Magnus Norden. According to Walöen, the bankruptcy filings have been submitted in the UK, Sweden, Germany, Austria and France.