London, UK: Volta Trucks, which filed for bankruptcy in Sweden where it is based, has been bought out of administration by one of its biggest creditors.
Sky News revealed a week ago that Luxor Capital Group, a shareholder and lender to Volta, was in advanced talks with the company’s administrators.
Volta, which has prototype elecric trucks in test with European operators, collapsed in October after struggling to secure funding due to problems with its battery supplier.
Volta had 600 staff at its main UK manufacturing, research and development site.
It is not known at this stage if Luxor’s new ownership vehicle, Volta Commercial Vehicles Limited, will seek to hire staff who were let go.
Volta had been conducting customer trials of its electric truck, the Volta Zero, in the UK and on the continent, and had only recently opened a service hub in north London when it collapsed.
The 2-axle truck has a range of up to 200 kilometres and is aimed at urban distribution markets. It has a central driving position, saving costs by eliminating the need to left or hand-hand drive versions. However, central driving positions have been tried before and are not popular with drivers or operators.
