Bertarelli-backed Volta Trucks seeks $264 million in pre-IPO round, says CEO

By Pablo Mayo Cerqueiro

LONDON (Reuters) – Volta Trucks, the electric-truck maker backed by billionaire Ernesto Bertarelli, is in advanced discussions to raise as much as 250 million euros ($263.58 million), its CEO told Reuters.

According to Chief Executive Essa al-Saleh, the Swedish startup, whose clients include DB Schenker, Petit Forestier and Petit Forestier has been working with Perella Weinberg Partners advisers in order to raise funds. This will likely be the last equity raising before an initial public offerings (IPO).

Al-Saleh indicated that discussions include large asset managers and corporate investors. Additionally, existing shareholders might also be considered for the round.

Volta Trucks will soon roll out their electric trucks after production was slowed by delays in getting certification and sourcing constraints.

In a deal worth close to 600 millions euros, investors were tapped by the company for 300 million euros just months before.

Al-Saleh refused to provide a value for the current raise, as they are still in negotiations.

Volta Trucks currently has backing from Kuwaiti supply-chain company Agility Public Warehousing Co. Bertarelli’s family offices B-Flexion and Byggmastare Anders J Ahlstrom as well the U.S. Hedge Fund Luxor Capital.

B-Flexion spokesperson said that the investor is still “wholly committed” Volta Trucks declined further comment.

Perella and Byggmastare Weinberg refused to comment. Agility, Luxor and Perella did not respond.

Al-Saleh said that Volta Trucks would break even before 2025. The company will expand to the United States in the next two- or three years, he said.

Al-Saleh stated that they will begin commercial production of the 16-tonne Volta Zero electric vehicle in the first quarter next year. There are 90 million orders for 2023, and Al-Saleh added that all parts had been ordered.

Al-Saleh says that 1.5 billion euros of preorders have been placed for future models and this vehicle.

PitchBook data shows that venture capital funding for European startups declined 18.6% in 2017 from record levels of $201,2021, due to rising interest rates as well as the conflict in Ukraine.

Start-ups in electric-vehicle are competing against corporates for investors.

ABB, Switzerland sold a 12.5% stake in E-mobility’s electric vehicle charging arm to investors such as General Atlantic and GIC. This transaction was worth 325 million Swiss Francs (344.97 million).

($1=0.9485 euros)

($1=0.9421 Swiss francs)

(Reporting by Pablo Mayo Cerqueiro, Editing By Elisa Martinuzzi & Shounak Dasgupta