Volta Trucks has been bought by New York-based hedge fund Luxor Capital Group for an undisclosed sum after the electric truck manufacturer filed for bankruptcy in October.
The joint administrators to Volta Trucks, Andrea Jakes, Mark Firmin and Jo Hewitt of professional services firm Alvarez and Marsal Europe, have now confirmed the sale of the business and assets.
Jakes, managing director of Alvarez and Marsal, said:
We’re pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles.
The electric truck manufacturer filed for bankruptcy in Sweden in October and days later appointed administrators in the UK following the collapse of its battery supplier.
Proterra had filed for Chapter 11 Bankruptcy, which Volta Trucks said had a significant impact on its manufacturing plans, reducing the volume of vehicles that it had forecast to produce.
The uncertainty with its battery supplier also negatively affected its ability to raise sufficient capital in what it described as an already challenging capital-raising environment for electric vehicle (EV) manufacturers.