In a potential turnaround for commercial electric vehicle (EV) startup Volta Trucks, Luxor Capital Group, a major shareholder and lender, is reportedly in the final stages of negotiations to acquire the company out of bankruptcy. The move could potentially salvage numerous jobs in the UK, where Volta primarily operates.
Volta Trucks, based in London, filed for bankruptcy just over a month ago, citing challenges in the capital markets and significant disruptions caused by the Chapter 11 bankruptcy filing of its battery supplier, Proterra, in August. Despite earlier indications of progress, including the initiation of series production in Austria, the company faced a sudden downturn.
See also: Volta Trucks in Race Against Time for Acquisition Amid Bankruptcy
Luxor Capital Group’s potential acquisition aims to breathe new life into Volta Trucks, saving hundreds of jobs in the UK. Before the bankruptcy filing, Volta employed approximately 600 people in the UK and an additional 250 in various locations, including its Swedish headquarters and offices in Paris.
While Luxor emerges as a likely buyer, industry sources suggest that a substantial portion of the UK workforce could be retained if the deal is successfully concluded. The timeline for the agreement’s completion remains uncertain, with industry insiders acknowledging ongoing negotiations and potential adjustments.
