Swedish electric truck manufacturer Volta Trucks has this week secured investment of €40 million (around $A65 million) from the European Investment Bank designed to help support the company’s rollout of its Truck as a Service (TaaS) infrastructure.
Volta Trucks says the €40 million venture debt financing – a type of loan designed specifically for early-stage and high-growth companies backed by venture capital backing – will support the rollout of its Truck as a Service (TaaS) infrastructure through to 2026.
The TaaS model is designed for fleet customers who pay a monthly fee for the use of Volta Zero fully electric truck, as well as the necessary charging infrastructure, servicing, maintenance, insurance, and training requirements.
The hope is that complete, end-to-end services such as Volta Trucks’ TaaS will help to simplify, accelerate, and reduce the risks of commercial fleet electrification.
The announcement coincides with the news that the EU will require member countries to ensure necessary electric truck charging along primary and secondary trucking routes.
“To receive the validation and support from the European Investment Bank is a huge validation of our ambitious goal to become a European champion of fleet electrification,” said Essa Al-Saleh, Volta Trucks’ CEO.
“We are confident that our Truck as a Service proposition, which the EIB is supporting, offers fleet managers a frictionless and hassle-free way to electrify their fleet, and the EIB loan will accelerate this considerably.”
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.