SECTOR

Electric truck manufacturer

BUSINESS DESCRIPTION

Founded in 2019 and headquartered in Stockholm, Volta Trucks manufactures and provides services for electric trucks across Europe.

DATE

November 2023​

SITUATION

• Volta had raised a total of around €460m previously from investors and had taken orders for more than 5,000 trucks. To support this demand, Volta sought additional funding in August 2023, however, challenging market conditions together with the Chapter 11 bankruptcy filing of its battery supplier, Proterra, in the US in September 2023.

• An immediate liquidity shortfall followed, leading to Volta’s Swedish holding company filing for insolvency and the UK entity shortly afterwards, with A&M MDs appointed as Administrators over the UK estate.

A&M ROLE AND OUTCOME

• With its market leading experience in the sector, A&M rapidly deployed its team of specialists to sell Volta’s business and assets out of Administration, with a priority focus on speed of execution. We worked closely with the incumbent management to deliver the transaction, working together to overcome several transaction challenges including foreign certifications and the outcome of the Proterra Chapter 11 process. ​

• After approaching over 300 known investors, several non-binding offers were received and a transaction was executed 6 weeks after the Administration appointment; to a Luxor Capital backed vehicle for the business and assets and employees. ​