Volta Commercial Vehicles Limited, the operating company of Volta Trucks, accomplished a great deal from a standing start in 2019, and especially during its reassembly in the last 18 months.

Volta created the world’s first purpose built 16-tonne all-electric truck, which would have contributed not only to decarbonizing trucks / transportation, but also improve fleet productivity and reliability, as well as enhance health and safety for all participants in urban traffic.

In the last 12 months, Volta was rebuilt by a small, yet determined and passionate team and can be proud of many achievements in light of tremendous external challenges:

1. Commercial: Volta successfully confirmed initial orders from key customers while relaunching its trial program in 6 countries with 20 trucks, receiving fantastic customer feedback from real-life fleet operations.

2. Product Maturity: Volta completed the switch to a Volta Zero chassis cab, preserving its outstanding value proposition around top of class efficiency, productivity, and reliability – a testament to the ground up design, technology and integration.

3. Supply chain: Suppliers and manufacturing partners worked together with Volta to continue at a base level of production and prepare for scale.

4. Service network: Service partners from all countries of operations restarted and supported our vehicle operations.

5. People: Passionate and resilient team at Volta, humble but truly focused and determined on our mission despite uncertainties.

However, the environment remains particularly challenging for most companies in the BEV and electric industry. The industry is faced with a decline in government support and subsidization throughout Europe, as well as a trend towards less capital investments from the private sector. In addition, concerns surrounding the pre-revenue stage and capex needs of Volta made further capital injection difficult – despite Volta being on the verge of revenue from first customer deliveries.

With deep and sincere regret, the Board has therefore taken the difficult decision to put the business into administration.

The Board has not taken this course easily or lightly and is fully aware of the significant impact this will have on the team, suppliers, customers, and partners.

The Board would like to sincerely thank the Volta team and are incredibly proud of their pioneering work delivering such an innovative and groundbreaking product to customers’ doorsteps.

The Board is working with RSM UK Restructuring as the appointed administrators in the UK to manage the upcoming process.

Should you wish to register interest in the purchase of any assets of the Company, or have any general creditor queries, please contact RSM at creditors.volta.restructuring@rsmuk.com.

David Shambrook and Gordon Thomson are licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales. Insolvency Practitioners are bound by the Insolvency Code of Ethics when carrying out all professional work relating to an insolvency appointment.
The affairs, business and property of the company are being managed by the Joint Administrators who act as agents of the company and without personal liability.