Bertarelli-backed Volta Trucks seeks $264 mln in pre-IPO round, says CEO

Byggmastare Anders J Ahlstrom Holding AB (publ)

08/03/2023 10:02

By Pablo Mayo Cerqueiro
       LONDON, March 8 (Reuters) - Volta Trucks, the
electric-truck maker backed by billionaire Ernesto Bertarelli,
is in advanced discussions to raise as much as 250 million euros
($263.58 million), its CEO told Reuters.
    The Swedish start-up, whose clients include DB Schenker and
Petit Forestier, is working with advisers at Perella Weinberg
Partners  PWP.O  to secure the funds, in what it hopes will be
its last equity raise before an initial public offering (IPO) as
soon as next year, Chief Executive Essa Al-Saleh said.
    Talks involve corporate investors and large asset managers,
Al-Saleh said, adding that existing shareholders may also take
part in the funding round.
    Volta Trucks is gearing up to roll out its electric trucks,
after delays in obtaining certification for its vehicles and
constraints in sourcing supplies held up production, according
to a company spokesperson.
    The company just months ago tapped investors for around 300
million euros in a deal that valued it at close to 600 million
euros.
    Al-Saleh declined to give a valuation for the ongoing raise
as terms are not yet final.
    Volta Trucks' existing backers include Kuwaiti supply-chain
services provider Agility Public Warehousing Co  AGLT.KW ,
Bertarelli's family office B-Flexion, Swedish investor
Byggmastare Anders J Ahlstrom  AJAb.ST  and U.S. hedge fund
Luxor Capital.
    A spokesperson for B-Flexion said the investor remains
"wholly committed" to Volta Trucks, but declined to comment
further.
    Byggmastare and Perella Weinberg declined to comment, while
Agility and Luxor did not respond to requests for comment.
    Volta Trucks should break even by early 2025, according to
Al-Saleh. He added that the company plans to expand into the
United States in two or three years.
    The group is set to start commercially producing its
16-tonne Volta Zero urban electric truck early next quarter,
with 90 million euros of customer orders placed for 2023 so far,
Al-Saleh said, adding that the necessary parts have now been
sourced.
    The company has 1.5 billion euros worth of pre-orders for
this and future models for the coming years, according to
Al-Saleh.
    Venture capital funding for European start-ups contracted
18.6% last year from 2021's record levels on the back of soaring
interest rates and the Ukraine conflict, according to PitchBook
data.
    Electric-vehicle start-ups are also competing with
corporates to attract investors.
    In February, Switzerland's ABB sold a 12% stake in its
electric vehicle charging arm E-mobility to investors including
General Atlantic and Singapore sovereign wealth fund GIC for 325
million Swiss francs ($344.97 million).
    
 ($1 = 0.9485 euros)
 ($1 = 0.9421 Swiss francs)

 (Reporting by Pablo Mayo Cerqueiro; Editing by Elisa Martinuzzi
and Shounak Dasgupta)
 ((Pablo.MayoCerqueiro@thomsonreuters.com))