Joint administrators from Alvarez & Marsal Europe LLP have been appointed to handle the bankruptcy proceedings of the UK subsidiary of Swedish electric truck manufacturing start-up Volta Trucks AB.
Andrea Jakes, Mark Firmin and Jo Hewitt will now oversee Volta Trucks Limited, part of Volta Trucks AB.
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Andrea Jakes, Managing Director, Alvarez & Marsal, said: “As administrators, we will continue to consider the options for the company as we search for a potential buyer to secure the future of the business.”
In an official statement released by its board earlier this week, Volta cited issues with its supply chain as the reason for initiating bankruptcy proceedings in Sweden, namely the recent collapse of battery supplier Proterra Inc. which filed for Chapter 11 Bankruptcy a few months ago.
Proterra’s collapse “had a significant impact” on Volta’s manufacturing plans, the electric truck maker said.
Volta had previously raised approximately EUR300 million ($316 million) from investors and had an order book of more than 5,000 vehicles. As recently as this week, Volta had announced partnerships, including one with Societe Generale Equipment Finance (SGEF).
In its statement, Volta said “it has not taken this course easily or lightly and is fully aware of the significant impact this will have on the organisation’s dedicated workforce, as well as customers and partners.”
