Volta, the electric truck start-up, has been bought out of administration by one of its biggest creditors but the bulk of its 600 UK workers are out of a job – for the moment at least.
Sky News revealed a week ago that Luxor Capital Group, which was both a shareholder in and lender to Volta, was in advanced talks with the company’s administrators Alvarez & Marsal (A&M).
The value of the deal was not revealed but it is typical in such circumstances for the business to have been snapped up for a token sum.
Volta collapsed in October after a failure to secure new funding.
Volta Trucks filed for bankruptcy in Sweden, where the company is headquartered, and later appointed administrators to its UK business days later.
It employed 600 staff at its main UK manufacturing, research and development facilities.
Sky News understands the vast majority of those employees lost their jobs and that a small number of staff who were retained will keep their roles under the new owner.
It is unclear, at this stage, if Luxor’s new ownership vehicle will seek to hire back staff who were let go.
A&M managing director Andrea Jakes said: “We’re pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles Ltd.”
The UK business was seen as attractive to potential buyers given the race towards net zero to fight climate change.
The company had been conducting customer trials of its all-electric truck, the Volta Zero, in both the UK and on the continent, and had only recently opened a service hub in north London when it collapsed.
The emission-free model, which has a range of up to 200 kilometres (124 miles), is designed for multiple deliveries within a large town or city.
It features a central driving position, saving costs by easing pressure on the manufacturing process by having no need for left or hand-hand drive versions.
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