Swedish electric lorry developer Volta Trucks seemed unstoppable last year.
The company raised €460 million ($498 million) from investors and invested the amount into its business to help meet orders for around 5,000 lorries.
Riding high on this momentum, Volta was in the midst of raising another €250 million when disaster struck. Its main battery supplier, Proterra, filed for bankruptcy, abruptly halting Volta's efforts to secure new funding and throwing its growth plans into disarray.
“As a result of that, we had to completely restructure, reorganise and pivot the business through an administration process that we went through in October last year,” Essa Al Saleh, the chief executive of Volta Trucks, told The National in an interview.
Following the restructuring, the UK business and assets of Volta Trucks were bought by Luxor Capital, which was already a major shareholder in the company.
Fast-forward to now, and Volta Trucks is sitting on a modest order book of 50 lorries for 2024.
The company's previous orders were cancelled with the termination of the previous entity.
However, the revamped Volta Trucks is re-engaging with its previous clients to supply lorries to them “as soon as possible”, Mr Al Saleh said.
“In some cases, where we received a small deposit against the lorries, we have pledged to prioritise such customers and respect the deposits they have made in the past,” he added.
The company has raised about €40 million since emerging from bankruptcy and is seeking €20 million in additional funds in the “next couple of months”.
Electric lorries currently make up a small segment within the larger EV market, which is experiencing a slight slowdown after years of rapid growth.
Sales of electric lorries rose by 35 per cent in 2023, with total sales exceeding those of electric buses for the first time, reaching about 54,000, according to the International Energy Agency.
China is the leading market for electric lorries, accounting for 70 per cent of global sales last year, down from 85 per cent in 2022, the Paris-based agency said in a report this year.
Meanwhile, in Europe, electric lorry sales increased almost threefold in 2023, reaching more than 10,000.
Mr Al Saleh said that Volta Trucks plans to expand its presence in Europe, while launching its lorries in the Gulf region, where the electric vehicle (EV) industry is getting a boost from government-led economic diversification efforts.
The company has been engaging in talks with potential customers in the GCC, as well as strategic partners who might be interested in distributing and assembling its lorries and financial investors, he added.
“We would likely have a few lorries in this market by the end of this year to test, so that we can upgrade and update the product to meet the GCC’s requirements,” Mr Al Saleh said.
“Assuming things play out as expected, our products should be ready for market by around the third quarter of next year,” he added.
The UAE and Saudi Arabia have been making significant investments in EV infrastructure as part of their efforts to achieve net zero emissions in the next few decades.
In the Emirates, EVs could account for up to 25 per cent of all new passenger cars and light commercial vehicle sales by 2035 amid the country's decarbonisation efforts, a PwC report said in June.
The company’s main product is the Volta Zero, a fully electric lorry with 16-tonne and 18-tonne versions.
Its key customers include food wholesaler Metro and logistics company DB Schenker in Germany, Mr Al Saleh said.
The company's pipeline also includes customers at different stages of their order cycle, with more than 200 potential opportunities that could result in 800 to 1,000 lorry orders in 2025.
Battery issues
Proterra, a company based in California, filed for bankruptcy last year due to “macroeconomic headwinds”, such as inflation and supply chain problems, which rendered its contracts unprofitable.
However, the company is now back supplying batteries to customers after being bought out by Sweden’s Volvo in a $210 million deal earlier this year.
“We recently signed an updated term sheet with [Proterra] towards securing our battery capacity for 2025 and beyond,” Mr Al Saleh said.
Most manufacturers use only one source for batteries for a specific model due to the complexity of integrating and maintaining multiple batteries on a single platform, the Volta Trucks chief said.
“We continue to re-engage our current supply base in order to successfully and quickly restart the production of the Volta Zero, including our battery supply.”
Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
More on animal trafficking
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MO
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
More coverage from the Future Forum
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The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Courses%20at%20Istituto%20Marangoni%2C%20Dubai
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Results
Men's finals
45kg:Duc Le Hoang (VIE) beat Zolfi Amirhossein (IRI) points 29-28. 48kg: Naruephon Chittra (THA) beat Joseph Vanlalhruaia (IND) TKO round 2.
51kg: Sakchai Chamchit (THA) beat Salam Al Suwaid (IRQ) TKO round 1. 54kg: Veerasak Senanue (THA) beat Huynh Hoang Phi (VIE) 30-25.
57kg: Almaz Sarsembekov (KAZ) beat Tak Chuen Suen (MAC) RSC round 3. 60kg: Yerkanat Ospan (KAZ) beat Ibrahim Bilal (UAE) 30-27.
63.5kg: Abil Galiyev (KAZ) beat Nouredine Samir (UAE) 29-28. 67kg: Narin Wonglakhon (THA) beat Mohammed Mardi (UAE) 29-28.
71kg: Amine El Moatassime (UAE) w/o Shaker Al Tekreeti (IRQ). 75kg: Youssef Abboud (LBN) w/o Ayoob Saki (IRI).
81kg: Ilyass Habibali (UAE) beat Khaled Tarraf (LBN) 29-28. 86kg: Ali Takaloo (IRI) beat Emil Umayev (KAZ) 30-27.
91kg: Hamid Reza Kordabadi (IRI) beat Mohamad Osaily (LBN) RSC round 1. 91-plus kg: Mohammadrezapoor Shirmohammad (IRI) beat Abdulla Hasan (IRQ) 30-27.
Women's finals
45kg: Somruethai Siripathum (THA) beat Ha Huu Huynh (VIE) 30-27. 48kg: Thanawan Thongduang (THA) beat Colleen Saddi (PHI) 30-27.
51kg: Wansawang Srila Or (THA) beat Thuy Phuong Trieu (VIE) 29-28. 54kg: Ruchira Wongsriwo (THA) beat Zeinab Khatoun (LBN) 30-26.
57kg: Sara Idriss (LBN) beat Zahra Nasiri Bargh (IRI) 30-27. 60kg: Kaewrudee Kamtakrapoom (THA) beat Sedigheh Hajivand (IRI) TKO round 2.
63.5kg: Nadiya Moghaddam (IRI) w/o Reem Al Issa (JOR).
Read more about the coronavirus
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
UAE%20athletes%20heading%20to%20Paris%202024
%3Cp%3E%3Cstrong%3EEquestrian%3C%2Fstrong%3E%3Cbr%3EAbdullah%20Humaid%20Al%20Muhairi%2C%20Abdullah%20Al%20Marri%2C%20Omar%20Al%20Marzooqi%2C%20Salem%20Al%20Suwaidi%2C%20and%20Ali%20Al%20Karbi%20(four%20to%20be%20selected).%3Cbr%3E%3Cstrong%3EJudo%3C%2Fstrong%3E%3Cbr%3EMen%3A%20Narmandakh%20Bayanmunkh%20(66kg)%2C%20Nugzari%20Tatalashvili%20(81kg)%2C%20Aram%20Grigorian%20(90kg)%2C%20Dzhafar%20Kostoev%20(100kg)%2C%20Magomedomar%20Magomedomarov%20(%2B100kg)%3B%20women's%20Khorloodoi%20Bishrelt%20(52kg).%3Cbr%3E%3Cbr%3E%3Cstrong%3ECycling%3C%2Fstrong%3E%3Cbr%3ESafia%20Al%20Sayegh%20(women's%20road%20race).%3Cbr%3E%3Cbr%3E%3Cstrong%3ESwimming%3C%2Fstrong%3E%3Cbr%3EMen%3A%20Yousef%20Rashid%20Al%20Matroushi%20(100m%20freestyle)%3B%20women%3A%20Maha%20Abdullah%20Al%20Shehi%20(200m%20freestyle).%3Cbr%3E%3Cbr%3E%3Cstrong%3EAthletics%3C%2Fstrong%3E%3Cbr%3EMaryam%20Mohammed%20Al%20Farsi%20(women's%20100%20metres).%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
The years Ramadan fell in May
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
KILLING OF QASSEM SULEIMANI
Mohammed bin Zayed Majlis
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Killing of Qassem Suleimani
MANDOOB
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UAE currency: the story behind the money in your pockets
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
