All-electric commercial vehicle manufacturer and services provider, Volta Trucks, has confirmed that the European Investment Bank (EIB) is to provide the company with €40 million in venture debt financing.
The funding from the EIB would support the rollout of Volta Trucks’ Truck-as-a-Service (TaaS) infrastructure over the period 2023-2026.
The aim of the EIB’s funding support for Volta Trucks is to contribute to the electrification of the road transport sector, by facilitating electric truck deployment.
The project is in line with the European Commission’s comprehensive framework of policies to reduce greenhouse gas emissions, including the Sustainable and Smart Mobility Strategy (December 2020) and the EU Green Deal (November 2021). Additionally, the project contributes to the EIB’s objective for Sustainable Transport and Climate Action and is in line with the Bank’s lending objectives and Transport Lending Policy.
Essa Al-Saleh, chief executive officer of Volta Trucks, said: “To receive the validation and support from the European Investment Bank is a huge validation of our ambitious goal to become a European champion of fleet electrification. We are confident that our Truck as a Service proposition, which the EIB is supporting, offers fleet managers a frictionless and hassle-free way to electrify their fleet, and the EIB loan will accelerate this considerably.”
chief executive officer of Volta Trucks, , said; “To receive the validation and support from the European Investment Bank is a huge validation of our ambitious goal to become a European champion of fleet electrification. We are confident that our Truck as a Service proposition, which the EIB is supporting, offers fleet managers a frictionless and hassle-free way to electrify their fleet, and the EIB loan will accelerate this considerably.”
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