Hundreds of UK jobs at electric truck maker Volta Trucks Ltd, which went bust in October, have been saved after a purchase deal with Luxor Capital Group was agreed.
The venture fund was previously a shareholder and significant investor of the stricken firm's Swedish parent company, Volta Trucks AB.
In October, Volta announced difficulties in raising enough funds to stay afloat “in an already challenging capital-raising environment for electric vehicle players” due to uncertainties around battery suppliers, it said. This in turn stalled production.
Today, administrators have confirmed the firm's UK arm – including all assets – has been sold to newly founded, Luxor-owned Volta Commercial Vehicles Ltd.