Last week, the Swedish business Volta Trucks received a €40 million investment from the European Investment Bank to promote the rollout of its truck-as-a-service (TaaS) infrastructure.
According to Volta Trucks, the €40 million venture debt funding will support the rollout of its Truck as a Service (TaaS) infrastructure through 2026. This form of loan is specifically designed for early-stage and high-growth firms supported by venture capital.
The TaaS model is intended for fleet clients that pay a monthly charge for the usage of a Volta Zero completely electric truck as well as the required servicing, maintenance, insurance, and training requirements.
“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,” stated Essa Al-Saleh, Volta Trucks’ CEO.
The goal is to simplify, accelerate, and lower the risks associated with commercial fleet electrification through the use of comprehensive, end-to-end services like Volta Trucks’ TaaS.
The statement comes at the same time as the report that the EU will oblige its members to provide the necessary electric truck charging stations along the principal and secondary routes used by trucks.