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Sweden-based Volta Trucks, an automotive company offering electric trucks for sustainable cities, announced on Tuesday that it has filed for bankruptcy after failing to secure a battery supplier and additional capital.
The announcement comes ten months after raising €60M in a Series C extension round.
Proterra, the battery supplier for Volta Trucks, filed for Chapter 11 bankruptcy, which resulted in a reduction of forecasted vehicle production volumes.
This uncertainty with its battery supplier negatively affected the Swedish company’s ability to raise sufficient capital in a challenging environment for EV players.