The UK business and assets of Volta Trucks have been sold to a new unit of hedge fund Luxor Capital, which had invested heavily in the electric truck maker, the bankrupt company’s administrators said on Friday.
The administrators said the company had been sold to Volta Commercial Vehicles Limited, without providing financial details.
“We’re pleased to have safeguarded the future of Volta Trucks by facilitating its acquisition by Volta Commercial Vehicles Ltd,” Andrea Jakes, managing director of Alvarez & Marsal and one of the administrators, said in a statement.
Volta, which is headquartered in Sweden but which had its operations in the United Kingdom, filed for bankruptcy last month citing the bankruptcy in August of its supplier Proterra and uncertainty over its battery supplier, which had made it hard to raise capital from investors.
The startup had raised a total of around 460 million euros ($501.4 million) from investors and had taken orders for more than 5,000 trucks before it filed for bankruptcy.
(Reporting By Nick Carey; Editing by Sharon Singleton)