Luxor Capital Group, a New York-based credit hedge fund that makes equity and fixed income investments globally, is in advanced talks to acquire Volta Trucks, an electric vehicle start-up that filed for bankruptcy last month, according to a report by Sky News.
As one of the largest investors in the stricken Swedish business, Luxor Capital is in negotiations with administrators over a deal to takeover Volta, which until it ran into financial difficulties, was conducting customer trials in both the UK and Europe of its all-electric delivery vehicle, the Volta Zero. The Zero is an emission-free truck, which has a range of up to 200km (124 miles), and is designed to undertake multiple deliveries within a large town or city.
According to Sky News’ sources, a deal for the business, which employs around 850 people – including 600 staff in the UK – could be reached in the coming days, although the timetable could change and an agreement is not guaranteed.
