Dutch start-up train operator GoVolta has postponed its budget train services to key European destinations after failing to secure a loan from Dutch lender Rabobank.
The allocated route rights between Amsterdam and Berlin, Copenhagen, and Basel have been returned as the company while financial hurdles.
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At the end of 2023, entrepreneurs Hessel Winkelman and Maarten Bastian, known for their GreenCityTrip brand and Flywise, revealed their plans for GoVolta.
They envisioned budget daytime trains to major European cities with tickets priced at just €10 ($12.9).
Retailers such as Kruidvat, Albert Heijn, and Hema had shown interest in selling tickets, with 70% already sold in advance.
GoVolta’s journey has been fraught with challenges, including disputes with subcontractors and the pursuit of its train operating licence.
The company had progressed to the point of discussing financing for carriages with Rabobank, which had initially approached GoVolta. The required investment for the rolling stock was nearly €7m ($9.08m).
Despite the company commissioning valuation reports and establishing new companies to advance their plans, Rabobank deemed the project too risky and declined the loan after an eight-month review process.
While carriage financing remains uncertain, Winkelman confirmed that €24m ($31.1m) has been secured for five Siemens Vectron locomotives, with an option for next year.
GoVolta also plans to offer locomotive services to other operators, with several parties already interested.
Currently, NS International operates the only international trains in the Netherlands, in partnership with Eurostar, Deutsche Bahn, and NMBS/SNCB.
