Shell USA, Inc., a subsidiary of Shell plc, has signed a definitive agreement to acquire 100% of the outstanding shares of Class A common stock of Volta Inc. (Volta) in an all-cash transaction valued at approximately USD $169 million.
Volta’s assets include an existing public EV charging network of over 3,000 charge points at destination sites (shopping centers, grocery stores, pharmacies, etc.) across 31 U.S. states and territories, a development pipeline of more than 3,400 additional charge points, and capabilities to continue developing, operating, and monetizing EV charging infrastructure.
Beyond providing a charging service, Volta specializes in generating advertising revenues from screens embedded into the charge point. Volta’s advertising capability and early mover advantage have allowed the company to secure prime spots and portfolio-level contracts with site hosts in high-value, high-traffic markets.
The transaction is expected to close in the first half of 2023, subject to shareholder and regulatory approval.
