Shell to acquire EV charging network Volta for $169 million
The oil giants, flush with cash after a year of record profits, are on a buying spree in the EV charging space. The latest company to be gobbled up is Volta Charging, which will be acquired by Shell USA in an all-cash transaction valued at approximately $169 million.
Shell USA will acquire all outstanding shares of Class A common stock of Volta at $0.86 per share, which represents an approximate 18 percent premium to the latest closing price. As part of the agreement, an affiliate of Shell will provide loans to Volta to bridge the company through the closing of the transaction.
Volta’s public charging stations feature large video screens that can be used to display advertising or other information through the Volta Media Network.
Volta says that, following the acquisition, there will be no immediate change in driver experience, capabilities available to advertisers, or services provided to commercial properties and retail locations.
“Shell recognizes Volta’s industry-leading dual charging and media model delivers a public charging offering that is affordable, reliable, and accessible,” said Volta Interim CEO Vince Cubbage. “While the EV infrastructure market opportunity is potentially enormous, Volta’s ability to capture it independently, in challenging market conditions and with ongoing capital constraints, was limited. This transaction creates value for our shareholders and provides our employees and other stakeholders a clear path forward.”
MORE: Here’s why Big Oil is racing to invest billions in EV charging
Source: Volta
