Shell USA finalizes acquisition of Volta
The emobility firm provides its buyer with over 3,000 charging points across 31 states and more than 3,400 development projects in its pipeline.
Shell USA has completed the previously announced acquisition of Volta in an all-cash transaction valued at approximately USD $169 million. With this acquisition, the company now owns and operates one of the largest public electric vehicle charging networks in the U.S.
The closing of the transaction occurred after receiving various regulatory clearances and approval from Volta's stockholders. The acquisition enables the mobility company to scale its existing network and offerings to better participate in the long-term EV charging market opportunity within the U.S.
Volta provides Shell with an existing public charging network of over 3,000 charge points located at destination sites across 31 U.S. states and territories. In addition, the firm has a development pipeline of more than 3,400 additional charge points, and capabilities to continue developing, operating, and monetizing EV charging infrastructure.
"As demand for EV charging continues to grow, destination sites will play a key role in meeting people where they spend a great deal of time: the store, the gym, and everywhere in-between. Beyond providing a charging service, Volta specializes in generating advertising revenues from screens embedded into the charge point, adding a source of non-fuel revenue from sites both in the U.S. and globally," said István Kapitány, Executive Vice President of Shell Mobility.
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. While most of its current revenue is generated through advertising, there are plans to increase the number of fast charging DC outlets with a paid charging model.
