Shell USA acquires Volta to decarbonize the mobility sector
The all-cash transaction valued at $169 million will bring the manufacturer’s charging and media network assets into Shell.
Shell USA will acquire Volta in an all-cash transaction valued at approximately $169 million. The transaction brings Volta's dual charging and media network to Shell's established brand and seeks to unlock robust, long-term growth opportunities in electric vehicle charging.
This acquisition builds on the momentum in electric mobility by combining one of the leading EV charging and media companies in the U.S. with one of the world's largest energy suppliers. The transaction provides the opportunity to unlock Volta's significant signed pipeline of charging stalls in construction or evaluation and capture the seismic EV charging market opportunity.
Under the terms of the merger agreement, the buyer will acquire all outstanding shares of Class A common stock of the manufacturer at $0.86 per share in cash upon completion of the merger.
"The shift to e-mobility is unstoppable, and Shell recognizes Volta's industry-leading dual charging and media model delivers a public charging offering that is affordable, reliable, and accessible. 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," said Vince Cubbage, Interim Chief Executive Officer of Volta.
Following the completion of the transaction, there will be no immediate change in driver experience, Volta Media Network capabilities available to advertisers, or services provided to commercial properties and retail locations. The transaction is expected to close in the first half of 2023.
