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Shell USA Finalizes Acquisition of EV Charging Network Volta
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Shell USA, Inc., a subsidiary of Shell plc, has completed the previously reported acquisition of Volta Inc. (Volta) in an all-cash transaction valued at approximately USD $169 million.
See our prior story for full details on the transaction, including Volta's market position
"With this acquisition, Shell now owns and operates one of the largest public electric vehicle (EV) charging networks in the U.S.," Shell said
At a high level, and at the time the acquisition was first announced, about 380 Volta charging stations were in Texas, with just under 1,000 or so in Northeast markets with retail choice
"Volta provides Shell with an existing public 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," Shell said
As previously noted, Volta offers what it terms a "dual [EV] charging and media network" under which Volta operates a network of charging stations that feature large-format digital advertising screens, "located steps away from the entrances of popular commercial locations."
"While most of Volta's current revenue is generated through advertising, there are plans to increase the number of fast charging DC outlets with a paid charging model," Shell said
Specifically, Shell USA, Inc. has acquired all outstanding shares of Class A common stock of Volta for an equity purchase price of approximately USD $169 million / $0.86/share in cash. As part of the transaction, Shell has also repaid Volta's 3rd party debt of USD $11 million. Shell also provided USD $20 million in subordinated secured term loans to Volta to support Volta's balance sheet and bridge Volta through the closing of the transaction.
As of the closing of the merger, Volta is a member of the Shell Group, with a team of approximately 200 Volta employees joining Shell
Vince Cubbage, Interim Chief Executive Officer of Volta, Michelle Kley, Chief Legal Officer of Volta, Drew Lipsher, Chief Development Officer of Volta, and Stephen Pilatzke, Chief Accounting Officer of Volta, have resigned from their positions following the closing of the merger.
Brandt Hastings, formerly Chief Commercial Officer of Volta, will lead the Volta business as President and Chief Executive Officer within the Shell Mobility organization, Volta said
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March 31, 2023
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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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