Completed acquisition of Volta in an all-cash transaction valued at approximately US$169 million.
Shell USA, a subsidiary of Shell plc, has completed the previously announced acquisition of Volta in an all-cash transaction valued at approximately USD $169 million.
With this acquisition, Shell now owns and operates one of the largest public electric vehicle (EV) charging networks in the U.S. The closing of the transaction occurred after receiving various regulatory clearances and approval from Volta's stockholders.
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.
"We want to make charging as convenient as possible for our customers," said István Kapitány, Executive Vice President of Shell Mobility. "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."
The acquisition enables Shell to scale its existing network and offerings to better participate in the long-term EV charging market opportunity within the U.S.
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