Shell closes $169m acquisition of EV charging and media company Volta
Shell’s subsidiary Shell USA has closed the previously announced $169 million acquisition of Volta Inc., an electric vehicle (EV) charging and media company.
The all-cash deal was announced in January 2023. It was wrapped up after receipt of the required regulatory clearances and approval from Volta’s shareholders.
Volta offers Shell a public charging network with more than 3,000 charge points installed at grocery stores, shopping centers, pharmacies, etc. in 31 American states and territories. The former is also developing over 3,400 charging points, and brings with it the ability to develop, operate, and commercialize EV charging infrastructure.
As a result of this acquisition, Shell is now the owner and operator of one of the largest EV charging infrastructures across the US.
Shell USA closes $169m acquisition of EV charging and media company Volta. Photo courtesy of Volta.
According to Shell, the advertising capabilities of Volta and its early mover advantages have enabled it to obtain premium spots and portfolio-level agreements with site hosts in highly-valued, high-traffic areas.
Although the majority of Volta’s revenue comes from advertising, the company is planning to increase the number of rapid charging DC outlets using a paid charging model.
The acquisition will allow Shell to expand its current infrastructure and services to be more competitive in the long-term EV charging market opportunities in the US.
For Shell, Volta will add a team of about 200 people with real-world expertise along with the capacity to expand in the early-stage and rapidly developing US EV public charging space.
Around the world, Shell aims to expand its EV charging services to run more than 500,000 charging points by 2025, and more than 2,500,000 charge points by the end of this decade. Presently, Shell operates over 140,000 charge points, both private and public points across the globe.
István Kapitány — Shell Mobility Executive Vice President said: “We want to make charging as convenient as possible for our customers.
“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.”