Shell USA to acquire EV infrastructure company Volta for $169m

Shell USA, a subsidiary of Shell plc, will acquire Volta, an American electric vehicle (EV) infrastructure company listed on the New York Stock Exchange (NYSE), for around $169 million in cash to unlock long-term growth opportunities in EV charging.

Under the merger agreement, Shell will own Volta’s dual charging and media network. The latter’s shareholders will be paid $0.86 per share by Shell.

Volta’s assets contain a current public EV charging network of more than 3,000 charge points located at shopping centers, pharmacies, grocery stores, and many more across 31 US states and territories, apart from over 3,400 additional charge points that are in various phases of development.

In addition, Volta Media Network generates advertising revenues from screens embedded into the charge point.

Shell USA to acquire EV infrastructure company Volta for $169m. Photo courtesy of Volta.

Vince Cubbage — Volta Charging Interim CEO said: “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.”

At close, Shell will also repay Volta’s third party debt of $14 million.

Shell USA through its affiliate will provide subordinated secured term loans to Volta to bridge the latter through the closing of the deal.

Post-closing, Volta’s Class A common stock will be delisted from the stock exchange.

Volta will become a wholly owned subsidiary of Shell USA, subject to shareholder and regulatory approval.

The closing of the merger agreement is expected in the first half of 2023, subject to Volta’s shareholder approval, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and regulatory approvals.