Volta Charging

Last updated
Volta Charging, LLC
NYSE: VLTA
Industry Electric vehicle infrastructure
Founded2010;14 years ago (2010) in Hawaii
Founders
  • Scott Mercer
  • Chris Wendel
Headquarters155 de Haro Street,
San Francisco, California
,
United States
Key people
Vince Cubbage
(Interim CEO)
Brandt Hastings
(Chief Commercial Officer)
Drew Lipsher
(Chief Development Officer)
Francois Chadwick
(Chief Financial Officer)
Parent
  • Independent (2010–23)
  • Shell (2023–present)
Website voltacharging.com

Volta Charging is an American electric vehicle infrastructure company. As of September 2021, the company had installed more than 2,000 charging stations in twenty-three U.S. states. [1]

Contents

Volta charging stations are compatible with all major plug-in hybrid and battery electric vehicle types in the United States and have a digital screen featuring advertisements. Generally, charging a vehicle at a Volta station is free, because Volta is supported by advertisements. [2]

On March 31, 2023, Shell USA acquired the company for approximately $169 million. [3]

History

Volta Charging was founded in Hawaii in 2010 by Scott Mercer and Chris Wendel. [1] [4] [5] Leonardo DiCaprio was an early investor in the company. [6] [7] [8]

Volta charging station in Boca Raton, Florida Volta charging station.jpg
Volta charging station in Boca Raton, Florida

In February 2021, it announced a special-purpose acquisition company merger with Tortoise Acquisition Company II. [9] After completing the merger, Volta went public on the New York Stock Exchange on August 27, 2021. [9] [10]

By September 2021, the company had installed more than 2,000 charging stations in twenty-three U.S. states. [1] In November, Volta partnered with Topgolf to install charging stations at Topgolf entertainment centers across the United States. [11]

In the third financial quarter of 2021, Volta's revenues increased 77 percent year-over-year to $8.5 million. [7] In March 2023 the company was acquired by Shell USA in an all-cash deal. [12]

See also

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References

  1. 1 2 3 McInnis, Brian (September 3, 2021). "Former Hawaii startup Volta Charging goes public". Pacific Business News . Retrieved 11 January 2022.
  2. ↑ Kolodny, Lora (August 18, 2021). "Tesla, Volta are EV owners' top picks for charging away from home, JD Power finds". CNBC . Retrieved 6 January 2022.
  3. ↑ "Shell USA, Inc. Finalizes Acquisition of Volta Inc., Scaling up its U.S. Public Electric Vehicle Charging Network" (Press release). Shell. March 31, 2023. Retrieved 2024-03-11.
  4. ↑ "Volta founder on strategies for electric vehicle charging stations". Yahoo! News. August 9, 2021. Retrieved 11 January 2022.
  5. ↑ "Scott Mercer Chairman/CEO, Volta Inc". Bloomberg. Retrieved 11 January 2022.
  6. ↑ Strauss, Sabrina (October 28, 2021). "Volta Delivers 100 Million Electric Miles to Drivers" (Press release). Volta Inc. Retrieved 11 January 2022– via Business Wire.
  7. 1 2 Moadel, David (December 5, 2021). "Speculators can Charge Up their Portfolios with Volta Stock". Nasdaq. Retrieved 11 January 2022.
  8. ↑ Leonardo DiCaprio [@LeoDiCaprio] (October 28, 2021). "We must move beyond a carbon based economy to prevent irreversible climate change. Pleased to work with @VoltaCharging who has delivered 100 million electric miles to EV drivers across the U.S. #VoltaPartner" (Tweet) – via Twitter.
  9. 1 2 Jasinski, Nicholas (August 27, 2021). "EV Charging Firm Volta Is Going Public But Raising Less Money Than Expected". Barron's . Retrieved 6 January 2022.
  10. ↑ "Volta Charging to List on NYSE Under the Ticker "VLTA" Following Closing of Business Combination With Tortoise Acquisition Corp. II". Volta, Inc. August 26, 2021. Retrieved 11 January 2022– via Business Wire.
  11. ↑ Strauss, Sabrina (November 2, 2021). "Topgolf Partners With Volta to Add Electric Vehicle Charging Stations to Select Properties". Yahoo! News. Retrieved 11 January 2022.
  12. ↑ "Shell Dramatically Expands Its Network of EV Charging Stations". Car and Driver . April 1, 2023.
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