Hardware

Shell to acquire Volta for $169M

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January 20, 2023

Shell USA Inc. has agreed to acquire 100% of the outstanding shares of Class A common stock of Volta Inc., an electric vehicle charging and advertising network, in an all-cash transaction valued at approximately $169 million, according to a press release.

Volta's assets include a public EV charging network of over 3,000 charge points at destination sites including shopping centers, grocery stores and pharmacies across 31 U.S. states and territories, a development pipeline of more than 3,400 additional charge points.

Beyond providing a charging service, Volta specializes in generating advertising revenues from screens embedded into the charge point.

The transaction is expected to close in the first half of 2023, subject to shareholder and regulatory approval.