Shell completes acquisition of Volta Inc., Boosting presence in US EV charging market.
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Shell completes acquisition of Volta Inc., Boosting presence in US EV charging market.

With 3,000 Volta charge points and a pipeline for 3,400 more, Shell now operates one of the largest public EV charging networks in the US.

Shell USA, Inc. has announced the completion of its acquisition of Volta Inc., a leading provider of public electric vehicle (EV) charging infrastructure in the United States. The all-cash transaction, valued at approximately $169 million, will provide Shell with one of the largest public EV charging networks in the country, with over 3,000 charge points located at popular destination sites such as shopping centers, grocery stores, and pharmacies.

The acquisition includes Volta’s existing network of charging stations as well as a development pipeline of over 3,400 additional charge points, giving Shell the capability to continue growing and monetizing EV charging infrastructure. Shell also provided Volta with a $20 million subordinated secured term loan to support their balance sheet and bridge them through the closing of the transaction.

As part of the deal, Shell has acquired all outstanding shares of Class A common stock of Volta for an equity purchase price of approximately $169 million in cash. Shell has also repaid Volta’s third-party debt of $11 million. Following the completion of the merger, Volta is now a member of the Shell Group.

The acquisition of Volta brings with it a team of approximately 200 employees with on-the-ground experience in the fast-moving U.S. EV public charging space. Globally, Shell aims to expand its EV charging offer to operate more than 500,000 charge points by 2025 and around 2,500,000 charge points by 2030 to meet customer demand at home, work, or on the go.

This acquisition is in line with Shell’s efforts to transition to a lower-carbon future and meet the growing demand for electric vehicles. With over 140,000 public and private charge points worldwide, Shell is positioning itself as a key player in the EV charging space.

Also Read: Kia unveils EV9, its new flagship electric SUV.

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