Volta Inc. announced that it has executing a merger agreement with Shell USA. Shell USA will acquire Volta for approximately $169 million. With this merger, Volta’s strong dual charging and media network will take its place under the Shell brand. This will create a strong growth opportunity for electric vehicle charging applications in the long term.
According to Volta, the transition to emobility is happening very fast and Shell recognizes that Volta’s industry-leading dual charging and media model provides an affordable, reliable and accessible service. Both Volta and Shell have the ability to meet the changing needs of customers, so the deal creates value for shareholders and paves a clear path forward for employees and other stakeholders, the company says.
The acquisition will accelerate emobility by bringing together one of the world’s largest energy suppliers with one of the leading EV charging and media companies in the Americas. Following the completion of the acquisition, there will be no changes to the existing Volta Media Network features in the driver experience.