Oil major Shell continues to build it’s renewable energy portfolio with the purchase of electric vehicle charging company Volta fort ~$169M. VLTA was trading higher at $0.8899 +0.1628 (+22.3903%)
pre-market on the news. Volta (VLTA) went public in August 2021 as part of its merger with special purpose acquisition company TortoiseCorp II and briefly traded over $15 in 2021 with the SPAC mania.
Under the deal terms, Shell USA Inc. (SHEL) will acquire all outstanding common shares of Volta (VLTA) at $0.86/share in cash, which represents an 18% premium to the closing price on January 17.
“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. While the EV infrastructure market opportunity is potentially enormous, Volta’s ability to capture it independently, in challenging market conditions and with ongoing capital constraints, was limited. This transaction creates value for our shareholders and provides our exceptional employees and other stakeholders a clear path forward.” Volta (VLTA) interim CEO Vince Cubbage said.
The transaction is expected to close in the first half of 2023.
About Volta Inc.
Volta Inc. is an industry-leading electric vehicle (“EV”) charging and media company. Volta’s unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site hosts, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta’s extensive network leverages its proprietary PredictEV® platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.
From The TradersCommunity News Desk