Shell USA, Inc., a subsidiary of Shell plc, has completed the previously announced acquisition of Volta Inc. in an all-cash transaction valued at approximately $169 million. With this acquisition, Shell now owns and operates Volta’s existing public electric vehicle (EV) charging networks in the U.S. The closing of the transaction occurred after receiving various regulatory clearances and approval from Volta’s stockholders.
Volta provides Shell with an existing public charging network of over 3,000 charge points at destination sites (shopping centers, grocery stores, pharmacies, etc.) across 31 U.S. states and territories, a development pipeline of more than 3,400 additional charge points, and capabilities to continue developing, operating, and monetizing EV charging infrastructure.
Shell says Volta’s advertising capability and early mover advantage have allowed the company to secure prime spots and portfolio-level contracts with site hosts in high-value, high-traffic markets. While most of Volta’s current revenue is generated through advertising, there are plans to increase the number of fast-charging DC outlets with a paid charging model.
