Volta Co., Ltd. said on wednesday Shell Plc subsidiary to take over electric vehicles charging network Operator of all-cash transactions worth approximately $169 million.
Shell USA Inc will acquire all outstanding shares of Volta’s Class A common stock for 86 cents per share in cash, a transaction that is expected to close in the first half of this year, Volta said.
Shell and companies such as France’s EDF and Norway’s Statkraft are investing in EV charging infrastructure to meet the growing demand for EVs. Electric car.
The announcement follows other investments in the EV charging infrastructure space, including: Mercedes-Benzis poised to invest billions of dollars to build 10,000 fast charging points in North America, Europe and China by 2030.
As part of the transaction, Shell USA will provide loans to Volta to assist the company through the closing of the transaction.
The acquisition of Volta, which installs chargers with large video advertising screens in places like grocery stores and office buildings, marks a shift in focus for companies that have traditionally relied on a vast network of gas stations to reach customers. It symbolizes acceleration.
Volta, which went public in 2021 through a merger with a special-purpose acquisition company, has struggled over the past year, including the sudden departure of two top executives last March. The company issued a going concern warning in May as its cash reserves dwindled and it laid off more than half of its workforce to stabilize its finances.
Volta is one of several cleantech startups to go public through SPAC deals in recent years, including Eos Energy Enerterprises Inc., EVgo and Sunlight Financial Holdings Inc.
The acquisition is part of Shell’s efforts to prepare for a world where oil consumption is declining as more industries are electrified and people abandon internal combustion engine vehicles. Volta has installed more than 3,000 of his charging points with partners such as supermarket Kroger Co., San Francisco’s Oracle Arena, and Six Flags Theme Parks Inc.
“Both Volta and Shell have demonstrated their ability to meet changing customer needs, and this acquisition will allow us to combine their experience to provide more We can give drivers the options they need when choosing electric.” .
Reuters and Bloomberg contributed to this report.
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