Shell USA Set to Acquire EV Charging Operator Volta for $169 Million

Electric vehicle (EV) charging network operator Volta Inc announced on Wednesday that Shell USA will acquire the company in an all-cash deal for a value of around $169 million. Shell USA will acquire all outstanding Class A common shares of Volta for 86 cents apiece in a deal that is expected to be completed by the first half of 2023, Volta said.

The EV charging company went public in 2021 through a merger with blank-check firm Tortoise Acquisition Corp. The company shares went up 18% to reach around 86 cents.

Many energy and automotive companies have been venturing into EV charging infrastructure to take advantage of growing demand for EVs. France’s EDF and Norway’s state-controlled Statkraft have been two of those energy companies along with Shell.

Other investments in the field include German auto major Mercedes-Benz’s planned investment worth billions of dollars to build 10,000 fast charging units in North America, Europe and China by 2030.

As part of the deal, Shell USA will also provide loans to Volta to help the company through the closing of the deal.

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