Shell will be acquiring electric vehicle charging network Volta through a full cash purchase of all its common stock. The transaction is worth $169 million and is set to close in the first half of 2023.
Back in 2019, Greenlots was acquired by Royal Dutch Shell which makes Volta the second US EV charging company to come under the shell brand.
Vince Cubbage, Interim Chief Executive Officer, said, “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.”
Cubbage continued, “Both Volta and Shell have a demonstrated ability to meet the changing needs of customers, and this acquisition will bring that experience together to provide the options that are needed as more drivers choose electric.”
Shell is well known for its petrol stations across the globe and its purchase marks one of very few EV charging networks in the US that are now owned by an oil and gas company.
The press release stated that the transaction provides the opportunity to unlock Volta’s significant signed pipeline of charging stalls in construction or evaluation and capture the seismic EV charging market opportunity.
Volta operates 3050 destinations across 31 states and Europe. The release has also stated that the company is planning to install an additional 3400 stalls over an unknown period.
The combination of shell owned Volta and Greenlots totals to over 57,000 charging stalls under the yellow and red scallop. Shell New Energies is also working on offshore windfarms in New Jersey.
Shell is also delving into the world of micro mobility by making e-scooters, battery banks and other carbon reduction technologies.
Shell will have to keep making investments in sustainable business ideas as it faces challenges from the government to reduce carbon emissions.
Also in the news:
Lotte Aluminum Materials USA plans an aluminum foil manufacturing operation to serve the electric vehicle battery industry in Kentucky
Texas Department of Transport plans for more electric vehicle charging stations
California to raise income taxes to fund “Clean Cars and Clean Air Act”
Porsche sets out to be at the forefront of high-performance German battery production