Shell USA has signed a definitive agreement to acquire 100% of the outstanding shares of Volta Inc. “Class A” common stock in an all-cash transaction valued at roughly $169 million.
At close, Shell also will repay Volta’s third-party debt, estimated at $14 million. As part of the transaction, an affiliate of Shell USA will provide subordinated secured term loans to Volta to bridge Volta through the closing of the transaction.
Volta’s assets include an existing public electric vehicle (EV) charging network of more than 3,000 charge points at destination sites (such as shopping centers, grocery stores and pharmacies) across 31 states and U.S. territories; a development pipeline of more than 3,400 additional charge points; and capabilities to continue developing, operating and monetizing EV charging infrastructure.
Volta also generates advertising revenues from screens embedded into the charge points.
The transaction is expected to close in the first half of 2023, subject to shareholder and regulatory approval.
Subject to shareholder and regulatory approval, Volta will be a wholly owned subsidiary of Shell USA.