Shell has acquired Volta Inc. in a cash transaction valued at approximately $169 million. The acquisition brings Volta’s electric vehicle (EV) charging to Shell’s established brand with hopes of long-term growth opportunities.
According to Volta, Shell will acquire all outstanding shares of Class A common stock of Volta at 86 cents per share in cash upon completion of the merger, which represents an approximate 18% premium to the closing price of Volta stock on Jan. 17, 2023.
“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,” said Vince Cubbage, interim CEO at Volta. “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.”
As part of the agreement, an affiliate of Shell will offer subordinated secured term loans to Volta to help Volta through the closing of the acquisition.