PRESS RELEASE

Shell USA Acquires Volta, Expanding its American EV Charging Network

March 31, 2023

HOUSTON, TX — Shell USA, Inc., a subsidiary of Shell plc, has completed the previously announced acquisition of Volta Inc. (Volta) in an all-cash transaction valued at approximately USD $169 million. With this acquisition, Shell now owns and operates one of the largest public electric vehicle (EV) charging networks in the U.S. The closing of the transaction occurred after receiving various regulatory clearances and approval from Volta’s stockholders.

Volta provides Shell with an existing public charging network of over 3,000 charge points at destination sites (shopping centers, grocery stores, pharmacies, etc.) across 31 U.S. states and territories, a development pipeline of more than 3,400 additional charge points, and capabilities to continue developing, operating, and monetizing EV charging infrastructure.

“We want to make charging as convenient as possible for our customers,” said István Kapitány, Executive Vice President of Shell Mobility. “As demand for EV charging continues to grow, destination sites will play a key role in meeting people where they spend a great deal of time: the store, the gym, and everywhere in-between. Beyond providing a charging service, Volta specializes in generating advertising revenues from screens embedded into the charge point, adding a source of non-fuel revenue from sites both in the U.S. and globally.”

Volta’s advertising capability and early mover advantage have allowed the company to secure prime spots and portfolio-level contracts with site hosts in high-value, high-traffic markets. While most of Volta’s current revenue is generated through advertising, there are plans to increase the number of fast charging DC outlets with a paid charging model.

The acquisition enables Shell to scale its existing network and offerings to better participate in the long-term EV charging market opportunity within the U.S.

Shell USA, Inc. has acquired all outstanding shares of Class A common stock of Volta for an equity purchase price of approximately USD $169 million / $0.86/share in cash. As part of the transaction, Shell has also repaid Volta’s 3rd party debt of USD $11 million. Shell also provided USD $20 million in subordinated secured term loans to Volta to support Volta’s balance sheet and bridge Volta through the closing of the transaction.
As of the closing of the merger, Volta is a member of the Shell Group. The acquisition brings a team of approximately 200 employees with on-the-ground experience and capability to grow in the nascent and fast-moving U.S. EV public charging space.
Globally, Shell aims to expand its EV charging offer to operate more than 500,000 charge points1 by 2025 and ~2,500,000 charge points by 2030, meeting customer demand at home, at work or on the go. Today, Shell operates more than 140,000 public and private charge points around the world.