Shell unit to acquire EV charging firm Volta for about $169 million, Auto News, ET Auto

Volta Inc said on Wednesday that a unit of Shell Plc would take over the electric vehicle (EV) charging network operator in an all-cash deal valued at about $169 million.

Shell USA Inc will acquire all outstanding shares of Class A common stock of Volta for 86 cents apiece in a deal that is expected to close in the first half of the year, Volta said.

Volta, which went public in 2021 through a merger with blank-check firm Tortoise Acquisition Corp II, saw its shares rise over 18% to about 86 cents in morning trade.

Shell and other companies such as France’s EDF and Norway’s Statkraft have been investing in EV charging infrastructure to cash in on the growing demand for EVs.

The announcement follows other investments in the EV charging infrastructure space, including Mercedes-Benz, which is poised to invest billions of euros to build 10,000 fast-charging points 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.

Goldman Sachs and Barclays Capital served as advisers to Volta, while Shearman & Sterling LLP served as its legal adviser.

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Volta Inc said on Wednesday that a unit of Shell Plc would take over the electric vehicle (EV) charging network operator in an all-cash deal valued at about $169 million.

Shell USA Inc will acquire all outstanding shares of Class A common stock of Volta for 86 cents apiece in a deal that is expected to close in the first half of the year, Volta said.

Volta, which went public in 2021 through a merger with blank-check firm Tortoise Acquisition Corp II, saw its shares rise over 18% to about 86 cents in morning trade.

Shell and other companies such as France’s EDF and Norway’s Statkraft have been investing in EV charging infrastructure to cash in on the growing demand for EVs.

The announcement follows other investments in the EV charging infrastructure space, including Mercedes-Benz, which is poised to invest billions of euros to build 10,000 fast-charging points 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.

Goldman Sachs and Barclays Capital served as advisers to Volta, while Shearman & Sterling LLP served as its legal adviser.

Also Read:

​​Sundram Fasteners has drawn up plans to invest Rs 200 crore to support the new order received from the global automobile manufacturer. The company would ship the parts from its powertrain divisions located at Mahindra World City in Chengalpattu, Tamil Nadu, and Sri City, Andhra Pradesh. The parts will be serviced from the company’s warehouse in North America.

The price of Nexon EV Range is now repositioned to start at INR 14.49 lakh, and of Nexon EV MAX range is to start at INR16.49 lakh with the new feature-packed, Nexon EV MAX XM variant. The Nexon EV MAX certified range is enhanced to 453 km and the current users will get the enhancement through software update from February 15, 2023, the company said.