With this acquisition, Shell now owns and operates one of the largest public electric vehicle charging networks in the US. 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 such as shopping centres, grocery stores, and pharmacies across 31 US states and territories. Volta also provides a development pipeline of more than 3,400 additional charge points, and capabilities to continue developing, operating, and monetising EV charging infrastructure.
“We want to make charging as convenient as possible for our customers,” said István Kapitány, executive VP 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 specialises in generating advertising revenues from screens embedded into the charge point, adding a source of non-fuel revenue from sites both in the US 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 US.
