Shell Acquires EV Charging Company Volta For $169M

Shell Acquires EV Charging Company Volta For $169M

The companies say the transaction brings Volta's dual charging and media network to Shell's established brand.

Courtesy of The Buzz EV News, By David Sickels

Shell USA will acquire Volta in an all-cash transaction valued at approximately $169 million. The companies say the transaction brings Volta’s dual charging and media network to Shell’s established brand and seeks to unlock long-term growth opportunities in electric vehicle (“EV”) charging.

Under the terms of the merger agreement, Shell USA will acquire all outstanding shares of Class A common stock of Volta at $0.86 per share in cash upon completion of the merger, which represents an approximate 18% premium to the closing price of Volta stock on January 17, 2023, the last full trading day prior to the announcement of the transaction.

Following the completion of the transaction, there will be no immediate change in driver experience, Volta Media Network capabilities available to advertisers, or services provided to commercial properties and retail locations, the companies say.

You May Also Like

LG Energy Solution, Honda Establish Battery Production JV

The companies will produce lithium-ion batteries for EVs produced by Honda by the end of 2025.

LG Energy Solution (LGES) and Honda Motor Co., Ltd. (Honda) announced a formal establishment of the joint venture (JV) which will produce lithium-ion batteries for electric vehicles produced by Honda. The companies' overall investment related to the JV is projected to reach $4.4 billion.

Honda says the new plant will be located approximately 40 miles southwest of Columbus in Fayette County, near Jeffersonville. LGES and Honda have committed to investing $3.5 billion and creating 2,200 jobs to establish the new production facility.

J.D. Power Acquires EV Data Company

The ZappyRide acquisition is part of the J.D. Power E-Vision initiative, a new program focused on maximizing the company’s EV data, analytics, insights and solutions.

VinFast, NXP Collaborate On Developing Smart Electric Vehicles

VinFast seeks to leverage NXP’s processors, semiconductors and sensors.

ElectraMeccanica Teams Up With AZ Super Bowl Host Committee

Vehicles were presented to the committee at a kick-off media event.

Timken Provides Engineered Bearings for Ford’s F-150 EV

Timken began providing the wheel bearings for the F-150 Lightning in April 2022.

Other Posts

XL Fleet Acquired by The Shyft Group

The deal includes XL Fleet’s Wixom, Michigan, facility and a Department of Defense (DOD) pilot development agreement.

Deloitte: Affordability Slows the Road to Electrification

Concerns about cost and trust still impact advancement.

Lightning eMotors Launches Online Fleet Planner

Fleet managers can input key fleet details to receive operating cost analysis, carbon reduction info and recommendations.

DOE Puts $74M Toward 10 EV Battery Recycling Projects

The funding will be used for 10 projects to advance technologies and processes for EV battery recycling and reuse.