Dive Brief:
- Shell USA, the U.S. division of London-based fuel giant Shell, has acquired electric vehicle (EV) charging company Volta for $169 million, according to a Wednesday announcement.
- The deal has already been approved by Volta’s board of directors and is expected to close in the first half of this year after shareholder approval, according to the announcement.
- This marks yet another EV milestone for Shell in the U.S., where the retailer continues to build out its Shell Recharge Solutions network that began in 2019.
Dive Insight:
Shell already runs the U.K.’s largest public EV charging network, with plans to reach 100,000 charging ports by 2030.
However, Shell’s EV-charging plans in North America haven’t been as widely discussed. In 2019, Shell acquired EV charging company Greenlots, and reformed the company into Shell Recharge Solutions, which brings Shell-branded chargers to U.S. workplaces, condos, apartments, retail businesses and residential neighborhoods.
By acquiring Volta, Shell will not only expand its branded EV-charging footprint in the U.S., but will also bring these chargers to its c-stores and fuel stations around the country, further establishing the fuel retailer as a major player in the U.S. EV-charging space.
Volta’s charging stations are available in 31 U.S. states and territories. They feature large-format digital advertising screens and the company’s proprietary PredictEV platform, which uses behavioral science and machine learning to help commercial property owners, cities, and electric utilities plan EV infrastructure.
After the merger, 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, according to the announcement.
The move helps San Francisco-based Volta, which felt “limited” in its ability to capture the EV infrastructure market amid “challenging market conditions,” Vince Cubbage, interim CEO of Volta, said in the announcement.
“This transaction creates value for our shareholders and provides our exceptional employees and other stakeholders a clear path forward,” Cubbage said.
Houston-based Shell USA markets fuel at about 14,000 Shell-branded gas stations in 49 states and owns nearly 250 c-stores in the U.S.
