oil and gas company are buying tram charging operator for $169 million through a subsidiary. The deal the companies expect to close in the first half of this year amounts to eighty six cents per share, about 18 percent above Volta’s closing price on Tuesday.
Volta’s board of directors unanimously approved the deal, although it still needs a green light from shareholders. It is also subject to regulatory approval and other closure conditions. Shell will provide loans to Volta to support the company through closing. Volta has $15.6 million in cash and cash equivalents, compared with $262.2 million at the end of 2021.
Volta Interim CEO Vince Cubbage said: “While the electric vehicle infrastructure market opportunity has huge potential, the ability to capture it independently, given market conditions, is very important. challenging and Volta’s ongoing capital constraints are very limited”. . “Both Volta and Shell have the ability to respond to changing customer needs, and this acquisition will bring that experience together to provide the options needed as more drivers choose electric vehicles.”
The company has more than 3,000 charging stations across the US and a few in Europe, usually in . In a few years, its DC fast charging stations have with advertisement and funding to help cover costs. However, it Its DC is fast charger for a paid model last year. More than 2,000 Volta L2 chargers still available . Once the deal closes, “there will be no immediate changes to the driver’s experience,” the companies said.
Oddly, it looks like an oil company is buying an EV charging network, but this isn’t the first time Shell has done so. It grabbed the UK’s Ubitricity network for an undisclosed amount. Last year, Hertz and BP to set up a charging network in the US
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