Shell is set to making a new acquisition as it expands its presence in the electric vehicle market in the US. The company is buying out Volta, which is an electric vehicle charging station for around 169 million US Dollars. So here are all the details.
The gasoline giant is aiming on closing this major deal sometime within the first half of this year. For those unaware, Volta isn’t the first of its kind deal, rather, it is the second US EV charging starting that the company has acquired. Its last acquisition of a similar firm was Greenlots, which was purchased by Royal Dutch Shell back in 2019. As of right now, Volta operates over 3,000 destination charging stations across 31 states and even has chargers in Europe.
As per official notes, the company is also planning to install another 3,400 EV charging stations. Although, the timeline for this step is currently unknown. Back in 2022, Volta was ranked second in terms of customer satisfaction for Level 2 chargers, being second only to Tesla. In other words, this acquisition will clearly help position Shell in the overall EV market. Volta also operates stations in high traffic retail parking lots as well and provides free electricity for EV owners.
So, its main source of revenue is its ad displays that are used by advertising clients. Interestingly enough, the latest purchase from Shell is also quite notable since it isn’t common for oil and gas companies to acquire EV charging networks. But now, the acquisition of Volta along with Greenlots will have Shell own a total of more than 57,000 charging stations. These stations will also be renamed as Shell Recharge Solutions.
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(Via)
