HOUSTON - Shell USA, Inc., a subsidiary of Shell plc, has completed its acquisition of Volta Inc., valued at approximately US$169 million.
Shell now owns and operates one of the largest public electric vehicle (EV) charging networks in the U.S.
READ: Shell expands EV reach in the U.S. with Volta acquisition
Volta provides Shell with an existing public charging network of more than 3,000 charge points at destination sites (shopping centres, grocery stores, pharmacies, etc.) across 31 U.S. states and territories, a development pipeline of more than 3,400 additional charge points, and capabilities to continue developing, operating, and monetizing EV charging infrastructure.
"We want to make charging as convenient as possible for our customers," said István Kapitány, executive vice-president 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 specializes in generating advertising revenues from screens embedded into the charge point, adding a source of non-fuel revenue from sites both in the U.S. and globally."
Volta has secured 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 U.S.
Globally, the company says it aims to expand its EV charging offer to operate more than 500,000 charge points by 2025 and 2,500,000 charge points by 2030, meeting customer demand at home, at work or on the go. Today, Shell operates more than 140,000 public and private charge points around the world.