Shell Buys EV Charging Company Volta for $169 Million

Shell, one of the biggest oil companies on the planet, has reportedly just acquired Volta, an electric vehicle charging network operator. According to Reuters, the all-cash deal is valued at about $169 million.

Volta went public back in 2021 through a merger with blank-check firm Tortoise Acquisitions Corp II, and the company saw its stock price rise over 18 percent to about 86 cents per share as of Wednesday morning. Reuters reports Shell USA will acquire all outstanding shares of Volta’s Class A common stock for 86 cents apiece. The deal is slated to close sometime in the first half of this year.

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Part of the deal stipulates that Shell USA will provide Volta with loans to help the company through the closing of the deal. One could probably assume this is one of the first steps in Shell’s ideal of an all-EV future, namely EV Hubs that’ll include all sorts of things like a cafe, convenience stores, and public sitting areas with wifi.