Volta is set to be acquired by Shell USA, Inc. to accelerate decarbonization of the transportation sector. Chris (MaxxMPG) Bernius – CleanMPG – Jan. 18, 2023 A Volta L2 Charging station at a Kroger near Atlanta, GA. Volta is now set to be Acquired by Shell USA, Inc. to Accelerate Decarbonization of the Transportation Sector New York, NY -- Late last month, Volta (NYSE: VLTA) announced the execution of a definitive merger agreement under which Shell USA Inc., a subsidiary of Shell plc (NYSE: SHEL), will acquire Volta in an all-cash transaction valued at approximately $169 million. The transaction brings Volta's powerful dual charging and media network to Shell's established brand and seeks to unlock robust, long-term growth opportunities in electric vehicle ("EV") charging. Under the terms of the merger agreement, Shell USA Inc. will acquire all outstanding shares of Class A common stock of Volta at $0.86 per share in cash upon completion of the merger, which represents an approximate 18 percent premium to the closing price of Volta stock on January 17, 2023, the last full trading day prior to the announcement of the transaction. This acquisition builds on the momentum in electric mobility by combining one of the leading EV charging and media companies in the U.S. with one of the world's largest energy suppliers. The transaction provides the opportunity to unlock Volta's significant signed pipeline of charging stalls in construction or evaluation and capture the seismic EV charging market opportunity. Following the completion of the transaction, 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. As part of the agreement, an affiliate of Shell will provide subordinated secured term loans to Volta to bridge Volta through the closing of the transaction. Approvals Volta's Board of Directors, having determined that the transaction is in the best interests of the company's stockholders, has unanimously approved the transaction and recommends that Volta's stockholders approve the transaction and adopt the merger agreement at the special meeting of stockholders to be called in connection with the transaction. The transaction is expected to close in the first half of 2023. The closing of the merger is subject to the approval of Volta's stockholders, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other applicable regulatory approvals, and other customary closing conditions. Upon closing of the transaction, Volta's Class A common stock will no longer be listed on any public market. Following up, I spotted in the local newspaper this morning: "Shell USA is expanding from gas pumps to charging points. The oil giant bought Volta Inc., owner of a network of about 3,000 electric vehicle charging points, including 28 on Long Island. Volta also has another 3,400 EV charging stations under development. The price of the acquisition was $169 million. Volta’s charging stations are placed at what Shell calls “destination points” such as shopping centers, malls, grocery stores and pharmacies." The paper goes on to note, "On Long Island, for example, there are six Volta EV chargers at Broadway Commons mall in Hicksville and two at Smith Haven Mall in Lake Grove, according to Volta’s website. Most others are near Stop & Shop supermarkets in Nassau." There was news of this a few weeks ago, so I'm guessing that the sudden announcement means it's either done or close enough to done that it's worth talking about. It will be a welcome addition to the landscape. There are lots of EVs in the suburbs of NYC - including a matte gray Ioniq 5 I see as I drive home from church. It's parked in a driveway and plugged in. Having these chargers installed will mean that more drivers with limited charging options can consider an EV. Time will tell if the chargers are the flaky Eternally “Out Of Order” version or the dangerous Doesn't Work Below 30 Degrees version, with both seeming to infest a lot of parking lots. If they are the Just Works and Doesn't Set the Car On Fire version, local EV owners are going to be thrilled.