Shell USA Inc. closed its acquisition of Volta Inc. and its network of electric vehicle charging locations.

Shell’s $169 million cash acquisition of Volta includes a public charging network of more than 3,000 charging locations at destinations such as shopping centers, grocery stores and pharmacies in 31 U.S. states and territories.

Volta also has a development pipeline of another 3,400 charging locations.

Shell USA acquired all outstanding shares of Volta’s Class A common stock for $169 million, or $0.86/share.

Shell also provided Volta with $20 million in secured term loans and repaid $11 million in Volta’s third-party debt to support the company’s balance sheet.

With the acquisition of Volta, Shell owns and operates one of the largest public charging networks in the U.S., the company said.

“As demand for EV [electric vehicle] 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,” said István Kapitány, executive vice president of Shell Mobility, in a March 31 announcement.

Volta shareholders signed off on the combination with Shell USA at a special stockholders’ meeting on March 29.

Volta owns a large and growing network of EV chargers, but the company makes most of its money through advertising at its charging locations.

Media revenues accounted for about $44 million of Volta’s total revenue of $54.6 million in 2022, according to the company’s annual report. 

Revenues generated by charging network installations and the usage of charging stations reached nearly $10 million in 2022.

“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,” Kapitány said.

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