Shell Acquires EV Volta Charging Network with a Value of IDR 2.55 Trillion

JAKARTA - Shell USA, a subsidiary of Shell plc, has entered into a definitive agreement to acquire a 100% stake in EV charging network, Volta Inc. with a value of around 169 million US dollars or equivalent to IDR 2.55 trillion.

Volta is the second US EV charging company to use the Shell brand since Greenlots was acquired by Royal Dutch Shell in 2019.

Volta's current assets include a public EV charging network of more than 3,000 chargers at various points including shopping malls, grocery stores, pharmacies, etc) in 31 states and Europe.

According to the press release, the company said that it has plans to install an additional 3,400 chargers in an undisclosed timeframe.

In addition to providing charging services, Volta specializes in generating advertising revenue from screens attached to charging points.

It is Volta's advertising capabilities and early mover advantages that have allowed Shell to secure prime spot and portfolio level contracts with web hosts in high-value, high-traffic markets.

Subject to shareholder and regulatory approvals, Shell disclosed that the transaction is expected to close in the first half of 2023.

As additional information, cited from The Verge, last year Volta was ranked second after Tesla in terms of customer satisfaction for Level 2 chargers.

Most operating Volta stations are in high-traffic retail parking lots, providing free electricity to EV drivers, with revenue generated from display ads.

Shell's purchase marks one of the few EV charging networks in the US now owned by an oil and gas company.