$169 Million

Volta Inc. announced that Shell USA Inc. will acquire Volta in an all-cash transaction valued at approximately $169 million. The transaction brings Volta's dual charging and media network to Shell's established brand and seeks to grow Shell’s presence in electric vehicle 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% premium to the closing price of Volta stock. The transaction is expected to close in the first half of 2023.