US-based Volta, a company that designs, installs, and maintains a network of electric vehicle charging stations, raised US$ 125M in an oversubscribed Series D round on 19 January 2021 led by Goldman Sachs. The total equity financing of the company has reached US$ 200M.
What the funding is for: The funds raised will accelerate Volta’s efforts to unlock the value of their contract portfolio and investment more in the product, engineering and network infrastructure. It will also allow Volta to begin its international expansion.
Founded in 2010 by Christopher Wendel, Michael Menendez and Scott Mercer, Volta builds and operates an EV charging network in the US. Its charging stations are strategically placed in front of essential businesses like grocery stores, banks, pharmacies, hospitals etc. Volta’s EV network places fueling stations in parking lots directly so that people can save their time and money. Volta is located in 23 states in the US. It is headquartered in San Francisco.
Volta’s charging stations have a 55-inch digital display, also used as a media advertising platform that helps brands reach the shoppers before they enter their stores. The Volta charging stations are supported by sponsors and provide free energy to customers who plug in their vehicles where and when they shop. The company claims that its business partners who install charging stations get immediate returns and more engagement on their site.
What the founders have to say
“The electrification of mobility is one of the largest infrastructural shifts of our generation and Volta’s charging network is ready to anchor the accompanying consumer behaviour that will change along with it. As we transition out of the carbon economy, we will see a fundamental transformation of our existing fueling infrastructure. Businesses anticipating this shift can take advantage of a revenue transfer from gas stations to retail locations in the community where consumers go, live, shop and play,” said Scott Mercer, Founder and CEO of Volta.
“As consumer interest in environmental initiatives takes hold across the economy, Volta is positioning itself as a top-of-mind brand in the electric vehicle space. Volta is accelerating the future of infrastructure as a catalyst with its unique business model that brings a differentiated value proposition to our real estate and retail partners. By bringing charging stations to essential businesses, our end user will increase their dwell time, engagement and spend,” said Chris Wendel, Co-Founder and President of Volta.
Volta has signed agreements with leading property owners, Albertsons Companies, Giant Food, Regency Centres, Wegmans and Topgolf. Its innovative media network has attracted some of the world’s famous brands including GM, Porsche, Hulu, Nestlé, Polestar and Unilever.
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