Volta is a nationwide owner-operator of a public electric vehicle charging infrastructure that partners with brands to sponsor free charging for all EV drivers. The Company’s car charging stations benefit brands, consumers, and real-estate locations by doubling as an ad platform that increases the value of real estate by engaging audiences and telling high impact stories while using Volta’s sustainable technology. The Company is focused on accelerating the prevalence of EV charging into the 21st century.
Kaulig Capital was an early investor in Volta, participating in the Company’s Series B round of financing in 2017. Kaulig Capital was attracted to the charging station unit economics as well as the secular trends in electric vehicles.
In February 2021, Volta announced an intention to merge with Tortoise Acquisition Corp. II (NYSE: SNPR), a publicly traded special purpose acquisition company (SPAC) with a strategic focus on energy sustainability and decarbonizing transportation. The pro forma enterprise value of the transaction is estimated to be $1.4 billion, with anticipated net proceeds of $600 million being used to accelerate the buildout of Volta’s charging network pipeline. Existing Volta securityholders will roll 100% of their equity into the transaction and are expected to own 64% of the Company post-transaction.
The transaction is expected to close in the second quarter of 2020 and the combined entity will be named Volta Inc. and remain on the New York Stock Exchange under the new ticker symbol “VLTA.”