What Happened to Volta?
Return
0.0%
Current Price
$0.86
Peak Price
â
Trust Size
$341M
Summary
Volta Inc operated a network of 3,000+ EV charging stations placed at popular retail locations, funded by advertising displayed on screens built into the chargers. The company went public via SPAC merger with Tortoise Acquisition Corp II in 2021. Shell acquired Volta for $169 million in 2023.
What Happened
Tortoise Acquisition Corp II merged with Volta in August 2021 at a $1.4 billion valuation. The advertising-supported EV charging model struggled to generate sustainable revenue, and the stock crashed from $10+ to under $1. Shell USA acquired Volta for just $0.86/share ($169 million) in 2023 â a fraction of its SPAC valuation â to expand its EV charging network.
Timeline
2020-09-01
S-1 Registration Filed
2023-02-21
Merger Proxy Filed (DEFM14A)
2023-04-11
Last SEC Filing