As electric vehicles become more common on the road, the demand for electric vehicle charging stations has increased. Volta is a third-party manufacturer that offers charging stations that a range of electric vehicles can use. Now, one of the world’s largest oil and gas companies will be bringing the EV charging network into the fold. Shell has announced its plans to acquire Volta for $169 million in a deal that is expected to close in the first half of this year.
Shell announced in a press release that it has signed an agreement to acquire 100% of outstanding Volta shares for $169 million, a deal that will give it total control of the company and its EV network. In the release, the company also shares some additional details on Volta’s assets and what drew it to the acquisition.
The deal between Shell and Volta has been signed, and will just need shareholder and regulatory approval before it completes. If that goes off without a hitch, the deal is expected to close in the first half of 2023. This marks the second acquisition of this kind for Shell, as the oil and gas company purchased EV charging network Greenlots in 2019. For more news out of the electric vehicle world, stick with Shacknews.