Volta Industries Inc will debut today on the New York Stock Exchange after Tortoise Acquisition Corporation II – a special purpose acquisition company (SPAC) – secured approval from its shareholders for the announced merger with the company that runs a network of over 1,700 EV charging stations across the U.S.
Details of the SPAC merger
Following the SPAC merger, the combined company will be called Volta Inc and trade on NYSE under the ticker symbol “VLTA”. The announcement comes only weeks after the U.S. Congress expressed plans of investing about $7.5 billion to boost the countrywide EV charging infrastructure.
While Volta raised less money than previously expected, CEO Scott Mercer is confident that a total of ‘$400 million in capital fully fund the business plan’. On CNBC’s “Squawk Box”, he said:
“We will use the funds on building the critical feeling of infrastructure that will underpin the transition of electrification. We’re out building stations with our partners across the country.”
Charging docks can be used as advertising channels
Spencer is confident that retailers, malls, and grocery stores would be interested in partnering with Volta because charging docks could be used as advertising vehicles.
“If the driver has seen the infrastructure at the local grocery store, they might be more likely to go to that store when they need to charge in public. They might spend more time in the store, and if a product is advertised on the Volta network, they’d be more likely to actually purchase it,” he added.
According to the chief executive, Volta is focusing on data-driven planning to ensure that EV charging infrastructure can be consistently used without being ‘peaky for the grid’.
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Wajeeh Khan
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