Volta Charging

Volta Charging is an electric vehicle (EV) charging and media company that operates a network of charging stations across the US. As of September 2022, Volta had installed 3,093 charging stalls across 31 states and territories, representing a 45% year-over-year increase. The company's unique business model combines EV charging infrastructure with digital advertising displays, creating a dual revenue stream from both charging services and media sales.

Volta's charging stations feature large-format digital screens that display advertisements, allowing brands to reach consumers moments before they enter nearby stores. This approach has attracted partnerships with major retailers such as Walgreens, where Volta plans to install 1,000 DC fast-charging stalls at over 500 locations. The company's proprietary PredictEV software uses behavioral science and machine learning to help commercial property owners, cities, and utilities plan EV infrastructure efficiently.

In the third quarter of 2022, Volta reported total revenue of USD 14.4 million, a 69% increase year-over-year. The company's media revenue reached a record USD 12.2 million, growing 66% compared to the previous year. However, Volta also reported a net loss of USD 42.5 million for the quarter. To address financial challenges, the company implemented cost-reduction measures, including a 54% reduction in US full-time headcount and a 43% decrease in run-rate cash SG&A expenses.

In January 2023, Shell announced its acquisition of Volta, recognizing the potential of the company's advertising-supported charging model to generate non-fuel revenue at charging sites. This acquisition marked a significant development in Volta's journey as an EV charging provider.

Key customers and partnerships

Volta has established partnerships with several major retailers and property owners to expand its charging network. In addition to its extensive collaboration with Walgreens, the company has worked with Kohl's, Stop & Shop, and Giant Foods to install charging stations at their locations. Volta also has partnerships with Albertsons/Safeway and Ahold Delhaize's Giant Food banner.

The company's advertising platform has attracted a diverse range of clients, including major brands like Coca-Cola. In 2022, Volta won the AdExchanger award for Best Commerce Media Technology for its campaign with Coca-Cola, demonstrating the effectiveness of its media network in driving measurable sales for advertisers.

Volta has also begun working with government agencies to leverage federal funding for EV charging infrastructure. The company's partnership with the City of Hoboken in New Jersey showcases its ability to provide public-private solutions for communities developing EV charging networks. As of November 2022, Volta had a signed pipeline of over 7,200 EV charging stalls.