Volta, a company that specializes in commerce-centric electric vehicle (EV) charging networks, says it has received oversubscribed Series D financing of $125 million. Goldman Sachs acted as exclusive placement agent to the company in connection with the financing.
Volta says it builds and operates an EV charging network with the highest utilization in the U.S. Strategically placed in front of essential businesses such as grocery stores, pharmacies, banks and hospitals, Volta’s EV network supports a larger consumer trend toward vehicle electrification by placing fueling stations in parking lots directly where consumers already spend their time and money. Currently located in 23 states and over 200 municipalities, Volta’s approach has gained significant acceptance and penetration in the market, notes the company.
“The electrification of mobility is one of the largest infrastructural shifts of our generation and Volta’s charging network is ready to anchor the accompanying consumer behavior that will change along with it,” says Scott Mercer, founder and CEO of Volta. “As we transition out of the carbon economy, we will see a fundamental transformation of our existing fueling infrastructure. Businesses anticipating this shift can take advantage of a revenue transfer from gas stations to retail locations in the community where consumers go, live, shop and play.”
Volta’s business model centers around evolving spending habits caused by the move to EVs by building charging infrastructure that reinforces the desired behavior at each location. Volta’s sponsor-supported charging stations provide free energy to customers who are able to plug in their vehicles where and when they shop. Volta’s business partners who install charging stations experience immediate returns; they report an increase in spend, dwell time and engagement on site.
The Series D fundraising brings Volta’s total equity financing to over $200 million. The capital raise will further accelerate the company’s efforts to unlock the value of their contract portfolio, and increase their investment in product, engineering and network infrastructure. It will also allow Volta to begin its international expansion.
Volta’s says its approach is already gaining significant acceptance and penetration in the market. The company has signed agreements with well-known property owners including Albertsons Companies, Giant Food, Regency Centers, Wegmans and Topgolf.