San Francisco-based EV charging company Volta announced an oversubscribed Series D financing of $125 million. Goldman Sachs acted as exclusive placement agent to the Company in connection with the financing.
Volta builds and operates an EV charging network with the highest utilization in the United States. 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 unique approach has gained significant acceptance and penetration in the market.
“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,” said 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.”
Unique to the EV market, Volta’s business model centers around evolving spending habits caused by the move to electric vehicles by building charging infrastructure that reinforces the desired behavior at each location. Volta’s charging stations feature eye-catching 55-inch digital displays, doubling as a sophisticated media platform providing brands a way to reach millions of shoppers seconds before they enter the store to make a purchase. These 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 caps a banner year for Volta, bringing the fast-growing company’s total equity financing to over $200 million. The capital raise will further accelerate Volta’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.
“As consumer interest in environmental initiatives takes hold across the economy, Volta is positioning itself as a top-of-mind brand in the electric vehicle space,” said Chris Wendel, Co-Founder and President of Volta. “Volta is accelerating the future of infrastructure as a catalyst with its unique business model that brings a differentiated value proposition to our real estate and retail partners. By bringing charging stations to essential businesses, our end user will increase their dwell time, engagement and spend.”
Volta’s unique 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. In addition, Volta’s highly desirable media network has attracted some of the world’s best brands including GM, Hulu, Nestlé, Polestar, Porsche and Unilever.
“Since our initial investment in Volta in 2018, excitement and interest in electrification – and specifically solving for public charging solutions – has continued to gain momentum,” said John Tough, Managing Partner at Energize Ventures, a major and existing investor in this round. “Our conviction in this team has similarly grown, and we believe Volta is poised to lead this market as the most capital-efficient and highly utilized EV charging network in the country.”