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Thursday, February 9, 2023
Volta: Hawaii's Latest Hi-Tech Failure Gets Recycled by Shell Oil
By News Release @ 3:30 AM :: 1821 Views :: Energy, Environment, Ethics, Tax Credits

Volta Inc. to be Acquired by Shell USA, Inc. to Accelerate Decarbonization of the Transportation Sector

Shell to Acquire Volta in All-Cash Transaction Valuing Volta at Approximately $169 Million

News Release from Volta Inc, Jan 18, 2023

New York, NY (January 18, 2023) -- Volta Inc. (NYSE: VLTA) today announced the execution of a definitive merger agreement under which Shell USA Inc., a subsidiary of Shell plc (NYSE: SHEL), will acquire Volta in an all-cash transaction valued at approximately $169 million. The transaction brings Voltas powerful dual charging and media network to Shells established brand and seeks to unlock robust, long-term growth opportunities in electric vehicle (EV) charging.

(Translation: Shell saved Volta from bankruptcy to re-use it for greenwashing purposes.  This is the best outcome for any of the failed Hawaii Hi-Tech schemes.)

Under the terms of the merger agreement, Shell USA Inc. will acquire all outstanding shares of Class A common stock of Volta at $0.86 per share in cash upon completion of the merger, which represents an approximate 18 percent premium to the closing price of Volta stock on January 17, 2023, the last full trading day prior to the announcement of the transaction.

(Clue: If KSBE and Hawaii ERS held this dog to the end, their losses may total 90% of investment.)

Vince Cubbage, Interim Chief Executive Officer, said, The shift to e-mobility is unstoppable, and Shell recognizes Voltas industry-leading dual charging and media model delivers a public charging offering that is affordable, reliable, and accessible. While the EV infrastructure market opportunity is potentially enormous, Voltas ability to capture it independently, in challenging market conditions and with ongoing capital constraints, was limited. This transaction creates value for our shareholders and provides our exceptional employees and other stakeholders a clear path forward.

(Translation: Shell saved us from bankruptcy.)

Cubbage continued, Both Volta and Shell have a demonstrated ability to meet the changing needs of customers, and this acquisition will bring that experience together to provide the options that are needed as more drivers choose electric.

This acquisition builds on the momentum in electric mobility by combining one of the leading EV charging and media companies in the U.S. with one of the worlds largest energy suppliers. The transaction provides the opportunity to unlock Voltas significant signed pipeline of charging stalls in construction or evaluation and capture the seismic EV charging market opportunity. Following the completion of the transaction, there will be no immediate change in driver experience, Volta Media Network capabilities available to advertisers, or services provided to commercial properties and retail locations.

As part of the agreement, an affiliate of Shell will provide subordinated secured term loans to Volta to bridge Volta through the closing of the transaction.

(Translation: Shell saved us from bankruptcy.)

Approvals

Voltas Board of Directors, having determined that the transaction is in the best interests of the company’s stockholders, has unanimously approved the transaction and recommends that Voltas stockholders approve the transaction and adopt the merger agreement at the special meeting of stockholders to be called in connection with the transaction.

---30---

LS: Big Oil Goes Green: Shell Acquires Volta

2022: Volta Securities Fraud: Did Latest Hawaii High Tech Fail Take a Bite out of ERS?

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