Volta, a leader in commerce-centric electric vehicle (EV) charging networks, has received an oversubscribed Series D financing of $125 million. Goldman Sachs acted as exclusive placement agent to the Company in connection with the financing.
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, essentially creating its own digital-out-of-home (DOOH) market.
Volta's charging stations feature eye-catching 55-inch digital displays from Peerless-AV, 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.
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."
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.
"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."