SAN FRANCISCO & OVERLAND PARK, Kan.--(BUSINESS WIRE)--Volta Inc. (“Volta”), an industry leader in commerce-centric electric vehicle (“EV”) charging networks and Tortoise Acquisition Corp. II (“TortoiseCorp II”), a publicly traded special purpose acquisition company, today announced the completion of their previously announced business combination. The business combination was approved at TortoiseCorp II’s extraordinary general meeting of shareholders held on August 25, 2021 (the “Extraordinary General Meeting”). Approximately 96% of the votes cast at the Extraordinary General Meeting voted in favor of the business combination. As a result of the business combination, TortoiseCorp II was renamed “Volta Inc.”. Class A common stock and public warrants in Volta will commence trading on the New York Stock Exchange on August 27, 2021 under the ticker symbols “VLTA” and “VLTA.WS”, respectively.
“When I started Volta, I had a vision for building a company that would support the multi-generational shift to electric mobility,” said Scott Mercer, Founder and CEO of Volta. “As I now see a growing slate of iconic vehicles attracting new EV drivers, I have even greater conviction in the mission of Volta. Continuing to build and operate convenient, reliable and accessible public charging is servicing continually increasing public demand, while also aligning with the core business objectives of our partners. As we greet our next chapter as a public company, I am excited about the future, look forward to our next accomplishments, and I am grateful to every employee, investor, client and driver who has supported us over the last eleven years to reach this pivotal point.”
Founded on the premise that the electrification of mobility is likely to be a transformational shift, Volta builds and operates a nationwide EV charging network that has among the best utilization per station in the EV charging industry for the United States. Centered around capturing new spending habits expected to result from the shift to electric vehicles, the Company seeks to transform the fueling industry by building open-network charging stations in locations where drivers already spend their time and money, including grocery stores, pharmacies and other retail locations.
“We firmly believe we have invested in the best charging company in the business,” said Vince Cubbage, CEO and Chairman of TortoiseCorp II. “Volta is run by an exceptional founder-led team, with the most compelling business model in the industry and an attractive valuation for shareholders. Volta’s business model enables the Company to generate revenue from the moment its stations are installed and positions the Company to also capture additional revenue streams as the EV market expands and matures.”
Mercer will continue as Chief Executive Officer of Volta, overseeing its vision and evolution, and Chris Wendel will continue as President. Volta’s board of directors includes Cubbage, Mercer, and Wendel, as well as the other directors of Volta Industries, Eli Aheto, Martin Lauber, Kathy Savitt, Bonita Stewart and John Tough.
Volta Inc. (NYSE: VLTA) is an industry leader in commerce-centric EV charging networks. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers’ daily routines, Volta’s goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.
About TortoiseCorp II
TortoiseCorp II (NYSE: SNPR) is a special purpose acquisition company that was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. TortoiseCorp II’s expertise spans across the entire energy and infrastructure value chain. TortoiseCorp II’s strategy was to combine with a company to take advantage of the global opportunities created by the energy transition including clean energy generation and storage, alternative fuels and transportation, technological advances and changes in energy policies. To learn more, visit www.tortoisespac.com.
Goldman Sachs & Co. LLC; Orrick, Herrington & Sutcliffe, LLP; and KPMG LLP served as advisors to Volta Industries, Inc. Barclays Capital Inc. and Vinson & Elkins L.L.P. served as advisors to TortoiseCorp II. Barclays Capital Inc. and Goldman Sachs & Co. LLC served as joint-placement agents on the PIPE offering.
Forward Looking Statements
This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the risk that Volta may fail to effectively build scalable and robust processes to manage the growth of its business and to expand its geographic footprint; competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; any potential loss of, or defects in products or components supplied by, Volta’s suppliers and manufacturers, some of which are single source suppliers and may also be early stage companies; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; new or changing government regulation, for example a reduction in incentives from governments or utilities, may adversely impact Volta’s current business activities or reduce demand for EVs; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; any undetected defects, errors or bugs in Volta’s charging stations or mobile application platform; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; data security breaches or other network outages; and the ability to protect its intellectual property rights. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.