Volta [1] has announced an oversubscribed Series D financing of USD 125 million. Goldman Sachs acted as exclusive placement agent to the Company in connection with the financing.
Scott Mercer, Founder and CEO of Volta said “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 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 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.
John Tough, Managing Partner at Energize Ventures, a major and existing investor in this round said “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 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.”
The Series D fundraising brings the company’s total equity financing to over USD 200 million. We are told that 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.