Shell USA has announced it will acquire Volta Inc (NYSE: VLTA), an EV charging, in an all-cash deal worth $169 million. 

The acquisition brings together a leading EV charging company with one of the world's largest energy suppliers, creating a powerful partnership that can unlock long-term growth opportunities in EV charging. 

The deal also allows Shell access to Volta's significant pipeline of charging stalls under construction or evaluation and positions the company to capture the growing EV charging market. Volta shareholders will receive $0.86 per share in cash, representing an 18% premium. 

Following the completion of the sale, there will be no change in driver experience, Volta Media Network capabilities or services provided to commercial properties and retail locations.

Vince Cubbage, Volta Interim Chief Executive Officer, stated: "The shift to e-mobility is unstoppable, and Shell recognizes Volta's industry-leading dual charging and media model delivers a public charging offering that is affordable, reliable, and accessible. This transaction creates value for our shareholders and provides our exceptional employees and other stakeholders a clear path forward.”

Volta Inc. is an industry-leading electric vehicle charging company. Volta's unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future.

Shares of Volta trade on the NYSE under the ticker symbol VLTA.