Volta scores Series D financing of $125 million
Ad-supported EV charging network developer Volta announced an oversubscribed Series D financing of $125 million. The fundraising brings the company’s total equity financing to over $200 million.
Volta says it will increase investment in product, engineering and network infrastructure and begin international expansion. The company also claims it has placed charging stations with 55-inch digital displays in 200 cities across 23 states in the US.
“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, an 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.”
Volta says that the sponsor-supported charging stations provide free energy to customers who can plug in their vehicles when they shop. The placement is strategic as the company wants their charging infrastructure to be ready to “anchor the accompanying consumer behaviour that will change along with it,” said Scott Mercer, Founder and CEO of Volta.
The company’s stations include 55-inch digital displays, as mentioned above. These have begun reaping benefits. Volta says that its business partners experience immediate returns and have reported an increase in spending, as well as their time spent and engagement on site. Companies who have placed Volta’s chargers on their sites include Albertsons Companies, Giant Food, Regency Centers, Wegmans and TopGolf. Brands advertising on the company’s screens include GM, Hulu, Nestlé, Polestar, Porsche and Unilever. The company has not, however, provided more concrete numbers.
Volta included ad-financed charging from its launch in 2019. Conditions usually offer customers free DC charging in the first 30 minutes, refinanced through advertising. Clients may then opt to pay a fee to continue the session.
Additional reporting by Nora Manthey.
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