Volta, a San Francisco, CA-based provider of commerce-centric electric vehicle (EV) charging networks, raised a Series D financing of $125m.
Goldman Sachs acted as exclusive placement agent to the company in connection with the financing, which brings the total equity raised to date to over $200m.
The capital raise will further accelerate Volta’s efforts to increase their investment in product, engineering and network infrastructure and begin its international expansion.
Led by Scott Mercer, Founder and CEO, and Chris Wendel, Co-Founder and President, Volta builds and operates an EV charging network placed in front of essential businesses such as grocery stores, pharmacies, banks and hospitals, Its 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. Volta’s charging stations, currently located in 23 states and over 200 municipalities, feature 55-inch digital displays, 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 report an increase in spend, dwell time and engagement on site.
The company has signed agreements with property owners including Albertsons Companies, Giant Food, Regency Centers, Wegmans and Topgolf. In addition, Volta’s media network has attracted brands including GM, Hulu, Nestlé, Polestar, Porsche and Unilever.