Ad-supported EV charging network developer Volta raises $125 million
Volta, the developer of a network of electric vehicle charging stations that monetize using advertising, has raised $125 million in new funding in a process managed by Goldman Sachs.
Volta builds and operates a network of electric vehicle charging stations that are sited in parking lots around grocery stores, pharmacy chains, banks and hospitals.
The company has placed its charging stations, with their 55-inch digital displays in locations at 200 cities across 23 states, according to a statement.
The charge is free for vehicle owners and is supported by the retailers and consumer goods companies that want to reach the EV audience.
With the new financing, Volta has now raised over $200 million in funding and intends to use its cash to begin expanding internationally.
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.
“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, a major and 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.”