Volta Charging And StreetLight Announce Strategic Partnership

Rhea-AI Summary

Volta Charging has partnered with StreetLight Data to enhance electric vehicle (EV) infrastructure deployment through advanced analytics. This collaboration will utilize Volta's PredictEV™ solution and StreetLight’s mobility data to support public sector agencies and utilities in accelerating EV adoption. By leveraging machine learning, the PredictEV™ tool aims to optimize EV charger placement, benefiting customers and site hosts alike. Following this, Volta and Tortoise Acquisition Corp. II have a business combination agreement, with the combined entity to be called Volta Inc. and trading under the symbol 'VLTA'.

Positive

• Strategic partnership with StreetLight enhances analytics for EV infrastructure.
• PredictEV™ tool aims to support smart charger placement, boosting EV adoption.
• Collaboration is expected to expand Volta's market reach across the U.S.

Negative

• None.

SAN FRANCISCO, July 22, 2021 /PRNewswire/ -- Volta Industries, Inc. ("Volta Charging"), an industry leader in commerce-centric electric vehicle (EV) charging networks, today announced a strategic partnership with StreetLight Data, Inc. ("StreetLight"), the leader in big data analytics for mobility, to use their combined analytics for the intelligent deployment of EV infrastructure. The partnership is intended to spur public sector agencies, utilities, transportation planners and engineering firms, among others, to accelerate EV adoption through Volta's PredictEV™ SaaS solution and StreetLight's industry leading mobility data.

PredictEV™ is a machine-learning tool that helps utilities, municipalities and companies predict electric vehicle adoption and demand for EV charging. Through this partnership, Volta Charging will provide its PredictEV™ tool to StreetLight customers needing comprehensive, data-driven analytics to intelligently place hundreds of thousands of EV chargers. StreetLight will also provide Volta Charging with opportunities to expand its market footprint across the U.S. through increased collaboration with transportation planners, engineering firms and public agencies focused on transportation electrification.

StreetLight CEO Laura Schewel said, "When I started StreetLight over 10 years ago, site selection for EVs was a prime use case and I am excited to partner with Volta Charging to help organizations accelerate their ability to capitalize on the electrification of transportation as it is one of the largest macroeconomic shifts of the century."

EV adoption has reached a tipping point and building out a nationwide charging infrastructure is necessary to enable mass adoption of electric transportation. EV chargers deployed at scale are a new infrastructure "asset class," and their rollout affects more than just transportation; electrical grids, utilities and the entities "hosting" chargers, be it retailers, employers, or residential complexes, are impacted. Optimizing charger deployment for the grid, the transportation system, site hosts and consumers requires new data sources and analytics.

"PredictEV™ uses an extensive dataset based on a wide number of parameters—from driving patterns to population distribution to dwell time at locations," said Praveen Mandal, Chief Technology Officer of Volta Charging. "Our partnership with StreetLight is intended to take PredictEV™ to the next level by leveraging the industry's best source for transportation data."

Machine learning and artificial intelligence play integral roles in optimizing the expansion of Volta Charging's charging network. Ultimately, both StreetLight and Volta Charging want to build a charging network that is designed to deliver an optimal experience for drivers, to be capital efficient and to deliver the most electric miles per dollar invested. This all starts with leveraging PredictEV™ to place stations in locations where people visit, shop and spend time.

About Volta Charging
Volta Charging is an industry leader in commerce-centric EV charging networks. Volta Charging's vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers' daily routines, Volta Charging's goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta Charging's unique EV charging offering, its stations allow it to enhance its site hosts' and strategic partners' core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.

In February 2021, Volta Charging and Tortoise Acquisition Corp. II (NYSE: SNPR), a publicly traded special purpose acquisition company with a strategic focus on energy sustainability and decarbonizing transportation, announced they entered into a business combination agreement. Upon the closing of the transaction, which remains subject to customary closing conditions, the combined entity will be named Volta Inc. and remain on the New York Stock Exchange under the new ticker symbol "VLTA".

About StreetLight Data
StreetLight pioneered the use of Big Data analytics to help transportation professionals solve their biggest problems. Applying proprietary machine-learning algorithms to over four trillion spatial data points over time, StreetLight measures diverse travel patterns and makes them available on-demand via the world's first SaaS platform for mobility, StreetLight InSight®. From identifying sources of congestion to optimizing new infrastructure to planning for autonomous vehicles, StreetLight powers more than 6,000 global projects every month. For more information, please visit: www.streetlightdata.com.

SOURCE Volta

FAQ

What is the partnership between Volta Charging and StreetLight Data about?

The partnership focuses on using analytics to intelligently deploy electric vehicle infrastructure, supporting accelerated EV adoption.

How does PredictEV™ contribute to EV infrastructure?

PredictEV™ utilizes machine learning to predict EV demand and optimize charger placement, ensuring effective infrastructure deployment.

What is the significance of the business combination agreement involving SNPR and Volta Charging?

The agreement will form Volta Inc., allowing it to trade under the new symbol 'VLTA', enhancing its visibility in the market.

When was the partnership between Volta Charging and StreetLight Data announced?

The partnership was announced on July 22, 2021.

What is the main goal of Volta Charging's strategic initiatives?

Volta aims to build a comprehensive EV charging network that aligns with consumer habits and supports the electrification of transportation.