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Volta and Tanger Outlets Partner to Bring Convenient and Reliable EV Charging to Shoppers Across the U.S.
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Volta Inc. (NYSE: VLTA) and Tanger Factory Outlet Centers (NYSE: SKT) announced a partnership to install EV charging stations across nine U.S. markets. This collaboration aligns with Tanger's sustainability goals and enhances Volta's expansion strategy, unlocking two new geographies. The deployment includes a mix of DC Fast and L2 charging solutions, aiming to provide reliable charging that caters to Tanger's shoppers. Volta's network, recognized for high utilization, also allows for advertising, potentially boosting customer engagement and retail traffic.
Positive
Collaboration expands Volta's reach into two new markets.
Partnership supports Tanger's sustainability goals, enhancing its brand appeal.
Volta's charging stations are expected to attract high-value shoppers with increased spending potential.
Negative
None.
Collaboration marks continued momentum of Volta's expansion strategy and furthers Tanger's environmental, social, and corporate responsibility objectives
SAN FRANCISCO--(BUSINESS WIRE)--
Volta Inc. (NYSE: VLTA), an industry leader in commerce and people-centric electric vehicle ("EV") charging, and Tanger Factory Outlet Centers, Inc. (NYSE: SKT), a leading owner and operator of upscale open-air outlet centers, today announced a plan to install dynamic Volta charging stations at Tanger locations in nine markets throughout the U.S., unlocking two new geographies for Volta and expanding reach in others. The partnership is expected to grow in the coming months.
Volta and Tanger Outlets Partner to Bring Convenient and Reliable EV Charging to Shoppers Across the U.S. (Photo: Business Wire)
Providing shoppers with access to a mix of DC Fast and L2 charging solutions, Volta's deployment plan will provide seamless, universal, and reliable charging tailored to Tanger shopper characteristics. The partnership is another milestone in Volta's ongoing work to connect clean miles to commerce and Tanger's commitment to building a more sustainable future through innovative, customer-driven experiences and amenities.
"Our intelligent charging network converts deep behavioral insights into dollars while bringing convenient, reliable charging to places where people already spend time," said Scott Mercer, Founder and CEO of Volta. "Reducing carbon emissions while putting drivers and customers first is core to both of our companies' missions, which is why our collaboration with Tanger is a natural fit."
With eye-catching charging stations located near the entrances of premier commercial properties, Volta's network is among the most utilized in the U.S. Through its dynamic, 55-inch dual digital screens, Volta provides an advertising and communications platform that accelerates EV adoption, attracts customers to retail locations, and allows brands to reach shoppers seconds before they enter a store to make a purchase. Volta Media™ offers advertisers a full-screen experience that complements their media plans and has demonstrated increases in awareness, consideration, and purchase intent.
Tanger will leverage this unique media functionality nationally, regionally, and locally as part of its forward-thinking, omnichannel marketing partnerships strategy.
"At Tanger, we are laser-focused on creating long-term value for our customers and retail partners while building strong, vibrant communities and a cleaner, healthier future for us all," said Leslie Swanson, Chief Operating Officer of Tanger Outlets. "Our partnership with Volta will provide our customers with a high-value service as they shop while helping our retail partners attract new, loyal shoppers who are in search of a convenient charge. It will also allow our media partners to capitalize on Volta's unique, eye-catching, and sustainable ad platform, further elevating how customers view, shop, and connect with Tanger's brands."
The addition of Volta stations at mass retail locations is proven to drive a higher frequency of visits from high-value shoppers with 60% - 70% greater spending power than the general visitor according to Experian Marketing Services data.
About Volta
Volta Inc. (NYSE: VLTA) is an industry leader in commerce-centric EV charging networks. Volta’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’s goal is to benefit consumers, brands and real-estate locations while helping to build the infrastructure of the future. As part of Volta’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.
Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those factors discussed in Volta’s Registration Statement on Form S-1, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
About Tanger Factory Outlet Centers, Inc.
Tanger Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator of upscale open-air outlet centers that owns, or has an ownership interest in, a portfolio of 36 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 13.6 million square feet, leased to over 2,700 stores operated by more than 600 different brand name companies. The Company has more than 41 years of experience in the outlet industry and is a publicly-traded REIT. For more information on Tanger Outlet Centers, call 1-800-4TANGER or visit the Company's website at www.tangeroutlets.com.
Safe Harbor Agreement
This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "forecast" or similar expressions, and include the Company's expectations regarding the Company's business, strategy, future financial results and financial condition.
You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other important factors which are, in some cases, beyond our control and which could materially affect our actual results, performance or achievements. Important factors which may cause actual results to differ materially from current expectations include, but are not limited to: risks related to the impact of the COVID-19 pandemic on our tenants and on our business, financial condition, liquidity, results of operations and compliance with debt covenants; our inability to develop new outlet centers or expand existing outlet centers successfully; risks related to the economic performance and market value of our outlet centers; and other important factors set forth under Item 1A - "Risk Factors" in the Company's and the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2020, as may be updated or supplemented in the Company's Quarterly Reports on Form 10-Q and the Company's other filings with the SEC. Accordingly, there is no assurance that the Company's expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes or related subjects in the Company's Current Reports on Form 8-K that the Company files with the SEC.
