Volta Collaboration Awarded ARPA-E Funding to Commercialize Next Generation Fast Charging Technology Aligned With Bipartisan Infrastructure Law

Rhea-AI Summary

Volta Inc. (NYSE: VLTA) has secured a grant from the U.S. Department of Energy’s ARPA-E for a collaborative project with Imagen Energy to develop advanced electric vehicle charging technology. This initiative aims to create more affordable and efficient DC Fast Chargers that comply with the Bipartisan Infrastructure Law. With a focus on scalable, powerful, and flexible charging solutions, Volta’s PredictEV software will enhance site selection for optimal deployment.

Positive

• Awarded a grant from U.S. Department of Energy's ARPA-E for developing advanced EV charging technology.
• Collaboration with Imagen for scalable, high-efficiency charging solutions.
• Focused on compliance with Bipartisan Infrastructure Law, ensuring alignment with federal priorities.

Negative

• Grant described as modest, indicating a potential need for additional capital.
• No specifics provided on the financial impact of the grant.

Grant tied to the development and commercialization of advanced technology for more affordable and efficient EV chargers to support the rapid transition to EVs

Volta’s PredictEV® infrastructure planning tool and other proprietary software will optimize charging site selection, vehicle-grid interaction, and driver interface

NEW YORK--(BUSINESS WIRE)-- Volta Inc. (NYSE: VLTA) (“Volta”), an industry-leading electric vehicle (EV) charging and media company, today announced that a project application it collaborated on with Imagen Energy, LLC (“Imagen”), a developer of compact high-power EV chargers, was awarded a grant from the U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E). The project seeks to develop and commercialize the next generation of domestically manufactured DC Fast Charging (DCFC) technology in support of the federal government’s clean energy and climate priorities.

Volta Collaboration Awarded ARPA-E Funding To Commercialize Next Generation Fast Charging Technology Aligned With Bipartisan Infrastructure Law (Photo: Business Wire)

The grant is part of the ARPA-E Seeding Critical Advances for Leading Energy technologies with Untapped Potential (SCALEUP) program, which provides further funding to previous ARPA-E teams that have been determined to be feasible for widespread deployment and commercialization domestically. SCALEUP selectees demonstrate a viable path to commercial deployment and the ability to attract private sector investments.

Through this project, Imagen and Volta seek to develop and commercialize chargers that are more flexible, more powerful, and more affordable by focusing on:

• Scalable Chargers: The project will utilize Imagen’s flexible, high-efficiency silicon carbide-based (SiC) power conversion platform to produce compact charging cabinets that enable affordable, easier-to-install, and highly reliable high-power fast chargers capable of charging multiple EVs simultaneously and being deployed in a market quickly. The flexible platform is expected to facilitate optional, convenient integration with energy storage and renewable energy, and supports vehicle-to-grid integration.
• BIL-compliance: Equipment is being engineered to deliver at least 150kW and be manufactured in the United States to comply with the Bipartisan Infrastructure Law’s (BIL) requirements. The technology will also fulfill network connectivity requirements, including Plug and Charge capabilities and communication through the Open Charge Point Protocol (OCPP) and Open Charge Point Interface protocol (OCPI), building upon Volta’s existing software implementation to allow flexible integration with roaming charging partners.
• Visibility & Access: Volta will leverage its patented, award-winning PredictEV infrastructure planning software to identify optimal sites for effective piloting and initial deployment based on local EV ownership, mobility trends, demographics, and income levels. With more than 3,000 stalls currently installed, many within disadvantaged communities, and numerous existing relationships with leading retail and commercial properties, Volta’s EV charging network will enable quick feedback loops during the testing phase.

“Imagen relies on commercialization partners like Volta to accelerate the deployment of our high power density, silicon carbide-based power conversion platforms,” said Ezana Mekonnen, Chief Technology Officer at Imagen. “The combination of Volta’s advanced PredictEV planning tool and the company’s existing charging network creates the ideal environment for quickly developing reliable, affordable, and efficient charging solutions that will support the rapid transition to electric mobility.”

“While this is a modest initial government grant that does not replace the need for the capital we are currently raising, it is proof of Volta’s ability to align our business with the federal government’s priorities,” said Vince Cubbage, Interim Chief Executive Officer at Volta. “Volta’s collaboration with Imagen on this winning ARPA-E application demonstrates our commitment to supporting solutions that are compliant with the Bipartisan Infrastructure Law, ensuring implementation can be done in a capital-efficient manner.”

About Volta

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle ("EV") charging and media company. Volta's unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site partners, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta's extensive network leverages its proprietary PredictEV® platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221123005149/en/

Jette Speights

jette@voltacharging.com

Source: Volta Inc.

FAQ

What is the significance of the grant awarded to Volta (VLTA)?

The grant from the U.S. Department of Energy's ARPA-E will help Volta develop more affordable and efficient DC Fast Chargers, aligning with federal clean energy priorities.

How will Volta's PredictEV software be used in the new project?

The PredictEV software will optimize site selection for charging stations based on local demographics and mobility trends.

What technology will Volta and Imagen develop together?

They will develop scalable, high-efficiency silicon carbide-based charging solutions compliant with the Bipartisan Infrastructure Law.

What are the expected benefits of the collaboration between Volta and Imagen?

The collaboration aims to create reliable and affordable EV chargers that can support the rapid shift to electric mobility.