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Volta Delivers 100 Million Electric Miles to Drivers
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Rhea-AI Summary
Volta Inc. (NYSE: VLTA) reached a milestone by delivering 100 million electric miles to EV drivers across its commerce-centric charging network. This achievement underscores the growing popularity of electric vehicles and Volta's commitment to electric mobility. Founded in 2010, Volta strategically places charging stations in high-traffic retail locations, enhancing customer experience and brand engagement. CEO Scott Mercer highlighted the momentum towards mass EV adoption, while investor Leonardo DiCaprio emphasized the importance of building sustainable infrastructure.
Positive
Achieved a significant milestone of 100 million electric miles delivered to EV drivers.
Strong positioning in the growing EV market with strategically placed charging stations.
Partnerships with retailers and brands enhancing consumer engagement and brand awareness.
Negative
Intense competition in the EV charging market may hinder market share growth.
Risks associated with construction and installation could impact operational efficiency.
Dependence on drivers' interest in pay-for-use charging model may affect customer retention.
SAN FRANCISCO--(BUSINESS WIRE)--
Volta Inc. (“Volta”), an industry leader in commerce-centric electric vehicle (“EV”) charging networks, announced today that Volta’s network of charging stations has delivered 100 million electric miles to EV drivers across the country. The announcement marks a significant milestone in the expansion and increasing popularization of electric mobility.
(Photo: Business Wire)
Founded on the premise that the electrification of mobility is likely to be a transformational shift, Volta builds and operates a nationwide EV charging network that has among the best utilization per station in the EV charging industry for the United States. Centered around capturing new spending habits expected to result from the shift to electric vehicles, Volta seeks to transform the fueling industry by building charging stations in locations where drivers already spend their time and money, including grocery stores, pharmacies and other retail locations.
Leonardo DiCaprio, the Academy Award winning actor, invested in Volta when it was a small private company. As one of Volta’s early investors, he noted the importance of this milestone: “The world must move beyond a carbon-based economy in order to save the planet from irreversible climate change. Today’s announcement shows Volta has been building the infrastructure that will be an instrumental component of a broad transition to electric vehicles.” Mr. DiCaprio added: “I’ve been pleased to work with Volta in expanding their charging network across the country, showing drivers that charging is accessible, convenient and reliable.”
Volta’s unique charging stations – which feature large, eye-catching digital displays – provide a premium content viewing experience for both the drivers who plug their vehicles into the stations and the customers who shop at nearby retailers. Volta’s media-enabled charging stations offer brands a dynamic content experience platform, including activation and engagement opportunities. Brands running campaigns on Volta’s stations report experiencing positive results in brand awareness and increased purchase intent.
“We are at a tipping point for mass EV adoption,” said Scott Mercer, Founder and CEO of Volta. “Car companies are committing to an all-electric future and are releasing EV models across multiple price points. The federal government is making electric charging a priority in infrastructure planning. Leonardo DiCaprio’s support and Volta’s accelerated expansion in new states across the country is a testament to society’s readiness to adopt new consumer behaviors on their way toward the electrification of mobility.”
Since its founding in 2010, Volta has been on a mission to drive the world forward by building convenient, reliable charging infrastructure centered around the places drivers live, work, shop and play. Delivering 100 million miles to EV drivers is an important landmark in Volta’s history, underscoring Volta’s commitment to its mission and to a more sustainable future.
Data collected to determine environmental benefits from consumer use of Volta's charging stations were tabulated in accordance with US Environmental Protection Agency’s (EPA) methodology using the EPA's published greenhouse gas equivalencies calculator. Miles per kWh calculation assumes a weighted average, using the US Department of Energy’s published miles per kWh rating per electric vehicle (EV) model, multiplied against each model's market share among EVs based on IHS-Markit’s quarterly vehicle-in-operation report.
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 electric vehicle (“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 Annual Report on Form 10-K, as amended, 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.
