Volta Expands PredictEV® Capabilities That Support the Federal Government’s Justice40 Initiative and Enhance Community Charging Grant Applications

Rhea-AI Summary

Volta Inc. (NYSE: VLTA) announced an enhancement to its PredictEV® infrastructure planning solution, focusing on optimizing EV charger locations for disadvantaged communities (DACs). This new feature analyzes travel patterns of DAC residents, ensuring effective use of infrastructure funds for the Charging and Fueling Infrastructure Discretionary Grant Program aligned with the federal Justice40 goal. By leveraging local mobility and demographic data, PredictEV® aims to accelerate EV adoption in these underserved areas. The tool has been applied in Alabama and collaborates with various electric utilities to forecast EV charging demand.

Positive

• Enhancement of PredictEV® to analyze travel patterns for DACs improves charger location planning.
• Aligns with federal Justice40 goal to effectively spend infrastructure funds.
• Supports EV adoption in disadvantaged communities, potentially increasing market penetration.

Negative

• None.

New capability analyzes the travel patterns of residents of disadvantaged communities to identify charger locations that will maximize convenience and utilization

NEW YORK--(BUSINESS WIRE)-- Volta Inc. (NYSE: VLTA) ("Volta"), an industry-leading electric vehicle (EV) charging and media company, today announced that its infrastructure planning solution, PredictEV®, now offers state and local governments data-driven insight into the travel patterns of disadvantaged community (DAC) residents to identify EV charger locations that will maximize convenience and utilization with more precision. The new feature further ensures infrastructure funds are efficiently and effectively spent as governments develop competitive applications for the Charging and Fueling Infrastructure Discretionary Grant Program that uphold the federal government's Justice40 goal.

Volta Expands PredictEV® Capabilities That Support the Federal Government's Justice40 Initiative and Enhance Community Charging Grant Applications (Photo: Business Wire)

PredictEV is an advanced infrastructure planning solution that analyzes disparate data sources, including local mobility, demographic, commercial, and site-specific data, to precisely answer questions about expected EV adoption, optimal charger locations, and the right mix of charging infrastructure. Today's update builds on PredictEV's recent incorporation of census tract data that identifies DACs by adding the ability to also analyze the most popular vehicular travel routes of residents from these areas.

“Combining these two datasets supports effective public EV charging infrastructure planning for disadvantaged communities, which is critical for accelerating EV adoption within these regions due to the limited availability of at-home charging,” said Brandt Hastings, Chief Commercial Officer at Volta. “Often, the best locations to place chargers will be in highly-trafficked areas within DACs. Other times, PredictEV’s travel data may reveal that constructing an EV charger at a shopping center in an adjacent community will result in significantly higher utilization due to the popularity and convenience of that location.”

PredictEV has been used by Alabama's Department of Economic and Community Affairs (ADECA) to develop its Electric Vehicle Infrastructure Plan, and its insights informed Volta's collaboration with the City of Irving and the State of Michigan and DTE Energy. Electric utilities, including Southern Company, Southern California Edison, and Tucson Electric Power, also use the planning tool to forecast EV charging demands on the grid.

Hastings continued, “Volta is committed to supporting Charging For All. We look forward to continuing our work with governments as they design future-forward eMobility infrastructure plans that maximize taxpayers' dollars and provide vital infrastructure to disadvantaged communities.”

Government agencies and community organizations developing EV charging infrastructure strategies and grant applications can learn more about PredictEV by visiting https://voltacharging.com/predictev or by emailing predictev@voltacharging.com.

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, including statements regarding our electric vehicle charging and media network. 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 Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022, 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/20230328005268/en/

Media Contact:

Lucas Piazza

lucas.piazza@voltacharging.com

Source: Volta Inc.

FAQ

What is the new capability announced by Volta Inc. related to PredictEV®?

Volta Inc. has enhanced PredictEV® to analyze travel patterns of residents in disadvantaged communities for optimal EV charger locations.

How does PredictEV® support the Justice40 initiative?

It ensures infrastructure funds are spent effectively to improve EV access in disadvantaged communities, aligning with the federal Justice40 initiative.

What types of data does PredictEV® utilize?

PredictEV® analyzes local mobility, demographic, commercial, and site-specific data.

Which states have utilized PredictEV®?

PredictEV® has been used by Alabama and collaborates with various utilities in Michigan.

What is the stock symbol for Volta Inc.?

The stock symbol for Volta Inc. is VLTA.