Volta Joins in Support of the Environmental Protection Agency’s Announcement of Historic Greenhouse Gas Pollution Rules for Passenger Vehicles

Rhea-AI Summary

Volta Inc. (NYSE: VLTA) supports the EPA's announcement of new federal greenhouse gas emissions standards aimed at significantly reducing pollution by Model Year 2026. The ambitious standards emphasize the need for an extensive EV charging network to facilitate the transition to an all-electric transportation future. Volta's AI-driven charging network aims to enhance EV adoption by providing reliable and accessible charging solutions. The company's media business also offers revenue opportunities independent of charging demand, positioning it favorably for future growth.

Positive

• Support for EPA's ambitious emissions standards promotes long-term growth in the EV sector.
• Volta's AI-driven charging network enhances reliability and accessibility for EV users.
• The company has established a media business that provides additional revenue streams not reliant on charging demand.

Negative

• Intense competition in the EV charging market may hinder Volta's growth.
• Risks of delays and cost overruns associated with construction and installation of charging stations.
• The shift to a pay-for-use model could negatively impact user engagement and partnerships.

SAN FRANCISCO--(BUSINESS WIRE)-- Volta Inc. ("Volta"), the industry leader in commerce and people-centric electric vehicle ("EV") charging, joined in support of the Environmental Protection Agency’s (EPA) announcement this morning that takes significant strides towards an all-electric, zero-emissions transportation future. The EPA is finalizing federal greenhouse gas (GHG) emissions standards for passenger cars and light trucks that target significant pollution reductions through Model Year (MY) 2026.

Today's announcement underscores the inevitable transition to a clean and carbon-free society, one that necessitates an increasingly faster shift to electric vehicles with a national, reliable, accessible charging network in the U.S. to match. Volta's EV charging technology was on hand at the announcement event in Washington D.C. to demonstrate the type of infrastructure needed to accelerate the reduction of emissions across the country.

"EV adoption demands open, reliable, and affordable charging in communities of every kind. Today's announcement underscores an unstoppable acceleration toward adoption at scale," said Scott Mercer, Founder and CEO of Volta. "Volta’s network is among the most utilized in the country. We've built the world's first intelligent, inclusive charging network centered on driver experience, and by uniquely connecting clean miles and local commerce, we can weave charging seamlessly into people's lives.”

The standards finalized today are the most ambitious vehicle emissions standards in Model Year 2026 for greenhouse gases ever established for the light-duty vehicle sector in the U.S. According to the EPA, they are based on sound science and grounded in a rigorous assessment of current and future technologies with supporting analysis that shows the standards are achievable and affordable. EPA's final standards for 2025 and 2026 are even more ambitious than those proposed in the initial rulemaking stage in August of 2021.

“At EPA, our priority is to protect public health, especially in overburdened communities, while responding to the President’s ambitious climate agenda,” said EPA Administrator Michael Regan. “Today we take a giant step forward in delivering on those goals, while paving the way toward an all-electric, zero-emissions transportation future.”

Unique in the market, Volta's intelligent charging network is AI and machine learning-powered, with the ability to predict and plan for charging needs in communities of all kinds. Currently, the company is working with utilities across the country to plan for future charging infrastructure that benefits everyone to build a more equitable and less polluted society. Volta’s media business offers a revenue stream uncoupled from a dependency on existing EV charging. Therefore, Volta's presence can act as a demand-pull for swifter adoption in underserved markets.

"Our electric future is inevitable," said Mercer. "The benefits of cleaner air and a regenerative economy belong to all of us. Volta's charging network is built to deliver those benefits no matter where you live, work, or play."

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211220005563/en/

Media / Press:

Jette Speights

jette@voltacharging.com

Investor / Analyst:

Katherine Bailon

Katherine.bailon@voltacharging.com

Source: Volta Inc.

FAQ

What are the new emissions standards announced by the EPA on December 20, 2021?

The EPA announced ambitious federal greenhouse gas emissions standards targeting significant pollution reductions for passenger cars and light trucks by Model Year 2026.

How is Volta Inc. related to the EPA's new emissions standards?

Volta Inc. supports the EPA's new emissions standards and emphasizes the importance of a reliable EV charging network to facilitate the shift towards electric vehicles.

What is Volta's charging network known for?

Volta's network is recognized for being AI-driven, focused on user experience, and designed to enhance EV adoption through accessible and reliable charging solutions.

What revenue streams does Volta Inc. have beyond EV charging?

Volta has developed a media business that provides additional revenue streams independent from its EV charging services.

What challenges does Volta Inc. face in the EV charging market?

Volta faces intense competition, potential construction delays, and risks associated with its shift to a pay-for-use charging model.