Volta Partners With Tucson Electric Power to Improve EV Charging Equity by Installing Chargers Within Disadvantaged Communities

Rhea-AI Summary

Volta Inc. (NYSE: VLTA) has partnered with Tucson Electric Power (TEP) to enhance EV charging infrastructure in underserved communities in Tucson, Arizona. This initiative aligns with Volta's 'Charging For All' program and aims to provide accessible charging options to residents, particularly renters and those in multifamily housing. Eight new charging stalls will be installed at high-traffic locations. The collaboration also supports the Biden-Harris Administration's Justice40 goal, directing federal investments to disadvantaged communities, leveraging Volta's innovative advertising and charging model for sustained revenue.

Positive

• Collaboration with TEP focuses on enhancing EV charging access in underserved areas.
• Aligns with federal Justice40 initiative, targeting benefits to disadvantaged communities.
• Installation of eight EV charging stalls at strategic locations to increase convenience.
• Utilizes an advertising revenue model to sustain infrastructure deployment.

Negative

• None.

Collaboration is an extension of Volta’s “Charging For All” initiative and a model for the federal government’s Justice40 goal

Tucson Electric Power will use the Volta Media™ Network to inform customers about available energy efficiency programs

NEW YORK--(BUSINESS WIRE)-- Volta Inc. (NYSE: VLTA) ("Volta"), an industry-leading electric vehicle ("EV") charging and media company, today announced a collaboration with Tucson Electric Power ("TEP"), an electric utility serving more than 438,000 customers in Southern Arizona, to install critical public EV charging infrastructure in and around disadvantaged communities in the Tucson area. Volta will install eight EV charging stalls at high-traffic locations, such as grocery stores and entertainment venues, to ensure these communities have convenient and affordable charging options. These public options are especially critical for renters (nearly 40 percent of Tucson residents) and residents of multifamily housing (over 30 percent of housing in the U.S.), and others who do not have access to charging at home.^{1, 2}

Volta Partners With Tucson Electric Power to Improve EV Charging Equity by Installing Chargers Within Disadvantaged Communities (Photo: Business Wire)

This collaboration with TEP is an extension of Volta's Charging For All initiative, through which Volta seeks to ensure that all Americans have access to affordable and easy-to-use public charging. Charging For All is aligned with the Biden-Harris Administration's Justice40 goal, which aims to direct 40 percent of the overall benefits of certain federal investments to disadvantaged communities. Justice40 applies to the $7.5 billion of funding allocated towards public EV charging infrastructure buildout under the Bipartisan Infrastructure Law (BIL) and the recently passed Inflation Reduction Act (IRA).

"By partnering with TEP, Volta is bringing critical EV charging infrastructure to disadvantaged communities in Tucson. This collaboration is a model of how charging network operators, like Volta, can support Justice40 goals now and as federal investments are distributed," said Brandt Hastings, Chief Commercial Officer at Volta. "Volta continues to prioritize EV charger installations that are accessible to all. This work includes leveraging our PredictEV® infrastructure planning platform, which uses behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably."

The large digital displays integrated into Volta's chargers grab the attention of everyone who passes by and provide a powerful reminder that public chargers are already available in the community — an important factor when deciding to switch to an EV. These media screens comprise the Volta Media™ Network. By building not just a network of chargers but a dual energy and digital advertising platform, Volta can generate revenue from the moment charging stations are installed. This advertising revenue allows Volta to build critical EV charging infrastructure in all types of communities, regardless of how many drivers own an EV in that area today. Further, it unlocks the ability for Volta and partners to subsidize the cost of charging sessions for drivers where suitable, delivering safe and affordable charging near the front doors of commercial properties and retail locations. Currently, Volta's Level 2 charging stations are free to use for the first two hours.

TEP offers special electric rates and rebates to support residential customers seeking to reduce their vehicle fuel and maintenance costs while shrinking their carbon footprint by investing in EVs. TEP is also utilizing the Volta Media Network to promote energy efficiency programs available to its customers.

"As an energy provider, we want to ensure all of our customers can experience the sustainability and financial benefits of electric transportation," said Camila Martins-Bekat, Senior Market Development Representative for TEP. "Through our work with Volta, we're bringing EV charging to historically underserved communities while educating customers about ways to manage their energy costs."

The first two chargers were recently installed at Cinemark Theatres located at 1300 East Tucson Marketplace Blvd and are ready for immediate use by EV drivers.

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.

¹U.S. Census Bureau, American Community Survey (ACS), 2018

²American Housing Survey and the U.S. Census Bureau, 2019

View source version on businesswire.com: https://www.businesswire.com/news/home/20221006005408/en/

Media Contact:

Jette Speights

jette.speights@voltacharging.com

Source: Volta Inc.

FAQ

What is the recent collaboration between Volta Inc. and Tucson Electric Power?

Volta Inc. partnered with Tucson Electric Power to install EV charging infrastructure in underserved communities in Tucson, enhancing accessibility to electric vehicle charging.

How many EV charging stalls will be installed as part of the Volta and TEP collaboration?

Eight EV charging stalls will be installed at high-traffic locations in Tucson.

What is the Charging For All initiative by Volta?

The Charging For All initiative aims to provide affordable and accessible public EV charging options across the U.S., particularly in disadvantaged communities.

How does Volta's collaboration support the Justice40 goal?

The collaboration supports the Justice40 goal by directing investments towards disadvantaged communities, ensuring they benefit from the federal funding for EV charging infrastructure.

What is the significance of Volta's Digital Advertising model?

Volta's advertising model generates revenue that helps subsidize charging costs and supports the installation of EV chargers in various communities.