Volta Partnership With Cinemark Theatres Provides Electric Vehicle Charging to Moviegoers

Rhea-AI Summary

Volta Inc. has expanded its partnership with Cinemark Theatres to enhance electric vehicle (EV) charging options at select U.S. locations. This collaboration, ongoing since 2018, aims to provide a seamless charging experience for moviegoers, who can charge their EVs during their film outings. Currently, nearly 100 charging stations have been installed, saving over 27,000 gallons of gasoline and reducing CO2 emissions by approximately 53,500 pounds. This initiative aligns with Volta's mission to integrate charging infrastructure into everyday locations, targeting the growing market of EV drivers.

Positive

• Expansion of EV charging stations at Cinemark locations enhances customer convenience and sustainability.
• Almost 100 charging stations installed, positively impacting over 1.2 million electric miles for customers.
• Significant gasoline savings (over 27,000 gallons) and carbon emissions reduction (approximately 53,500 pounds CO2).

Negative

• None.

Stations Allow Audiences to Charge While Visiting the Theatre

SAN FRANCISCO--(BUSINESS WIRE)-- Volta Inc. (“Volta”), an industry leader in commerce-centric electric vehicle (“EV”) charging networks, announced the expansion of its partnership with Cinemark Theatres (“Cinemark”) to provide EV charging at select Cinemark movie theatre locations across the U.S. Cinemark moviegoers have had the opportunity to charge at Volta stations since 2018, when Cinemark installed its first EV charging location.

Volta Partnership with Cinemark Theatres Provides Electric Vehicle Charging to Moviegoers (Photo: Business Wire)

“Cinemark is greatly looking forward to continuing to serve our communities through our partnership with Volta,” said Art Justice, Cinemark Vice President of Energy and Sustainability. “We already have installed approximately 100 stations across our domestic circuit, and by increasing our electric vehicle charging capacity, can be more than just an entertainment destination for our guests. We are eager to continue growing our relationship with Volta to allow more moviegoers the chance to charge their vehicles while enjoying the immersive, cinematic experience.”

As movie lovers seek out the entertaining escape of watching a great movie on the big screen, the addition of EV charging stations provides a sustainable amenity that seamlessly integrates into a driver’s everyday life. With an average on-site charging time of 105 minutes, drivers enjoy charge time that is well matched to the length of their moviegoing experience. Volta has already installed almost 100 charging stations at Cinemark locations and customer satisfaction has been positive. Since establishing the partnership, Volta's EV charging stations have powered nearly 1.2 million electric miles for Cinemark customers. More than 27,000 gallons of gasoline have been saved, as well as approximately 53,500 pounds of CO2.

Cinemark has also taken advantage of the Volta charging stations’ digital screens to showcase theatre updates, upcoming films, concessions, and onsite events.

“Volta’s partnership with Cinemark is a sign of significant progress towards our mission to meet EV drivers at the places they love to go,” said Scott Mercer, Founder and CEO of Volta. “This is an opportunity to provide a meaningful charging experience to EV drivers at locations where they already plan to spend a substantial amount of time, which ultimately translates to customers understanding that charging infrastructure can be a convenient, accessible and reliable service that is part of everyday life.”

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 is 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 open-network charging stations in locations where drivers already spend their time and money, including grocery stores, pharmacies and other retail and entertainment locations.

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 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.

About Cinemark Holdings, Inc.

Headquartered in Plano, TX, Cinemark (NYSE: CNK) is one of the largest and most influential movie theatre companies in the world. Cinemark’s circuit, comprised of various brands that also include Century, Tinseltown and Rave, operates 524 theatres (324 U.S., 200 South and Central America) with 5,897 screens (4,440 U.S., 1,457 South and Central America) in 42 states domestically and 15 countries throughout South and Central America. Cinemark consistently provides an extraordinary guest experience from the initial ticket purchase to the closing credits, including Movie Club, the first U.S. exhibitor-launched subscription program; the highest Luxury Lounger recliner seat penetration among the major players; XD - the No. 1 exhibitor-brand premium large format; and expansive food and beverage options to further enhance the moviegoing experience. For more information go to https://investors.cinemark.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20211117005420/en/

Sabrina Strauss

Goodman Media International, Inc.

VoltaPR@goodmanmedia.com

Source: Volta Inc.

FAQ

What is the latest partnership announcement for Volta Inc. and Cinemark?

Volta Inc. has expanded its partnership with Cinemark Theatres to provide electric vehicle charging at select locations across the U.S.

How many EV charging stations has Volta installed at Cinemark theatres?

Volta has installed nearly 100 EV charging stations at Cinemark theatre locations since the partnership began.

What are the environmental benefits of Volta's charging stations?

Volta's charging stations have saved over 27,000 gallons of gasoline and reduced CO2 emissions by approximately 53,500 pounds.

What is the average charging time for EVs at Cinemark locations?

The average on-site charging time at Cinemark locations is about 105 minutes, aligning well with typical movie lengths.

What does Volta aim to achieve with its EV charging network?

Volta aims to build a nationwide EV charging network integrated into locations where consumers already spend time, enhancing convenience for EV drivers.