Volta Powers the City of Irving’s Community EV Charging Infrastructure Plan Using PredictEV® Services

Rhea-AI Summary

Volta Inc. (NYSE: VLTA) announced its collaboration with the City of Irving, Texas, utilizing its PredictEV platform to conduct a comprehensive electric vehicle (EV) charging assessment. This project aims to identify optimal charging infrastructure, particularly in disadvantaged communities, supporting Irving's application for future federal grants, including the $1.25B allocated under the Bipartisan Infrastructure Law. Mayor Rick Stopfer emphasized the importance of a data-driven infrastructure strategy to meet the growing EV demand. Volta's PredictEV is designed to enhance EV infrastructure planning by analyzing mobility and demographic data.

Positive

• Collaboration with the City of Irving enhances Volta's market position in EV charging.
• Potential access to federal grants, including $1.25B for EV infrastructure under the Bipartisan Infrastructure Law.
• PredictEV provides valuable insights for community EV charging needs, aligning with federal initiatives.

Negative

• None.

Data-driven plan positions Irving for future grant opportunities, including the Bipartisan Infrastructure Law’s Discretionary Grant Program for community charging

PredictEV utilized to identify EV charging needs in disadvantaged communities to align city’s plan with the federal government’s Justice40 initiative

NEW YORK--(BUSINESS WIRE)-- Volta Inc. (NYSE: VLTA) (“Volta”), an industry-leading electric vehicle (EV) charging and media company, today announced it will utilize its proprietary infrastructure planning service, PredictEV®, to conduct a robust EV charging needs assessment with the City of Irving, Texas.

Volta Powers the City of Irving's Community EV Charging Infrastructure Plan Using PredictEV® Services (Photo: Business Wire)

PredictEV will provide data-driven insight into Irving’s optimal charging infrastructure strategy based on current and future EV driver needs, including within disadvantaged communities. Irving’s Transportation and Natural Resources Committee will use this data to develop a comprehensive infrastructure plan. This plan positions Irving to apply for possible federal and state grants in the future, including the Discretionary Grant Program for Charging and Fueling Infrastructure, which allocates $1.25B to community charging under the Bipartisan Infrastructure Law (BIL).

“As electric vehicles become more popular in North Texas, it’s prudent that Irving develops a comprehensive and efficient infrastructure roadmap to support them,” said Rick Stopfer, Mayor of the City of Irving. “The assessment will provide data and analysis that can be included in our infrastructure strategy for the entire city so we can address the needs of electric vehicle drivers in Irving.”

Volta's PredictEV is an advanced infrastructure planning solution that analyzes disparate data sources, including local mobility, demographic, commercial, and site-specific data, to provide high-resolution answers to key EV infrastructure questions around expected EV adoption, optimal charger quantity and locations, the right mix of charging infrastructure, and anticipated energy requirements from the grid. Volta recently introduced PredictEV’s ability to precisely identify optimal charger locations and charging speeds in disadvantaged communities. This analytical capability aligns with the federal government's Justice40 goal, which seeks to ensure that 40 percent of the overall benefits of certain federal investments, including the BIL and Inflation Reduction Act (IRA), flow to disadvantaged communities.

Volta’s collaboration with Irving is the latest example of the company’s commitment to public-private partnerships that align with the $7.5B in grants the federal government has allocated toward public EV charging infrastructure buildout. PredictEV has also 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 State of Michigan and DTE Energy. Southern Company, Southern California Edison, and Tucson Electric Power also use the tool to support and inform EV charging initiatives.

“Local governments are finalizing their strategies for deploying the upcoming wave of community charging grant funding under the Discretionary Grant Program for Charging and Fueling Infrastructure. PredictEV ensures these governments have access to valuable data and create applications that fulfill federal requirements when executing their plans,” said Brandt Hastings, Chief Commercial Officer at Volta. “As Volta’s latest collaboration with the City of Irving demonstrates, we are committed to public-private partnerships that build a clean, more sustainable future for all communities.”

Volta’s continued work with government agencies supports its Charging For All initiative, the company’s commitment to delivering affordable, reliable, and equitable charging across the United States.

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/20230215005100/en/

Lucas Piazza

lucas.piazza@voltacharging.com

Source: Volta Inc.

FAQ

What is Volta's recent collaboration with the City of Irving about?

Volta is collaborating with the City of Irving, Texas, to assess EV charging needs using its PredictEV platform, which will help inform future infrastructure planning.

How much funding is available under the Bipartisan Infrastructure Law for EV charging?

The Bipartisan Infrastructure Law allocates $1.25B for community charging under the Discretionary Grant Program for Charging and Fueling Infrastructure.

What is the purpose of PredictEV in the context of the City of Irving?

PredictEV will provide a data-driven assessment of optimal EV charging infrastructure locations to support the city's infrastructure strategy, especially in disadvantaged communities.

How does Volta's initiative align with federal goals?

Volta's initiative aligns with the federal Justice40 goal, which seeks to ensure that 40% of overall benefits from federal investments are directed to disadvantaged communities.