Volta’s Consumer Study Reveals Climate Is Top of Mind for 55% of U.S. Consumers and Advertisers Must Lead With Innovation to Sell to This Cohort

Rhea-AI Summary

Volta Inc. (NYSE: VLTA) has released its second annual Climate Conscious Consumer study, revealing that 55% of Americans now identify as climate-conscious, up 15% from 2021. This shift indicates a growing demand for EV charging infrastructure, particularly in urban areas. Key findings show that climate-conscious consumers are more tech-savvy and expect personalized advertising. Volta's charging stations, equipped with digital displays, provide brands with a platform to effectively reach this demographic. The study emphasizes the importance of accessible EV charging in densely populated regions to support the next wave of EV ownership.

Positive

• 55% of Americans identify as Climate Conscious Consumers, indicating strong market potential.
• Volta's EV chargers offer brands a targeted advertising platform reaching a growing demographic of eco-conscious consumers.
• Partnerships with cities like Hoboken facilitate the installation of EV infrastructure at low cost.

Negative

• None.

People interested in buying an EV are most concentrated in urban areas, regardless of state’s political leaning, highlighting the criticality of solving community charging for continued EV adoption

NEW YORK--(BUSINESS WIRE)-- Volta Inc. (NYSE: VLTA) ("Volta"), an industry-leading electric vehicle ("EV") charging and media company, today announced the findings of its second annual Climate Conscious Consumer study, which tracks how our climate influences consumer spending, what environmentally-conscious consumers desire from advertisers, and how drivers are thinking about EVs. The study is based on responses from 997 Americans representative of the U.S. adult population gathered in September 2022 by F’inn, a leading independent research firm.

Volta's Consumer Study Reveals Climate is Top of Mind For 55% of U.S. Consumers and Advertisers Must Lead With Innovation to Sell to This Cohort (Graphic: Business Wire)

This year’s findings reveal that the adoption curve around climate consciousness has officially crossed into the late majority, with 55% of Americans identifying with this attitude — a 15% increase from 2021. This consumer cohort is also increasingly diverse and inclusive as it expands. Being a Climate Conscious Consumer is no longer associated with only coastal states — this mindset is prevalent across the U.S. with notable year-over-year increases in Texas, Kentucky, and Michigan.

Understanding this rapidly growing and evolving consumer group is imperative for brands seeking to remain relevant and sell products and services. Volta’s study revealed Climate Conscious Consumers’ key commerce preferences, providing advertisers with important insights that should be used to shape future marketing strategies, including:

• Climate Conscious Consumers are more tech-savvy: Over 70% subscribe to a streaming TV service compared to 60% of Non-Climate Conscious Consumers; more than 30% use QR codes compared to 25% of Non-Climate Conscious Consumers;
• This cohort expects targeted, personalized campaigns: Nearly two-thirds prefer ads that are relevant to their needs compared to less than half of Non-Climate Conscious Consumers; and
• Value and price remain important to purchase decisions: Nearly 60% of Climate Conscious Consumers are looking for more sales and deals.

Volta provides advertisers the optimal media platform for authentically reaching the 55% of the U.S. adult population that identify as Climate Conscious Consumers. The company’s EV chargers feature large digital displays — known as the Volta Media™ Network — and combine performance-driving advertising capabilities with true environmental impact. Volta’s chargers and media screens are located directly in front of popular retailers and commercial centers that millions of consumers visit daily, allowing marketers to reach audiences as they finalize their shopping lists before entering a store. To further personalize campaigns, the Volta Media Network offers a robust suite of advertising capabilities, including digital-direct offerings like audience targeting, mobile retargeting, and QR code activations, and dynamic creative options, including real-time weather triggers, countdown clocks, and 3D creative.

To date, Volta has provided more than 150 million emission-free miles and avoided over 35,000 tons of CO2 emissions that would have otherwise been created by gas-powered vehicles — and Volta’s U.S. charging network is backed by renewable energy. Volta purchases verified Renewable Energy Certificates (RECs) equivalent to the amount of electricity used to power its charging network, giving partners and consumers confidence they are supporting a clean transportation and energy future for all.

“The continued expansion of the Climate Conscious Consumer cohort demands that brands intentionally design campaigns geared toward this audience — from the messaging advertisers craft to the media they buy,” said Brandt Hastings, Chief Commercial Officer at Volta. “By fusing high-impact digital screens with EV charging, the Volta Media Network offers our advertising partners the ability to authentically reach Climate Conscious Consumers while they shop on a media platform that equally drives measurable outcomes and a more sustainable planet. We invite brands to grow with us as we continue building the future of advertising and transportation.”

Volta’s 2022 Climate Conscious Consumer study also examined EV adoption trends, revealing critical insights about where EV charging infrastructure must be deployed to facilitate the next wave of EV ownership. Notably, EV intenders — those who stated they plan to buy an EV in the next 12 months — are:

• Urban residents in both blue and red states: 20% of people who live in urban areas within Democratic-leaning states are EV intenders, compared to only 9% in non-urban areas in these states; 12% of people who reside in urban areas in Republican-leaning states are EV intenders, compared to 7% in non-urban areas in these states;
• Limited access to at-home charging: More than half of EV intenders are renters or live in something other than a single family home, compared to only 43% of current EV owners; and
• Lower incomes than early EV adopters: Close to 60% of EV intenders have household incomes less than $75,000, compared to just 31% of current EV owners in this earnings bracket.

These findings point to the importance of public, accessible EV charging infrastructure in more densely populated communities. Recently, Volta partnered with the City of Hoboken to integrate critical EV charging infrastructure directly onto city streets in a way that maximizes economic, health, and climate benefits. The digital screens featured on Volta’s EV chargers can generate media revenue immediately upon installation, allowing the company to install EV infrastructure at little to no cost to a city, ensure the most efficient use of taxpayer funds, and build in areas ahead of high EV adoption. Further, it unlocks the ability for Volta and partners like Hoboken 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.

In support of the federal government's Justice40 goal — which seeks to ensure that 40 percent of the overall benefits of certain federal investments flow to disadvantaged communities — Volta launched its Charging For All initiative, the company's commitment to delivering affordable, reliable, and equitable charging across the United States. Most recently, the company announced its latest extension of Charging For All — Volta’s infrastructure planning platform, PredictEV®, now offers an upgraded capability to provide state and local governments with critical, data-driven insight to effectively deploy EV charging at optimal locations within disadvantaged communities, in direct alignment with Justice40 goals.

“The Climate Conscious Consumer study further highlights the strength of Volta’s dual EV charging and media model. Volta’s conveniently located public charging makes EV ownership a reality for urbanites, while our media network enables EV charging build-out in areas ahead of mainstream adoption,” said Vince Cubbage, Interim Chief Executive Officer at Volta. “The health and safety of our planet demands that every community has access to the benefits of equitable EV adoption, and we look forward to continuing forming multiple private and public partnerships to supercharge the next phrase of electric mobility.”

To learn more about advertising on the Volta Media Network, click here. To learn more about the benefits of Volta’s model for cities and municipalities, click here.

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. 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 subsequent Quarterly Reports on Form 10-Q, 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/20221109005356/en/

Lucas Piazza

lucas.piazza@voltacharging.com

Source: Volta Inc.

FAQ

What does Volta's Climate Conscious Consumer study reveal about EV adoption trends?

The study indicates that 55% of Americans are climate-conscious, highlighting a growing demand for EV charging infrastructure, particularly in urban areas.

How has the percentage of climate-conscious consumers changed since 2021?

The percentage of Americans identifying as climate-conscious has increased by 15% from 2021 to 2022.

What marketing insights does Volta's study provide for advertisers?

The study shows that Climate Conscious Consumers are tech-savvy and prefer personalized advertising, representing a key target market for brands.

What role does Volta play in supporting EV charging infrastructure?

Volta provides EV chargers with digital advertising displays, facilitating the installation of charging stations and enhancing brand visibility.

What is the significance of urban areas for EV intenders according to the study?

Urban areas have higher percentages of EV intenders, with 20% in Democratic-leaning states and 12% in Republican-leaning states.