EV charging network Volta to go public via $2 billion SPAC deal
Volta Industries Inc said on Monday it agreed to go public through a merger with blank-check firm Tortoise Acquisition Corp II in a deal that values the electric vehicle (EV) charging station network at over $2 billion.
The deal will fetch Volta $600 million in net proceeds, including a $300 million private investment from funds and accounts managed by BlackRock Inc, Fidelity Management & Research Co LLC and Neuberger Berman Funds.
Special purpose acquisition companies (SPAC), shell companies that raise funds through an initial public offering (IPO) to take a private company public, have become an immensely popular route to public markets, especially for those looking to avoid regulatory scrutiny and hassles attached to traditional IPOs.
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Volta's deal with Tortoise comes weeks after EVgo Services LLC, another EV charging network based in the United States, said it would go public through a $2.6 billion SPAC merger.
Volta and Tortoise's combined entity will remain listed on the New York Stock Exchange after the merger, under the new ticker symbol "VLTA". Goldman Sachs & Co LLC is serving as the financial advisor to Volta.