EV charging network Volta to go public via $2 billion SPAC deal

Volta's deal with Tortoise comes weeks after EVgo Services LLC, another EV charging network, said it would go public through a $2.6 billion SPAC merger.
By : Reuters
| Updated on: 08 Feb 2021, 06:05 PM
File photo used for representational purpose only (Bloomberg)
File photo used for representational purpose only (Bloomberg)
File photo used for representational purpose only (Bloomberg)
File photo used for representational purpose only

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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(Also read | Chinese EV startup Byton explores listing via SPAC deal: Sources)

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.

First Published Date: 08 Feb 2021, 06:05 PM IST
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