Home > Auto > News > EV charging network Volta to go public via $2 billion SPAC deal
File photo used for representational purpose only (Bloomberg)
File photo used for representational purpose only (Bloomberg)

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.

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.

Similar Cars

Help us with your basic details!

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city

We have recorded your information for the latest offer on model . Stay connected for further latest offers.

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.

(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.

This story has been published from a wire agency feed without modifications to the text.

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