Volta CEO on going public via a SPAC merger: “our capital fully funds the business plan”

Volta Industries Inc will debut today on the New York Stock Exchange after Tortoise Acquisition Corporation II – a special purpose acquisition company (SPAC) – secured approval from its shareholders for the announced merger with the company that runs a network of over 1,700 EV charging stations across the U.S.  

Details of the SPAC merger

Following the SPAC merger, the combined company will be called Volta Inc and trade on NYSE under the ticker symbol “VLTA”. The announcement comes only weeks after the U.S. Congress expressed plans of investing about $7.5 billion to boost the countrywide EV charging infrastructure. 

While Volta raised less money than previously expected, CEO Scott Mercer is confident that a total of ‘$400 million in capital fully fund the business plan’. On CNBC’s “Squawk Box”, he said:

Charging docks could be used as advertising channels

Spencer is confident that retailers, malls, and grocery stores would be interested in partnering with Volta because charging docks could be used as advertising vehicles.

According to the chief executive, Volta is focusing on data-driven planning to ensure that EV charging infrastructure can be consistently used without being ‘peaky for the grid’.