Volta Industries, Inc., an industry leader in commerce-centric electric vehicle (EV) charging networks, and Tortoise Acquisition Corp. II, a publicly traded special purpose acquisition company with a strategic focus on energy sustainability and decarbonizing transportation, intend to merge. Upon the closing of the transaction, the combined entity will be named Volta Inc.
The pro forma equity value of the combined company is expected to exceed $2 billion. The funds will be used to further accelerate Volta’s efforts to continue to grow and unlock the value of its contract portfolio, as well as increasing its investment in product, engineering and network charging infrastructure.
Anticipated net proceeds of approximately $600 million will be used to accelerate Volta’s buildout of its charging network already in the pipeline. This includes an upsized $300 million fully committed private placement of common stock in the combined company.
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