Volta Industries went public via a SPAC merger with Tortoise Acquisition II in a $1.4bn deal.

Volta Industries, a provider of commerce-centric electric vehicle charging networks, went public via a SPAC merger with Tortoise Acquisition II, a SPAC, in a $1.4bn deal. The transaction included the $300m PIPE from investors BlackRock, Fidelity Management & Research Company, and Neuberger Berman Funds, and additional $345m of cash held in trust. Existing Volta shareholders own 64% of the combined company. “We firmly believe we have invested in the best charging company in the business. Volta is run by an exceptional founder-led team, with the most compelling business model in the industry and an attractive valuation for shareholders. Volta’s business model enables the company to generate revenue from the moment its stations are installed and positions the company to also capture additional revenue streams as the EV market expands and matures," Vince Cubbage, Tortoise Acquisition II CEO and Chairman.