Dive Brief:
- Shell has agreed to sell “a substantial portion” of its Volta electric vehicle charging network to Australian charger manufacturer Jolt, according to an announcement this week.
- The deal includes thousands of media-enabled EV chargers affiliated with the Volta Media advertising network across 34 states. In separate statements to C-Store Dive, Jolt CEO Doug McNamee and a Shell spokesperson both said the final numbers won’t be available until the deal closes since both parties are in discussions with site hosts. The acquisition is expected to close on Jan. 1, 2026, according to the announcement.
- Shell is selling most of Volta less than three years after acquiring the charging company for $169 million in a move that aimed to scale the oil giant’s EV capabilities in the U.S.
Dive Insight:
Shell made waves when it bought Volta in early 2023. Volta’s chargers feature large-format digital advertising screens and the company’s proprietary PredictEV platform, which uses behavioral science and machine learning to help commercial property owners, cities and electric utilities plan EV infrastructure.
However, in early 2024, Shell notified Volta’s leadership that it was winding down its operations, with Shell taking over operations internally, and that the majority of its roughly 200 team members would be let go. In a statement this week, Shell’s spokesperson said that move was part of the integration between the two companies, which led to Volta’s assets being rebranded into the Shell Recharge program. However, Shell retained the Volta Media network name for advertising purposes, the spokesperson added.
The latest deal aims to build on Jolt’s model of combining digital out-of-home advertising displays with EV charging, according to the announcement. It also comes as convenience retailers across the country say they’re having a tough time justifying EV expansion amid struggles with profitability and shifting consumer perceptions of EVs.
“As the EV charging industry is still nascent, we are continuously learning and must respond with agility to meet our customers’ needs,” Shell’s spokesperson said in a statement to C-Store Dive.
