Goldman Sachs-Backed Startup Volta Raises $125 Million in New Funding

By Mariliana Fotopoulou Wednesday, January 20, 2021

Volta Industries, a San Francisco-based startup company that develops a network of EV charging stations across North America, has secured $125 million in a Series D round, led by investment banking giant Goldman Sachs.

Business Operations Present in 23 States

Volta said it plans to use the business proceeds to expand into international markets and will be able to make better use of its contract portfolio as well as invest in the product, engineering, and network infrastructure.

The startup company’s stations are usually placed in parking lots and near pharmacies, grocery stores, hospitals, etc. The EV charging startup said it currently has 200 operating charging stations across 23 states in the country.

"The electrification of mobility is one of the largest infrastructural shifts of our generation and Volta's charging network is ready to anchor the accompanying consumer behavior that will change along with it," said Scott Mercer, Founder and CEO of Volta about their business’s focus.

"As we transition out of the carbon economy, we will see a fundamental transformation of our existing fueling infrastructure. Businesses anticipating this shift can take advantage of a revenue transfer from gas stations to retail locations in the community where consumers go, live, shop and play."

Using Volta charging stations is free of charge for EV owners and the company monetizes its services via advertising for other businesses. Their business is supported by the retail and consumer goods companies that aim to attract EV audiences.

The startup company said it plans to use the proceeds to expand into international business markets and will be able to make better use of its contract portfolio as well as invest in the product, engineering, and network infrastructure.

Some of the companies with Volta charging stations on their sites are Giant Food, Regency Centers, Albertsons Companies, Wegmans, and TopGolf, while companies advertising on the Volta’s screens are GM, Hulu, Nestlé, Polestar, Porsche, and Unilever.

All Volta charging stations include 55-inch digital displays, allowing different company brands to reach mass audiences before they enter the businesses they are visiting such as grocery stores or pharmacies. The latest fundraising round means that the EV charging startup has so far raised a total of more than $200 million.

Energize Ventures, one of the major investors in the latest round, said the startup company’s interest in electrification and developing public EV charging solutions continues to grow. The venture fund said it believes Volta’s business has everything it needs to become the leader in the EV charging network industry.

Summary

Electric vehicle charging network developer Volta Industries has raised $125 million in the latest round, led by Goldman Sachs. The company will use the funds to expand into international markets and invest in its product and network infrastructure.

About the Author


Headshot for author Mariliana Fotopoulou

Mariliana has an MSC in consumer analytics and business strategy. She has a special interest in fast-moving industries and big data.

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