Volta Raises $125 Million for EV Charging Network Expansion

Volta, a company creating a network of electric vehicle charging stations that generate revenue through advertising, has secured $125 million in a new funding round facilitated by Goldman Sachs.

Volta focuses on constructing and managing a network of electric vehicle charging stations strategically located in parking areas near grocery stores, pharmacies, banks, and hospitals.

The company reports having deployed its charging stations, each equipped with 55-inch digital displays, in over 200 cities spanning 23 states.

Electric vehicle owners can charge their vehicles at no cost, with the service financially supported by retailers and consumer product businesses aiming to connect with EV drivers.

This latest funding brings Volta’s total raised capital to more than $200 million, which the company plans to utilize for initiating international expansion.

Notable businesses hosting Volta’s chargers on their properties include Albertsons Companies, Giant Food, Regency Centers, Wegmans, and TopGolf. A diverse range of brands are currently advertising on the company’s displays, such as GM, Hulu, Nestlé, Polestar, Porsche, and Unilever.

“We first invested in Volta in 2018, and since then, the enthusiasm and focus on electrification – particularly finding solutions for public charging – has steadily increased,” stated John Tough, managing partner at Energize Ventures, a significant and returning investor in this funding round. “Our confidence in this team has also grown, and we are confident Volta is well-positioned to become the leading, most cost-effective, and heavily used EV charging network nationwide.”