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Volta Charging, a leader in electric vehicle (EV) charging infrastructure, will conduct its first virtual Analyst Day on June 17, 2021, from 10 AM to 12 PM ET. This event aims to attract financial analysts and institutional investors, showcasing Volta's unique business model and growth strategies. Key executives, including CEO Scott Mercer, will lead discussions and a Q&A session. Recently, Volta announced a merger with Tortoise Acquisition Corp. II (NYSE: SNPR), which will transition to Volta Inc. (NYSE: VLTA) upon completion in Q3 2021.
Volta has expanded its partnership with Macy's to install more electric vehicle (EV) charging stations nationwide. Currently, around 100 stations are in operation at nearly 40 locations, with plans to add 20 more this year. This collaboration has positively impacted over 7.6 million miles of zero tailpipe emissions and offset 3.4 million pounds of CO2. Volta's charging stations have increased 'shop and charge' visits at Macy's by 41%. The partnership aligns with Macy's commitment to sustainability and enhances customer engagement as part of Volta's innovative EV infrastructure strategy.
Volta Charging has successfully doubled its electric vehicle charging station network in just over two years, utilizing the Sitetracker platform for enhanced project management. The network consists of the most-utilized free EV charging stations in the U.S., located primarily in front of essential businesses. Volta's charging stations also serve as advertising platforms, benefitting partners and property owners. The company is expanding its operations nationwide, having recently announced a business combination with Tortoise Acquisition Corp. II, which will result in Volta Inc. trading under ticker symbol 'VLTA'.
Volta and Tortoise Acquisition Corp. II (NYSE: SNPR) announced a planned merger to form Volta Inc., which will trade under the new ticker 'VLTA'. The merger values the combined entity at over $2 billion, with anticipated net proceeds of $600 million to enhance Volta's EV charging network. This deal highlights Volta's unique advertising-supported business model designed for consumer engagement at charging stations. The transaction is set to close in late Q2 2021, subject to shareholder approval.
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