Shell unit to acquire EV charging firm Volta for about $169 million

Coming back to the dimensions, the Ioniq 6 measures 4,855 mm, 1,880 mm and 1,495 mm in length, width and height, respectively. All of this and a wheelbase of 2,950 mm puts it in close competition with the Tesla 3 and the BMW i4. It gets all-LED lighting elements with pixel-style LEDs on the tail like you see on the Ioniq 5, up to 20-inch rims and a notchback rear section that affords it an extremely sporty stance. Finally, the company claims that thanks to the 6’s design, the drag coefficient sits at a measly 0.21. This is the lowest drag coefficient in all of Hyundai’s line-up and is also one of the lowest in the world. For context, Ioniq 6’s direct rival, the Tesla Model 3, has a drag coefficient of 0.24. (Image: Hyundai)

Volta Inc said on Wednesday that a Shell Plc subsidiary would take over the electric vehicle (EV) charging network operator in an all-cash deal valued at about $169 million.

Shell USA Inc will acquire all outstanding shares of Class A common stock of Volta for 86 cents apiece in cash in a deal that is expected to close in the first half of the year, Volta said.

Shell and other companies such as France’s EDF and Norway’s Statkraft have been investing in EV charging infrastructure to cash in on the growing demand for EVs.

As part of the deal, Shell USA will also provide loans to Volta to help the company through the closing of the deal.

Volta’s shares rose 18% to 86 cents in premarket trade.

Goldman Sachs and Barclays Capital served as advisers to Volta, while Shearman & Sterling LLP served as its legal adviser.