The oil company bought 3000 charging stalls from Volta, looking to have a half-million charging points worldwide by 2025.
Even though Volta's value was already declining, the market saw January's announcement as troubling news, causing multiple EV charging company stocks to lose value, at least temporarily.
Shell is not entering the EV charging game with this chump-change purchase of Volta. The oil company will roll Volta's charge points into its existing EV charging network, the Shell Recharge network. Currently, in the U.S. Shell Recharge is primarily geographically limited to California. Following the Volta deal, Shell said it "now owns and operates one of the largest public electric vehicle charging networks in the U.S.
Globally, Shell operates over 140,000 public and private charge points, and the oil company has announced plans to expand its global EV charging network to more than 500,000 charge points by 2025. It has an even more ambitious target of around 2.5 million charge points installed by 2030.Sebastian Blanco has been writing about electric vehicles, hybrids, and hydrogen cars since 2006. His articles and car reviews have appeared in the, Reuters, SAE, Autoblog, InsideEVs, Trucks.
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