SPAC Tortoise Acquisition Corp. II spikes 47% after announcing merger with EV charging station manufacturer Volta Industries

SPAC Tortoise Acquisition Corp. II spikes 47% after announcing merger with EV charging station manufacturer Volta Industries
Volta charging stationsVolta
  • Tortoise Acquisition Corp. II spiked as much as 47% on Monday on news of a merger deal with Volta Industries.
  • Volta Industries develops, manufactures, installs, and operates a network of EV charging stations.
  • The deal will see the combined entity trade on the NYSE under "VLTA" with a valuation of over $2 billion.

Shares of Tortoise Acquisition Corp. II spiked as much as 47% on Monday before paring gains after the special purpose acquisition company (SPAC) announced a merger deal with the EV charging station manufacturer Volta Industries.

Volta will net $600 million from the transaction including a $300 million investment from BlackRock, Fidelity Management & Research, and Neuberger Berman Funds that will be used to accelerate the company's charging network buildout.

The combined entity will be listed on the NYSE under the ticker "VLTA" and is valued at over $2 billion, according to regulatory filings.
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Volta Industries operates a charging network that includes 1602 stations across the US. The company was founded by Scott Mercer and Chris Wendel back in 2010.

"Volta's unique business model is poised to capture the vast consumer spending shifts that will accompany our society's shift from carbon to electric," said Scott Mercer, Founder and CEO of Volta.
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"With the shift to electric mobility, consumers will expect to fuel where they go. Volta will anchor the infrastructure change, transforming fueling locations away from standalone gas stations to high traffic locations in the community where consumers live, work, and play," Mercer concluded.

SPAC IPOs have boomed. 2020 saw a 462% year-over-year jump in proceeds raised by SPACs. For the first time ever, companies raised more money through SPAC deals than the typical IPO process, at $73 billion versus $67 billion. Just a few weeks before Volta's SPAC deal another EV charging business, EVgo Services, said it would go public through a $2.6 billion SPAC merger.
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Now, Volta will add to the list, after having already raised some $200 million in Series D financing over the past few years.

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