Shell USA, Inc., a subsidiary of Shell PLC, has completed the previously announced acquisition of Volta Inc., an electric vehicle charging network powering vehicles and commerce, in an all-cash transaction valued at approximately $169 million, according to a press release.

With this acquisition, Shell now owns and operates one of the largest public electric vehicle charging networks in the U.S. The closing of the transaction occurred after receiving various regulatory clearances and approval from Volta's stockholders.

Volta provides Shell with an existing public charging network of more than 3,000 charge points across 31 U.S. states and territories, a development pipeline of more than 3,400 additional charge points, and capabilities to continue developing, operating and monetizing EV charging infrastructure.

While most of Volta's current revenue is generated through advertising, there are plans to increase the number of fast-charging DC outlets with a paid charging model.

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