Electric vehicle charging startup Volta announced Tuesday that it raised $125 million in an oversubscribed Series D. Goldman Sachs acted as an exclusive placement agent to the company in connection with the financing.
The San Francisco-based company utilizes outdoor digital advertising at its charging stations to provide electric vehicle owners with free power.
“The electrification of mobility is one of the largest infrastructural shifts of our generation and Volta’s charging network is ready to anchor the accompanying consumer behavior that will change along with it,” Scott Mercer, co-founder and CEO of Volta, said in a statement.
Electric vehicle sales in the United States have skyrocketed over the past 10 years, according to the U.S. Department of Transportation. Just over 10,000 electric vehicles were sold in 2011, a measly number when compared to sales in 2019, which amounted to more than 240,000. Mercer is expecting that growth to continue.
“As we transition out of the carbon economy, we will see a fundamental transformation of our existing fueling infrastructure,” Mercer continued. “Businesses anticipating this shift can take advantage of a revenue transfer from gas stations to retail locations in the community where consumers live, shop and play.”
The company’s charging network currently extends to over 200 cities in 23 states across the country. Most of Volta’s charging stations are located outside of grocery stores, banks, pharmacies and hospitals, and the company has signed property agreements with numerous big-time grocers including Albertson’s and Giant Food.
“By bringing charging stations to essential businesses, our end users will increase their dwell time, engagement and spend,” Chris Wendel, co-founder and president of Volta, said in a statement.
Volta will use the fresh financing to increase investments in product, engineering and network infrastructure as the company plans to expand internationally. The company will also look to expand the size of its team as it continues to scale.
More than a dozen positions are currently up for grabs at the company’s San Francisco headquarters and half of the available roles are on Volta’s finance team. The company is also looking to expand its engineering and marketing teams.
Volta has raised over $200 million in financing to date, according to the company.