(Jan 18): Volta Inc said on Wednesday that a unit of Shell Plc would take over the electric vehicle (EV) charging network operator in an all-cash deal valued at about US$169 million.

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

Volta, which went public in 2021 through a merger with blank-check firm Tortoise Acquisition Corp II, saw its shares rise over 18% to about 86 US cents in morning trade.

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.

The announcement follows other investments in the EV charging infrastructure space, including Mercedes-Benz, which is poised to invest billions of euros to build 10,000 fast-charging points in North America, Europe and China by 2030.

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

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