Volta Realigns Organization to Reduce Costs and Drive Strategic Priorities

Volta Inc. (NYSE: VLTA) today announced an organizational realignment to reduce costs and drive strategic priorities. This refocuses resources on accelerating the company’s successful digital advertising business, collaborating with Volta’s numerous retail and commercial property partners, and driving public-private partnerships that align with the $7.5 billion of funding the Federal government has allocated towards public EV charging infrastructure buildout under the Bipartisan Infrastructure Law.

Under the strategic reprioritization, Volta is focused on:

• Streamlining the Organization: Today’s announcement represents a 10% reduction in current full-time employees. As of today, Volta has reduced approximately 18% of its full-time employees through other workforce reductions and organic attrition since June 1, 2022.
• Delivering Additional Cost Savings: Volta is implementing additional cost savings initiatives through tightening business processes, limiting the use of outside consultants, consolidating teams and its three San Francisco offices into one, and managing marketing and administrative costs.
• Competing for Federal Funds: Volta’s model is attractive to municipalities, as demonstrated by its recent collaboration with the City of Hoboken. The company’s dedicated team is well-positioned as a public-private partner for state and federal government funding, as evidenced by Volta’s relationship with the State of Michigan and DTE Energy. Volta intends to continue prioritizing EV charger installations that qualify for government-provided funds by leveraging its award-winning PredictEV infrastructure planning software. By analyzing multiple data sources, including local economic and equity data, PredictEV can identify locations within the company’s pipeline of more than 8,200 EV charging stalls signed or covered under master service agreements (MSAs) that satisfy the government’s requirements.

"The Volta Board of Directors and senior executives are taking difficult but important steps to align the business with current market dynamics and position the company for long-term success," said Vince Cubbage, Interim Chief Executive Officer of Volta. "Despite near-term challenges, there is significant opportunity ahead in the EV charging market as adoption accelerates and federal funding for EV infrastructure is deployed. We are evaluating every aspect of the business to set Volta up to capture this opportunity through disciplined management, preservation of capital, reduction of operating expenses, and an increased focus on public-private partnerships that more efficiently grow our network and satisfy the needs of all of our stakeholders."