Volta provides update on business realignment

NEW YORK–(BUSINESS WIRE)–Volta Inc. (NYSE: VLTA) today announced the next step in its organizational transformation. In addition to the previously announced effort, Volta is introducing a furlough program aimed at further reducing costs and focusing the company’s resources on key strategic priorities. Volta shed 54% of its full-time employees in the U.S. through this and other workforce reductions that began in the second quarter of 2022. Including these recent efforts, this continued strategic focus will result in a 43% reduction in SG&A expenses.

Volta continues to streamline the organization and prioritize resources for revenue-generating initiatives, including accelerating its successful digital advertising business and expanding its role as an electric vehicle (EV) charging partner for commercial properties and government agencies.

  • Volta continues to attract new advertisers and larger digital media budgets through direct and programmatic sales channels by delivering measurable sales results for its advertising partners.

  • Volta is focused on strategic initiatives to foster public-private partnerships that align with the $7.5 billion in funding the federal government has committed under the bipartisan Infrastructure Act to expand public electric vehicle charging infrastructure.

  • Volta is taking steps to scale its business by outsourcing certain operations to select US-based local contractors and suppliers. This enables Volta to more efficiently and economically serve the increasing needs of its customers and community partners as the adoption of electric vehicles and the need for convenient and safe public charging infrastructure continue to grow.

Volta’s management team is positioning the company to capture this dynamic market opportunity while reducing costs and increasing revenue,” said Vince Cubbage, interim CEO of Volta. “There’s tremendous momentum across the business, like Volta’s customer engagement at Advertising Week in New York this week, our recent campaign with Coca-Cola that just won an AdExchanger Award for Best Commerce Media Technology, our work with the State of Michigan and DTE shows energy, our collaboration with the City of Hoboken, and more. The opportunities ahead are tremendous and we will continue to focus the team on cost efficiencies and revenue-enhancing initiatives.”

About Volta

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging and media company. Volta’s unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta offers value to location partners, brands and consumers by installing charging stations with large format digital advertising screens just steps away from the entrances of popular commercial locations. Retailers can attract and influence passers-by, advertisers can target audiences accurately, and EV drivers can seamlessly charge their vehicles while going about their daily routines. Volta’s extensive network leverages its proprietary PredictEV® platform, which leverages sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding our electric vehicle charging and media network. These forward-looking statements are generally identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential” , “project”, “should”, “strategy”, “will”, “would” and similar expressions. Forward-looking statements are predictions, forecasts and other statements about future events that are based on current expectations and assumptions and are therefore subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including, without limitation, the factors, risks and uncertainties discussed in our Annual Report on Form 10-K for the year ended 31st 2021 and our Quarterly reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). ), available on the SEC’s website at www.sec.gov and in the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on any forward-looking statements and, except as required by law, we undertake no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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