Was Volta Always a Recipe for Disaster?
My phone lit up early this AM with the news of Shell/Volta. Since 2016, Volta has been an early participant in retail media networks. As an electric vehicle charging station manufacturer and seller of OOH space, Volta heated up quickly to a point where, in 2021, Volta jumped on the SPAC bandwagon (remember those?) and became a $2 billion valuation. That is 2 with a ‘B’. It’s ‘B’ as in boiling.
We didn’t believe it then, and neither did the market. In 2023, Shell Oil (the gas-powered car guys) purchased Volta for $169 million. That is an ‘M’ for, comparative peanuts.
So the lesson here is, just because you can build electric chargers or pump gas, doesn’t mean you know a thing about advertising, and especially OOH advertising.
Good or bad, OOH is a special breed. It may be a good thing or a bad thing, but it is still a thing.
Following the Volta recipe, here are a handful of Volta stories published by OOH Today
Jan. ’21— Voltas takes on more debt →Volta Announces $125 Million Additional Financing
Feb. ’21 —Bill Board takes a moment to discuss the Volta valuation (with a ‘B’) →Getting My Head Around the Volta $2.2 BILLION Valuation and the complexities of OOH’s Tech Worth
Feb. ’21 —The big $2 billion announcement (did we say with a ‘B’?) →Volta Charging Goes Public with a $2 Billion SPAC Merger
Feb. 21 —The OOH Today Podcast #50—VOLTA’s HUGE Valuation before the merger! The Billboard Podcast Your Boss doesn’t want you to listen to (featuring Jack, Jeff, Todd, and Daniel)
Feb. 21 —Jim Johnsen rings in with the Volta announcement, putting it in perspective with the Industry →Ring My Bell —A Newly Minted Top 5 Most Valuable Firm in Outdoor Advertising
Dec. ’21 —Follow Volta to Europe in late 2021 →Volta Enters the European Market
June ’22 —Partnering with Catalina, as several OOH companies did back in ’21 and ’22, Catalina and Volta here →Catalina and Volta Partner
Aug. ’22 —This was a foretelling quote→ OOH They Said It Today — Volta Charging’s Mike Schott
Jan. ’23 —Our former ace reporter, Benny Taubman, wrote this informative opinion piece here →Vacillating EV Start-Up Volta to be Acquired by Shell for $169 Million
Apr. ’23 —Glorious hopes and dreams with Shell announcement buying Volta here→ Volta is Officially a Member of the Shell Group
Aug. ’25 —Good night, sweet prince→ Ad Exchanger; Shell Shutters Its Volta EV Charging And Media Division
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An ad placed on a car charging unit isn’t necessarily a bad idea. But like all OOH inventory, success comes down to location, location, location. Many charging units are placed deep inside parking structures or in the back corner of Buc-ee’s parking lot. No mass audience. No value.
Contraire Mr. Freitas! Regarding the locations. I have heard from many that the locations starting out were poorly located, but I will say from my detailed search and findings in Northern Virginia that they placed the structures in excellent locations. Even in the little ‘Ville’ of Charlotteville, VA they are immediately outside the front of the supermarket on either side, capturing eyeballs. That said, there is no doubt that location selection and placement, which are different; one is a nice dot on the map, the other is a poor image as you suggested ‘deep inside’. So if they came out of the gate with even one poor placement, unfortunately that labels them for the future. I will stand on my eternal principle: I have been harping on with new start-ups from day one. Every organization needs a solid generalist in the OOH field with tons of experience. That is what I feel Volta had missing from the start. Stephen, as always, I appreciate your comments and wisdom. thank you
Can’t believe Volta just gone – liquidated. Poof. 200 people without jobs. Agree with you BB – OOH is not easy – and it requires a skill set that is not always obvious. Thanks for your insights – as always!!
Hello Dean Stallone at WNDW, We appreciate your support and comments. Regarding the ‘poof’, yes, on a human basis, it’s a real shame. I have to wonder if it all falls on the management and ownership of the organization from day one. Too much too fast and without the guiding hand of someone who knows the business like…you. Keep the Storefront Billboards REAL! And succeed the old-fashioned way…you have to EARN it!