Volta's charging network announced that since its foundation in 2010, it has delivered enough electricity to provide 100 million electric miles for electric cars.
Those were actually free electric miles as the charging points are free to use. The company tries to finance the network through sales of ads displayed on 55-inch digital screens.
"Volta’s unique charging stations – which feature large, eye-catching digital displays – provide a premium content viewing experience for both the drivers who plug their vehicles into the stations and the customers who shop at nearby retailers. Volta’s media-enabled charging stations offer brands a dynamic content experience platform, including activation and engagement opportunities. Brands running campaigns on Volta’s stations report experiencing positive results in brand awareness and increased purchase intent. "
According to the presentation for investors, there are over 500 Volta sites with close to 1,900 charging points and 3,600 screens.
Most of the charging points are AC Level 2, but as we can see in the video below - there are also some DC fast chargers (50 or 100 kW according to the announcement from 2019).
While the AC chargers can be used right away when plugging in, in the case of fast chargers, to initiate charging (for up to 30-minutes) the Volta app is required. Both types are free to use.
Earlier this year, Volta was listed on NYSE through a business combination with Tortoise Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC) company.
Only time will tell whether the unique business model will become successful. The results in the past few years were negative, but that's a common thing among most charging networks, which first must reach a certain scale before seeing any profits.