Shell to Shut Down Volta's EV Charging, Media Network
Shell plans to close its Volta electric vehicle (EV) charging and media division, ending operations of the advertising-enabled charging station network by the end of 2025, according to AdExchanger, which first reported the news.
The gas station and energy giant acquired Volta in early 2023 for $169 million, inheriting both its nationwide EV charging footprint and its retail media arm, Volta Media. Founded in 2010, Volta was among the first companies to pair a functional service with an embedded digital media network, using ad-supported charging stations to create a second revenue stream and offset infrastructure costs.
The model enabled retailers such as grocery stores and shopping centers to offer EV charging to shoppers while also selling or leveraging the associated ad inventory as part of their own retail media networks.
However, AdExchanger reported that Volta was losing about $140 million annually as of late 2024 and missing sales forecasts. Shell confirmed to AdExchanger that the group is “evolving to focus on high-speed public charging at Shell-branded sites like service stations and standalone EV hubs.”
Volta went public in 2021 with a $2 billion valuation, but market challenges and declining investor appetite for data-driven ad businesses quickly eroded its prospects. While the acquisition initially signaled Shell’s willingness to explore advertising as a non-fuel revenue stream, the company ultimately decided not to continue operating a programmatic ad sales and services business.
Volta Media and its network of more than 2,000 charging stations — each equipped with dual digital screens — will be dismantled this year, per AdExchanger's report. All 190 Volta employees also will be let go.
