City of Hoboken Partners With Volta to Expand EV Charging Infrastructure at No Cost to City

July 21, 2022 09:00 AM Eastern Daylight Time SAN FRANCISCO--(BUSINESS WIRE)--Volta Inc. (NYSE: VLTA), an industry-leading electric vehicle ('EV') charging network powering vehicles and commerce, today announced its partnership with the City of Hoboken to install 25 conveniently located public EV charging stalls for the City's residents, annual visitors, and commuters over the next 18 months. The addition of the new Volta charging stalls will more than double the number of public EV charging ports available in Hoboken, and Volta and the City of Hoboken may partner to bring even more chargers to the area in the future. The collaboration is a model for how EV charging infrastructure can be efficiently deployed within densely populated urban areas to maximize economic, health, and climate benefits.

Volta goes beyond charging as the only EV charging company that directly integrates an eye-catching digital media network into its public charging stations, capturing consumers' attention as they shop and dine at local businesses and walk to entertainment venues, work, and home. Adding 25 new Volta charging stalls and 50 digital media screens in Hoboken expands Volta Media Network's impressions by nearly 20 percent within the New York, NY designated market area (DMA), unlocking additional reach within the most highly ranked DMA for Volta's advertising customers. This network also spurs local economic activity for Hoboken businesses by influencing shoppers' behaviors with contextually relevant, large-format messages. City officials will also utilize Volta's screens, providing a large-format communications platform that reaches key constituents and visitors.

The digital advertising screens featured on Volta charging stations can generate media revenue immediately upon installation, enabling Volta to offset the development and construction costs to charging partners, including the City of Hoboken. Volta's media model benefits drivers in Hoboken as well by providing lower cost EV charging. More affordable charging prices encourage higher utilization rates and help ensure every dollar invested in building this critical infrastructure is maximized.

'An accessible and public electric vehicle charging network is an essential component of achieving Hoboken's Climate Action Plan and becoming carbon neutral by 2050,' said Mayor of the City of Hoboken Ravi S. Bhalla. 'Through this partnership with Volta, no matter where a resident lives in Hoboken, they will be within a five-minute walk of a charger, making it easier to own an electric or plug-in hybrid car. I look forward to cutting the ribbon on the first 25 stalls in the new year, which will have no impact on the municipal budget.'

Introducing these new EV charging stalls directly supports Hoboken's climate and sustainability goals. The City released its Climate Action Plan in 2019, which revealed transportation was responsible for 31 percent of the community's greenhouse gas (GHG) emissions—the second largest contributor behind commercial real estate. Since then, the City has installed 22 public EV charging ports and has focused on making itself EV friendly by establishing favorable zoning, ordinances, community education, and more. Supporting the transition to EVs within Hoboken also has significant health and economic benefits for residents, commuters, and visitors. Per Volta's data planning tools, Hoboken will avoid up to 2,250 tons of carbon pollution, a key source of asthma and other respiratory health problems, through increased EV adoption through 2024. Supporting the switch from gasoline to electric-provided miles is also expected to save drivers in Hoboken up to $1.2 million at the gas pump each year.1

Volta leveraged its PredictEV™ platform to identify the specific locations within Hoboken where charging stations would be most utilized by drivers. PredictEV analyzes disparate data sources, including local mobility, demographic, commercial, and site-specific data, to provide a high-fidelity plan for EV infrastructure deployment over 20 years. Insights provided by PredictEV include expected EV adoption, optimal charging locations, the right mix of charging infrastructure, and corresponding societal benefits such as CO2 mitigation, air quality improvement, and improved health outcomes. This software is already used by electric utilities and is licensed by states to create data-driven, equitable EV infrastructure plans that maximize public investment in alignment with Infrastructure Investment and Jobs Act's (IIJA) mandates.

'Over 80 percent of Americans live in urban areas, many of whom lack access to at-home EV charging. Public charging networks in densely populated areas are essential to moving away from fossil fuels and addressing climate change,' says John Stuckey, Vice President of Public Network Development at Volta. 'We're pleased to partner with the vibrant City of Hoboken to provide this essential service, and to do so at no cost to the City.'

'Our partnership with the City of Hoboken is an extension of Volta's Charging for All initiative, our commitment to investing in more accessible, equitable, and affordable public charging – especially in dense communities where home charging isn't an option,' said Kevin Samy, Head of Policy and Climate Strategy at Volta. 'Volta's media-enabled chargers generate the most value per charger in the industry, allowing us to increase charging availability, accelerate EV adoption, and create the shortest pathway to electric mobility for all.'

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 delivers value to site partners, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta's extensive network leverages its proprietary PredictEV™ platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel,' 'believes,' expects,' 'estimates,' 'projects,' 'intends,' 'should,' 'is to be,' or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta's strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta's digital displays; risks, cost overruns and delays associated with construction and installation of Volta's charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta's shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta's ability to retain driver interest, content partners and site hosts; the ability of Volta's new management team to successfully integrate into Volta and execute on Volta's business strategy; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those risk factors discussed in Volta's Annual Report on Form 10-K for the year ended December 31, 2021, Volta's Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission (the 'SEC') on May 13, 2022, and other Quarterly Reports on Form 10-Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

1 Data collected to determine cost savings from avoided gas fees is calculated using Volta's proprietary PredictEV software, the US EPA's published greenhouse gas equivalencies calculator, and the average gas price of gas stations located in Hoboken on July 15, 2022. These calculations are good faith estimates made using assumptions that are based on current industry and other government and societal data available to Volta, which may be updated from time to time.