SAN FRANCISCO–(COMMERCIAL WIRE)–Volta Inc. (NYSE: VLTA) (the “Company”) today announced that its Board of Directors has appointed Brandt Hastings, Chief Revenue Officer of Volta, as interim Chief Executive Officer, effective immediately. Brandt will also retain his title as Volta’s CRO. This appointment follows Scott Mercer’s decision to step down as president and CEO of Volta last month. The Board has begun a formal search for a permanent CEO.
Hastings is a revenue executive with two decades of experience building innovative business models and driving transformational growth for global companies like iHeartMedia and Clear Channel Communications. Brandt currently leads Volta’s charging and advertising solutions businesses to deliver measurable impact to leading international brands, agency partners, commercial properties and retail locations. Brandt has led Volta’s strong revenue growth and significantly expanded relationships with company site partners since he joined the company in 2020.
“Brandt has been instrumental in building on Volta’s success and has an impressive track record of driving growth for companies and their stakeholders,” said Vince Cubbage, Co-Chairman of the Board.We have seen Brandt in action firsthand and have the utmost confidence that his talent and leadership skills will drive results and accelerate the Volta business in this interim role.”
“Volta is a strong company with immense opportunities as the world transitions to electric mobility,” said Kathy Savitt, co-chair of the board.We want to thank Scott Mercer, who built this company with incredible vision. As the Board conducts a full and formal search for a permanent CEO, we are confident that Brandt will lead the Volta teams to realize the company’s significant potential.”
“Volta has a unique and proven business model that is well positioned for growth,” said Hastings. “I’m excited to build on the company’s vision and success, helping to accelerate a clean energy future that benefits all of our stakeholders.”
About Volta
Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging network that powers vehicles and commerce. Volta’s vision is to build electric vehicle charging networks that harness and catalyze the shift from combustion-powered miles to electric miles by locating stations where consumers live, work, shop and play. Leveraging a data-driven understanding of driver behavior to deliver electric vehicle charging solutions that fit seamlessly into people’s daily routines, Volta’s goal is to benefit consumers, brands and real estate locations while help build the infrastructure of the future. As part of Volta’s unique electric vehicle charging offering, its stations enable it to enhance the core business interests of site hosts and strategic partners, creating a new medium for them to benefit from the transformative shift to electric mobility. For more information, visit www.voltacharging.com.
Forward-looking statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels”, ” believes”, expects, “estimates”, “projects”, “intends”, “should”, “should be” or the negative form of such terms, or other comparable terminology and includes, among other things, statements about Volta’s strategy and other future events involving 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 in this document due to many factors, including including, but not limited to: intense competition facing Volta in the electric vehicle charging market and in its content activities; the possibility that Volta may not be able to build and develop strong relationships with real estate and retail partners to build its cargo network and content partners to expand its content sales activities; market conditions, including seasonality, which may affect demand for electric vehicles and electric vehicle charging stations or the content of Volta’s digital screens; risks, cost overruns and delays associated with the construction and installation of Volta’s charging stations; risks associated with any future expansion of Volta into additional international markets; cost increases, delays, or new or increased taxes or other restrictions on the availability or cost of electricity; rapid technological change in the electric vehicle 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 move to include a pay-per-use business model and mobile sign-in requirement will adversely affect Volta’s ability to retain driver interest, content partners and site hosts; the electric vehicle market may not continue to grow as expected; and the ability to protect your intellectual property rights; and the factors discussed in Volta’s Registration Statement on Form S-1, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), supplemented by Quarterly Reports on Form 10 -Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statement speaks only as of the date made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
