SAN FRANCISCO–(BUSINESS WIRE)–Volta Inc. (NYSE: VLTA) (the “Company”) today announced that its Board of Directors has appointed Brandt Hastings, Chief Revenue Officer of Volta, as Chief Executive Officer per interim, with immediate effect. Brandt will also retain his title as CRO of Volta. The 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 chief revenue officer with two decades of experience creating innovative business models and driving transformational growth for global companies such as iHeartMedia and Clear Channel Communications. Brandt currently leads Volta’s advertising and charging solutions businesses to deliver measurable impact to top international brands, partner agencies, commercial properties and retail outlets. Brandt has led Volta’s strong revenue growth and significantly expanded relationships with company site partners since joining the company in 2020.
“Brandt has been instrumental in building Volta’s success and has an impressive track record of growing 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 talents and leadership skills will deliver results and accelerate Volta’s business in this interim role.
“Volta is a strong company with immense opportunity as the world transitions to electric mobility,” said Kathy Savitt, Co-Chair of the Board. “We want to thank Scott Mercer, who built this business with incredible vision. As the Board of Directors conducts a full and formal search for a permanent CEO, we are confident that Brandt will lead Volta’s teams to realize the company’s significant potential.
“Volta has a unique and proven business model that is well positioned for growth,” Hastings said. “I am excited to build on the company’s vision and success, helping to accelerate a clean energy future that benefits all of our stakeholders.
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 capitalize and catalyze the shift from combustion to electric miles by placing stations where consumers live, work, shop and play. By leveraging a data-driven understanding of driver behavior to deliver electric vehicle charging solutions that seamlessly integrate into people’s daily routines, Volta’s goal is to benefit consumers, brands and real estate sites while helping to build the infrastructure of the future. As part of Volta’s unique electric vehicle charging offering, its stations allow it to strengthen the core business interests of its site hosts and strategic partners, creating a new way for them to benefit from the transformative shift to electric mobility. To find out more, visit www.voltacharge.com.
This press release contains forward-looking statements, which are subject to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “sense”, “believe”, expect, “estimates”, “projects”, “intent”, “should”, “shall be” or the negative form of these terms, or other comparable terminology and include, among other things, statements regarding the strategy of Volta and other future events that involve risks and uncertainties. These 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 by Volta in the electric vehicle charging market and in its content businesses; the possibility that Volta may not be able to develop and grow strong relationships with real estate and retail partners to grow its charging network and content partners to expand its content sales business; market conditions, including seasonality, which may impact demand for EVs and EV charging stations or content on Volta’s digital screens; risks, cost overruns and delays associated with the construction and installation of Volta’s charging stations; the risks associated with any future expansion of Volta into other 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 transition to a pay-as-you-go business model and the requirement for mobile recordings will negatively impact Volta’s ability to retain interest from drivers, content partners and Site (s ; the electric vehicle market may not continue to grow as expected; and the ability to protect its 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 the Quarterly Reports on the Form 10-Q, and other reports and documents Volta’s filings from time to time with the SEC. Any forward-looking statement speaks only as of the date on which it is made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.
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