SPAC Bamboozle Keeps On Giving: Stock Shredded, Low on Cash, Layoffs Underway, Volta Goes After Government Subsidies for EV Charging Stations

by Wolf Richter
Wolf Street

The model of “growth at all cost” has been taken out to the dump.

Volta Inc., which went public via merger with a SPAC in August last year, sells EV charging stations with big billboard-like media screens that allow or force people to watch ads while they wait for their vehicle to be charged. The media screens also face passersby, and so there are more eyeballs.

The company earns revenues from its EV charging network and from selling ads on these billboards. But not a lot: It’s infamous for having lost $276 million last year on $32 million in revenues, based on the unassailable Silicon Valley strategy of “growth at all cost.” In 2021, its revenues grew by $13 million; and its losses grew by $206 million. You get the idea. That kind of growth model.

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