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2021-08-27

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EV Charging Firm Volta Is Going Public But Raising Less Money Than Expected<blockquote>电动汽车充电公司 Volta 即将上市，但筹集的资金低于预期</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":819821011,"tweetId":"819821011","gmtCreate":1630056148433,"gmtModify":1704955276805,"author":{"id":3569643178216945,"idStr":"3569643178216945","authorId":3569643178216945,"authorIdStr":"3569643178216945","name":"堵神","avatar":"https://static.tigerbbs.com/cacee5ba5c333e51bfcd4bed94dada85","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":19,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Wow 😳</body></html>","htmlText":"<html><head></head><body>Wow 😳</body></html>","text":"Wow 😳","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/819821011","repostId":1107360724,"repostType":4,"repost":{"id":"1107360724","kind":"news","pubTimestamp":1630055482,"share":"https://www.laohunote.com/m/news/1107360724?lang=zh_CN&edition=full","pubTime":"2021-08-27 17:11","market":"us","language":"en","title":"EV Charging Firm Volta Is Going Public But Raising Less Money Than Expected<blockquote>电动汽车充电公司 Volta 即将上市，但筹集的资金低于预期</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107360724","media":"Barrons","summary":"Electric-vehicle charging firm Volta Industries is set to debut on the New York Stock Exchange Frida","content":"Electric-vehicle charging firm Volta Industries is set to debut on the New York Stock Exchange Friday, after closing a merger with a special purpose acquisition company, or SPAC, on Thursday. It’s raising less money than originally planned and entering a crowded-but-fast-growing market.<blockquote>电动汽车充电公司 Volta Industries 在周四完成与特殊目的收购公司 (SPAC) 的合并后，将于周五在纽约证券交易所首次亮相。该公司筹集的资金比原计划要少，进入了一个拥挤但快速增长的市场。</blockquote> Tortoise Acquisition Corporation II (ticker: SNPR) agreed to merge with privately held Volta back in February, a deal approved by shareholders on Wednesday. The SPAC shares’ ticker symbol changes to “VLTA” on Friday.<blockquote>Tortoise Acquisition Corporation II（股票代码：SNPR）早在二月份就同意与私人控股公司 Volta 合并，该交易于周三获得股东批准。SPAC 股票的股票代码将于周五变更为 “VLTA ”。</blockquote> SPACs raise money from investors and go public in initial public offerings, then go out and find an operating company to combine with. Once the companies merge, the start-up gets access to the SPAC’s cash and stock-market listing, and the SPAC effectively ceases to exist.<blockquote>SPAC从投资者那里筹集资金，在首次公开募股中上市，然后出去找一家运营公司合并。一旦两家公司合并，初创企业就可以获得 SPAC 的现金和股票市场上市，SPAC 实际上就不复存在了。</blockquote> There is an extra wrinkle, however: SPAC shareholders have a redemption option, meaning that around the time of a merger they can elect to swap their shares for an equal proportion of the SPAC’s cash. That tends to be around $10. Amid a broader selloff in the SPAC market, Tortoise II shares have been trading just below that level in recent weeks.<blockquote>不过，还有一个额外的问题： SPAC 股东有赎回选择权，这意味着在合并前后，他们可以选择用自己的股份换取 SPAC 同等比例的现金。这往往是10美元左右。在 SPAC 市场普遍抛售的情况下，Tortoise II 股价最近几周一直略低于该水平。</blockquote> Some 70% of Tortoise II shareholders&nbsp;elected to redeem&nbsp;on Wednesday, asking for $242.2 million back out of the SPAC’s $345 million trust. Shareholders representing 59% of Tortoise II’s shares outstanding voted on the deal; 96% of them were in favor. Yes, SPAC shareholders can vote in favor of a deal but then still withdraw their cash.<blockquote>约 70% 的 Tortoise II 股东选择在周三赎回，要求从 SPAC 的 3.45 亿美元信托中退还 2.422 亿美元。代表 Tortoise II 59% 流通股的股东对该交易进行了投票；96%的人赞成。是的，特殊目的收购公司股东可以投票支持交易，但仍然可以提取现金。</blockquote> Luckily for Volta, its deal with Tortoise II also included a $300 million private investment in public equity, or PIPE, from institutional investors like&nbsp;BlackRock&nbsp;and Fidelity. After redemptions, Volta will raise around $400 million before expenses in the deal, not $645 million.<blockquote>对 Volta 来说幸运的是，它与 Tortoise II 的交易还包括贝莱德 (BlackRock) 和富达 (Fidelity) 等机构投资者对公共股权 (PIPE) 的 3 亿美元私人投资。赎回后，Volta 将在交易费用前筹集约 4 亿美元，而不是 6.45 亿美元。</blockquote> CEO Scott Mercer tellsBarron’sthat the smaller capital raise doesn’t impact the company’s growth plans or timeline. It aims to get to 26,000 charging stations by the end of 2025, from around 2,000 today. Financial forecasts for 2025 are for $252 million in Ebitda—earnings before interest, taxes, depreciation, and amortization—on $826 million in revenue. The company sees sales about doubling each year from 2020’s $25 million.<blockquote>首席执行官斯科特·默瑟告诉巴伦规模较小的融资不会影响公司的增长计划或时间表。该公司的目标是到 2025 年底将充电站数量从目前的约 2,000 个增加到 26,000 个。2025 年的财务预测为 Ebitda（息税折旧摊销前利润）为 2.52 亿美元，收入为 8.26 亿美元。该公司预计销售额将从 2020 年的 2500 万美元每年翻一番。</blockquote> Volta-Tortoise II isn’t the only SPAC merger to get hit with a wave of redemptions this week. Good Works Acquisition (GWAC) shareholders approved a merger with Bitcoin company Cipher Mining Technologies on Wednesday, but redeemed $128.4 million out of its $170 million trust. That deal also included a&nbsp;$425 million PIPE.<blockquote>Volta-Tortoise II 并不是本周唯一一家遭遇赎回潮的 SPAC 合并公司。Good Works Acquisition (GWAC) 股东周三批准了与比特币公司 Cipher Mining Technologies 的合并，但赎回了其 1.7 亿美元信托中的 1.284 亿美元。该交易还包括价值 4.25 亿美元的管道。</blockquote> When the SPAC market enters periods of weakness like the current one, arbitrage-focused funds tend to swoop in and buy shares trading at discounts to their trust values. They’re not interested in investing in the future post-SPAC company, just earning the difference between the stock’s price and its trust value. It is as close to a risk-free trade as you can find, and can be especially attractive in a world of rock-bottom interest rates and bond yields. That is why Volta and Cipher Mining saw so many redemptions this week.<blockquote>当特殊目的收购公司市场进入像当前这样的疲软时期时，专注于套利的基金往往会蜂拥而至，以低于其信托价值的价格购买交易股票。他们对投资未来的 SPAC 后公司不感兴趣，只是赚取股票价格与其信托价值之间的差额。这是你能找到的最接近无风险的交易，在利率和债券收益率跌至谷底的世界里尤其有吸引力。这就是为什么 Volta 和 Cipher Mining 本周有如此多的赎回。</blockquote> Volta’s business model is a little different than the half-dozen other EV charging stocks on the market. Some of its peers are focused on selling equipment and software for others to operate charging stations. Others want to run their own network, and charge EV drivers for time or electricity used.<blockquote>Volta 的商业模式与市场上其他半打电动汽车充电股略有不同。它的一些同行专注于为其他人销售设备和软件来运营充电站。其他人则希望运营自己的网络，并向电动汽车驾驶员收取所使用的时间或电费。</blockquote> Volta’s strategy is, essentially, based on consumer behavior. It wants to locate its stations to maximize station utilization and drive traffic to retailers, some of whom will pay Volta for putting its charging stations in front of their stores. It’s willing to locate in higher-value real estate because that is where people want to be. The company can generate revenue from its retail partners, by selling advertising space on its chargers’ large screens, and by charging for the electricity being used by EV drivers.<blockquote>沃尔特的战略本质上是基于消费者行为。它希望选址充电站，以最大限度地提高充电站利用率，并为零售商增加流量，其中一些零售商将向沃尔特支付将充电站放置在商店前的费用。它愿意选址价值较高的房地产，因为那是人们想要的地方。该公司可以通过在充电器的大屏幕上出售广告位，以及对电动汽车驾驶员使用的电力收费，从其零售合作伙伴那里获得收入。</blockquote> One things that has changed since Volta announced its plans to go public is the passage of President Biden’s $1 trillion infrastructure bill. That has money, which the federal government can allocate to states, for building EV charging networks.<blockquote>自 Volta 宣布上市计划以来，拜登总统 1 万亿美元基础设施法案的通过发生了变化。联邦政府可以将资金分配给各州，用于建设电动汽车充电网络。</blockquote> “The actual [spending] number matters less than the fact that there is a bully pulpit pushing this,” says Volta’s co-founder and president Chris Wendel. “It’s an all parts of government push to electrify as part of a broader climate agenda which we are fully aligned with.” Volta management adds that tax credits for building EV infrastructure are another important incentive that the government could continue. Those are so-called 30 C incentives.<blockquote>“Volta 联合创始人兼总裁克里斯-温德尔（Chris Wendel）说：”实际的[支出]数字并不重要，重要的是有一个恶霸讲坛在推动这一数字。“作为更广泛的气候议程的一部分，政府全力推动电气化，我们完全同意这一议程”。Volta management补充说，建设电动汽车基础设施的税收抵免是政府可以继续的另一个重要激励措施。这些就是所谓的30摄氏度激励。</blockquote> Volta announce its plans to merge with Tortoise II in&nbsp;early February. Shares are down 43% since then. Many SPAC stocks have sold off significantly from their February highs. The&nbsp;Defiance Next Gen SPAC Derived ETF(SPAK) is down about 33% since Volta announced its deal. That ETF is also down about 35% from its mid-February 52-week high.<blockquote>Volta 于 2 月初宣布计划与 Tortoise II 合并。此后股价下跌了 43%。许多 SPAC 股票已从 2 月份的高点大幅抛售。自 Volta 宣布交易以来，Defiance Next Gen SPAC 衍生 ETF (SPAK) 已下跌约 33%。该 ETF 也较 2 月中旬的 52 周高点下跌了约 35%。</blockquote> Rising interest rates&nbsp;because of inflation fears that built earlier in 2021 are one reason for SPAC stock underperformance. Higher rates hurt richly valued start-up companies more than others, and make more speculative assets less attractive. A rotation out of small capitalization stocks hasn’t helped either. The&nbsp;Russell 2000 Index&nbsp;is down about 2% since mid-February. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Averageare up about 15% and 12%, respectively, over the same span.<blockquote>2021 年初引发的通胀担忧导致利率上升是 SPAC 股票表现不佳的原因之一。较高的利率对高估值初创公司的伤害比其他公司更大，并降低了更多投机性资产的吸引力。小盘股的轮换也无济于事。自2月中旬以来，罗素2000指数已下跌约2%。同期，标普500和道琼斯工业平均指数分别上涨了约15%和12%。</blockquote> Volta is the third EV charging-related start-up to close a SPAC merger and become publicly traded, along with&nbsp;EVgo(EVGO) and&nbsp;ChargePoint(CHPT). Two additional companies have deals pending: EV Box is merging with&nbsp;TPG Pace Beneficial Finance(TPGY) and WallBox is merging with&nbsp;Kensington Acquisition Corp II(KCAC).Beam Global(BEEM) and&nbsp;Blink Charging(BLNK) became publicly traded through traditional initial public offerings.<blockquote>Volta 是第三家完成 SPAC 合并并上市的电动汽车充电相关初创公司，另外两家是 EVGO (EVGO) 和 ChargePoint (CHPT)。另外两家公司正在进行交易：EV Box 正在与 TPG Pace Beneficial Finance (TPGY) 合并，WallBox 正在与 Kensington Acquisition Corp II (KCAC) 合并。 Beam Global (BEEM) 和 Blink Charging (BLNK) 通过传统的首次公开募股上市。</blockquote> The first SPAC from the team behind Tortoise II took Hyliion Holdings (HYLN) public last year. Its third—TortoiseEcofin Acquisition III (TRTL)—went public last month and also has a sustainability focus. Former U.S. president Bill Clinton is on that SPAC’s board of directors.<blockquote>Tortoise II背后团队的第一个特殊目的收购公司去年让Hyliion Holdings（HYLN）上市。其第三个——TortoiseEcofin Acquisition III（TRTL）——于上个月上市，也以可持续发展为重点。美国前总统比尔-克林顿是该特殊目的收购公司的董事会成员。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>EV Charging Firm Volta Is Going Public But Raising Less Money Than Expected<blockquote>电动汽车充电公司 Volta 即将上市，但筹集的资金低于预期</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEV Charging Firm Volta Is Going Public But Raising Less Money Than Expected<blockquote>电动汽车充电公司 Volta 即将上市，但筹集的资金低于预期</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-27 17:11\n\n</h4>\n</header>\n<article>\nElectric-vehicle charging firm Volta Industries is set to debut on the New York Stock Exchange Friday, after closing a merger with a special purpose acquisition company, or SPAC, on Thursday. It’s raising less money than originally planned and entering a crowded-but-fast-growing market.<blockquote>电动汽车充电公司 Volta Industries 在周四完成与特殊目的收购公司 (SPAC) 的合并后，将于周五在纽约证券交易所首次亮相。该公司筹集的资金比原计划要少，进入了一个拥挤但快速增长的市场。</blockquote> Tortoise Acquisition Corporation II (ticker: SNPR) agreed to merge with privately held Volta back in February, a deal approved by shareholders on Wednesday. The SPAC shares’ ticker symbol changes to “VLTA” on Friday.<blockquote>Tortoise Acquisition Corporation II（股票代码：SNPR）早在二月份就同意与私人控股公司 Volta 合并，该交易于周三获得股东批准。SPAC 股票的股票代码将于周五变更为 “VLTA ”。</blockquote> SPACs raise money from investors and go public in initial public offerings, then go out and find an operating company to combine with. Once the companies merge, the start-up gets access to the SPAC’s cash and stock-market listing, and the SPAC effectively ceases to exist.<blockquote>SPAC从投资者那里筹集资金，在首次公开募股中上市，然后出去找一家运营公司合并。一旦两家公司合并，初创企业就可以获得 SPAC 的现金和股票市场上市，SPAC 实际上就不复存在了。</blockquote> There is an extra wrinkle, however: SPAC shareholders have a redemption option, meaning that around the time of a merger they can elect to swap their shares for an equal proportion of the SPAC’s cash. That tends to be around $10. Amid a broader selloff in the SPAC market, Tortoise II shares have been trading just below that level in recent weeks.<blockquote>不过，还有一个额外的问题： SPAC 股东有赎回选择权，这意味着在合并前后，他们可以选择用自己的股份换取 SPAC 同等比例的现金。这往往是10美元左右。在 SPAC 市场普遍抛售的情况下，Tortoise II 股价最近几周一直略低于该水平。</blockquote> Some 70% of Tortoise II shareholders&nbsp;elected to redeem&nbsp;on Wednesday, asking for $242.2 million back out of the SPAC’s $345 million trust. Shareholders representing 59% of Tortoise II’s shares outstanding voted on the deal; 96% of them were in favor. Yes, SPAC shareholders can vote in favor of a deal but then still withdraw their cash.<blockquote>约 70% 的 Tortoise II 股东选择在周三赎回，要求从 SPAC 的 3.45 亿美元信托中退还 2.422 亿美元。代表 Tortoise II 59% 流通股的股东对该交易进行了投票；96%的人赞成。是的，特殊目的收购公司股东可以投票支持交易，但仍然可以提取现金。</blockquote> Luckily for Volta, its deal with Tortoise II also included a $300 million private investment in public equity, or PIPE, from institutional investors like&nbsp;BlackRock&nbsp;and Fidelity. After redemptions, Volta will raise around $400 million before expenses in the deal, not $645 million.<blockquote>对 Volta 来说幸运的是，它与 Tortoise II 的交易还包括贝莱德 (BlackRock) 和富达 (Fidelity) 等机构投资者对公共股权 (PIPE) 的 3 亿美元私人投资。赎回后，Volta 将在交易费用前筹集约 4 亿美元，而不是 6.45 亿美元。</blockquote> CEO Scott Mercer tellsBarron’sthat the smaller capital raise doesn’t impact the company’s growth plans or timeline. It aims to get to 26,000 charging stations by the end of 2025, from around 2,000 today. Financial forecasts for 2025 are for $252 million in Ebitda—earnings before interest, taxes, depreciation, and amortization—on $826 million in revenue. The company sees sales about doubling each year from 2020’s $25 million.<blockquote>首席执行官斯科特·默瑟告诉巴伦规模较小的融资不会影响公司的增长计划或时间表。该公司的目标是到 2025 年底将充电站数量从目前的约 2,000 个增加到 26,000 个。2025 年的财务预测为 Ebitda（息税折旧摊销前利润）为 2.52 亿美元，收入为 8.26 亿美元。该公司预计销售额将从 2020 年的 2500 万美元每年翻一番。</blockquote> Volta-Tortoise II isn’t the only SPAC merger to get hit with a wave of redemptions this week. Good Works Acquisition (GWAC) shareholders approved a merger with Bitcoin company Cipher Mining Technologies on Wednesday, but redeemed $128.4 million out of its $170 million trust. That deal also included a&nbsp;$425 million PIPE.<blockquote>Volta-Tortoise II 并不是本周唯一一家遭遇赎回潮的 SPAC 合并公司。Good Works Acquisition (GWAC) 股东周三批准了与比特币公司 Cipher Mining Technologies 的合并，但赎回了其 1.7 亿美元信托中的 1.284 亿美元。该交易还包括价值 4.25 亿美元的管道。</blockquote> When the SPAC market enters periods of weakness like the current one, arbitrage-focused funds tend to swoop in and buy shares trading at discounts to their trust values. They’re not interested in investing in the future post-SPAC company, just earning the difference between the stock’s price and its trust value. It is as close to a risk-free trade as you can find, and can be especially attractive in a world of rock-bottom interest rates and bond yields. That is why Volta and Cipher Mining saw so many redemptions this week.<blockquote>当特殊目的收购公司市场进入像当前这样的疲软时期时，专注于套利的基金往往会蜂拥而至，以低于其信托价值的价格购买交易股票。他们对投资未来的 SPAC 后公司不感兴趣，只是赚取股票价格与其信托价值之间的差额。这是你能找到的最接近无风险的交易，在利率和债券收益率跌至谷底的世界里尤其有吸引力。这就是为什么 Volta 和 Cipher Mining 本周有如此多的赎回。</blockquote> Volta’s business model is a little different than the half-dozen other EV charging stocks on the market. Some of its peers are focused on selling equipment and software for others to operate charging stations. Others want to run their own network, and charge EV drivers for time or electricity used.<blockquote>Volta 的商业模式与市场上其他半打电动汽车充电股略有不同。它的一些同行专注于为其他人销售设备和软件来运营充电站。其他人则希望运营自己的网络，并向电动汽车驾驶员收取所使用的时间或电费。</blockquote> Volta’s strategy is, essentially, based on consumer behavior. It wants to locate its stations to maximize station utilization and drive traffic to retailers, some of whom will pay Volta for putting its charging stations in front of their stores. It’s willing to locate in higher-value real estate because that is where people want to be. The company can generate revenue from its retail partners, by selling advertising space on its chargers’ large screens, and by charging for the electricity being used by EV drivers.<blockquote>沃尔特的战略本质上是基于消费者行为。它希望选址充电站，以最大限度地提高充电站利用率，并为零售商增加流量，其中一些零售商将向沃尔特支付将充电站放置在商店前的费用。它愿意选址价值较高的房地产，因为那是人们想要的地方。该公司可以通过在充电器的大屏幕上出售广告位，以及对电动汽车驾驶员使用的电力收费，从其零售合作伙伴那里获得收入。</blockquote> One things that has changed since Volta announced its plans to go public is the passage of President Biden’s $1 trillion infrastructure bill. That has money, which the federal government can allocate to states, for building EV charging networks.<blockquote>自 Volta 宣布上市计划以来，拜登总统 1 万亿美元基础设施法案的通过发生了变化。联邦政府可以将资金分配给各州，用于建设电动汽车充电网络。</blockquote> “The actual [spending] number matters less than the fact that there is a bully pulpit pushing this,” says Volta’s co-founder and president Chris Wendel. “It’s an all parts of government push to electrify as part of a broader climate agenda which we are fully aligned with.” Volta management adds that tax credits for building EV infrastructure are another important incentive that the government could continue. Those are so-called 30 C incentives.<blockquote>“Volta 联合创始人兼总裁克里斯-温德尔（Chris Wendel）说：”实际的[支出]数字并不重要，重要的是有一个恶霸讲坛在推动这一数字。“作为更广泛的气候议程的一部分，政府全力推动电气化，我们完全同意这一议程”。Volta management补充说，建设电动汽车基础设施的税收抵免是政府可以继续的另一个重要激励措施。这些就是所谓的30摄氏度激励。</blockquote> Volta announce its plans to merge with Tortoise II in&nbsp;early February. Shares are down 43% since then. Many SPAC stocks have sold off significantly from their February highs. The&nbsp;Defiance Next Gen SPAC Derived ETF(SPAK) is down about 33% since Volta announced its deal. That ETF is also down about 35% from its mid-February 52-week high.<blockquote>Volta 于 2 月初宣布计划与 Tortoise II 合并。此后股价下跌了 43%。许多 SPAC 股票已从 2 月份的高点大幅抛售。自 Volta 宣布交易以来，Defiance Next Gen SPAC 衍生 ETF (SPAK) 已下跌约 33%。该 ETF 也较 2 月中旬的 52 周高点下跌了约 35%。</blockquote> Rising interest rates&nbsp;because of inflation fears that built earlier in 2021 are one reason for SPAC stock underperformance. Higher rates hurt richly valued start-up companies more than others, and make more speculative assets less attractive. A rotation out of small capitalization stocks hasn’t helped either. The&nbsp;Russell 2000 Index&nbsp;is down about 2% since mid-February. The&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Averageare up about 15% and 12%, respectively, over the same span.<blockquote>2021 年初引发的通胀担忧导致利率上升是 SPAC 股票表现不佳的原因之一。较高的利率对高估值初创公司的伤害比其他公司更大，并降低了更多投机性资产的吸引力。小盘股的轮换也无济于事。自2月中旬以来，罗素2000指数已下跌约2%。同期，标普500和道琼斯工业平均指数分别上涨了约15%和12%。</blockquote> Volta is the third EV charging-related start-up to close a SPAC merger and become publicly traded, along with&nbsp;EVgo(EVGO) and&nbsp;ChargePoint(CHPT). Two additional companies have deals pending: EV Box is merging with&nbsp;TPG Pace Beneficial Finance(TPGY) and WallBox is merging with&nbsp;Kensington Acquisition Corp II(KCAC).Beam Global(BEEM) and&nbsp;Blink Charging(BLNK) became publicly traded through traditional initial public offerings.<blockquote>Volta 是第三家完成 SPAC 合并并上市的电动汽车充电相关初创公司，另外两家是 EVGO (EVGO) 和 ChargePoint (CHPT)。另外两家公司正在进行交易：EV Box 正在与 TPG Pace Beneficial Finance (TPGY) 合并，WallBox 正在与 Kensington Acquisition Corp II (KCAC) 合并。 Beam Global (BEEM) 和 Blink Charging (BLNK) 通过传统的首次公开募股上市。</blockquote> The first SPAC from the team behind Tortoise II took Hyliion Holdings (HYLN) public last year. Its third—TortoiseEcofin Acquisition III (TRTL)—went public last month and also has a sustainability focus. Former U.S. president Bill Clinton is on that SPAC’s board of directors.<blockquote>Tortoise II背后团队的第一个特殊目的收购公司去年让Hyliion Holdings（HYLN）上市。其第三个——TortoiseEcofin Acquisition III（TRTL）——于上个月上市，也以可持续发展为重点。美国前总统比尔-克林顿是该特殊目的收购公司的董事会成员。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/ev-charging-firm-volta-is-going-public-but-raising-less-money-than-expected-51630013685?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"VLTA":"Volta"},"source_url":"https://www.barrons.com/articles/ev-charging-firm-volta-is-going-public-but-raising-less-money-than-expected-51630013685?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107360724","content_text":"Electric-vehicle charging firm Volta Industries is set to debut on the New York Stock Exchange Friday, after closing a merger with a special purpose acquisition company, or SPAC, on Thursday. It’s raising less money than originally planned and entering a crowded-but-fast-growing market.\nTortoise Acquisition Corporation II (ticker: SNPR) agreed to merge with privately held Volta back in February, a deal approved by shareholders on Wednesday. The SPAC shares’ ticker symbol changes to “VLTA” on Friday.\nSPACs raise money from investors and go public in initial public offerings, then go out and find an operating company to combine with. Once the companies merge, the start-up gets access to the SPAC’s cash and stock-market listing, and the SPAC effectively ceases to exist.\nThere is an extra wrinkle, however: SPAC shareholders have a redemption option, meaning that around the time of a merger they can elect to swap their shares for an equal proportion of the SPAC’s cash. That tends to be around $10. Amid a broader selloff in the SPAC market, Tortoise II shares have been trading just below that level in recent weeks.\nSome 70% of Tortoise II shareholders elected to redeem on Wednesday, asking for $242.2 million back out of the SPAC’s $345 million trust. Shareholders representing 59% of Tortoise II’s shares outstanding voted on the deal; 96% of them were in favor. Yes, SPAC shareholders can vote in favor of a deal but then still withdraw their cash.\nLuckily for Volta, its deal with Tortoise II also included a $300 million private investment in public equity, or PIPE, from institutional investors like BlackRock and Fidelity. After redemptions, Volta will raise around $400 million before expenses in the deal, not $645 million.\nCEO Scott Mercer tellsBarron’sthat the smaller capital raise doesn’t impact the company’s growth plans or timeline. It aims to get to 26,000 charging stations by the end of 2025, from around 2,000 today. Financial forecasts for 2025 are for $252 million in Ebitda—earnings before interest, taxes, depreciation, and amortization—on $826 million in revenue. The company sees sales about doubling each year from 2020’s $25 million.\nVolta-Tortoise II isn’t the only SPAC merger to get hit with a wave of redemptions this week. Good Works Acquisition (GWAC) shareholders approved a merger with Bitcoin company Cipher Mining Technologies on Wednesday, but redeemed $128.4 million out of its $170 million trust. That deal also included a $425 million PIPE.\nWhen the SPAC market enters periods of weakness like the current one, arbitrage-focused funds tend to swoop in and buy shares trading at discounts to their trust values. They’re not interested in investing in the future post-SPAC company, just earning the difference between the stock’s price and its trust value. It is as close to a risk-free trade as you can find, and can be especially attractive in a world of rock-bottom interest rates and bond yields. That is why Volta and Cipher Mining saw so many redemptions this week.\nVolta’s business model is a little different than the half-dozen other EV charging stocks on the market. Some of its peers are focused on selling equipment and software for others to operate charging stations. Others want to run their own network, and charge EV drivers for time or electricity used.\nVolta’s strategy is, essentially, based on consumer behavior. It wants to locate its stations to maximize station utilization and drive traffic to retailers, some of whom will pay Volta for putting its charging stations in front of their stores. It’s willing to locate in higher-value real estate because that is where people want to be. The company can generate revenue from its retail partners, by selling advertising space on its chargers’ large screens, and by charging for the electricity being used by EV drivers.\nOne things that has changed since Volta announced its plans to go public is the passage of President Biden’s $1 trillion infrastructure bill. That has money, which the federal government can allocate to states, for building EV charging networks.\n“The actual [spending] number matters less than the fact that there is a bully pulpit pushing this,” says Volta’s co-founder and president Chris Wendel. “It’s an all parts of government push to electrify as part of a broader climate agenda which we are fully aligned with.” Volta management adds that tax credits for building EV infrastructure are another important incentive that the government could continue. Those are so-called 30 C incentives.\nVolta announce its plans to merge with Tortoise II in early February. Shares are down 43% since then. Many SPAC stocks have sold off significantly from their February highs. The Defiance Next Gen SPAC Derived ETF(SPAK) is down about 33% since Volta announced its deal. That ETF is also down about 35% from its mid-February 52-week high.\nRising interest rates because of inflation fears that built earlier in 2021 are one reason for SPAC stock underperformance. Higher rates hurt richly valued start-up companies more than others, and make more speculative assets less attractive. A rotation out of small capitalization stocks hasn’t helped either. The Russell 2000 Index is down about 2% since mid-February. The S&P 500 and Dow Jones Industrial Averageare up about 15% and 12%, respectively, over the same span.\nVolta is the third EV charging-related start-up to close a SPAC merger and become publicly traded, along with EVgo(EVGO) and ChargePoint(CHPT). Two additional companies have deals pending: EV Box is merging with TPG Pace Beneficial Finance(TPGY) and WallBox is merging with Kensington Acquisition Corp II(KCAC).Beam Global(BEEM) and Blink Charging(BLNK) became publicly traded through traditional initial public offerings.\nThe first SPAC from the team behind Tortoise II took Hyliion Holdings (HYLN) public last year. Its third—TortoiseEcofin Acquisition III (TRTL)—went public last month and also has a sustainability focus. Former U.S. president Bill Clinton is on that SPAC’s board of directors.","news_type":1,"symbols_score_info":{"VLTA":0.9}},"isVote":1,"tweetType":1,"viewCount":1206,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/819821011"}