Volta Inc. (NYSE:VLTA), which completed a combination with Tortoise Acquisition Corp. II in August 2021, announced this morning that it has agreed to be acquired by Shell, a subsidiary of Shell plc (NYSE: SHEL), in an all-cash transaction at $0.86 per share.

The price tag marks a premium of approximately 18% to Volta’s last close at $0.72 per share and the company’s VWAP of $0.73. The transaction is valued at approximately $169 million, approximately 5x VLTA’s 2023E EBITDA. But, Tortoise II originally struck its combination with the EV charge station-maker Volta at an enterprise value of $1.4 billion back in February 2021.

Volta makes consumer vehicle charging stations designed for prime locations as a visitor-draw and advertising space in addition to powering up EVs on the road. It recently saw its third-quarter 2022 revenue increase 69% year-over-year to $14.4 million from $8.5 million in 2021.

The press release notes that the Shell’s acquisition will provide Volta the opportunity to unlock the company’s signed pipeline of charging stalls in construction and capture the large EV charging market. While the EV infrastructure market opportunity is seeing continuous growth, Volta’s ability to capture it on its own was limited, especially when considering unfavorable market conditions and ongoing capital restraints. Following the completion of the transaction, there will be no immediate changes to Volta regarding driver experiences, capabilities available to advertisers, or services provided to commercial properties and retail locations.

As part of the agreement, an affiliate of Shell will provide subordinated secured term loans to Volta to bridge the company through the closing of the transaction.