Volta to Take EV Charging Network Public Through SPAC Deal (1)

Volta Industries Inc., a U.S. operator of electric-vehicle charging stations, is planning to go public through a merger with Tortoise Acquisition Corp. II, giving the combined company a pro-forma equity value of $2 billion.

It’s the latest in a string of recent transactions in which clean-tech companies have sought to raise capital by combining with blank-check companies. Investors are piling into green stocks on optimism that President Joe Biden will accelerate the energy transition.

Tortoise is a special purpose acquisition company created for such a deal. Shares of the SPAC closed up 34% Monday following news of the proposed ...