The electric vehicles (EV) industry is growing at a promising rate, driven by impressive innovations and government subsidies. Therefore, the prospects for EV charging stocks look bright. However, with SEC approving its unlock of shares for EV charging company Volta (VLTA), should you buy the dip? Keep reading to find out.San Francisco-based Volta Inc. (VLTA) operates a network of smart media-enabled charging stations for electric vehicles (EVs). The company went public through a reverse merger with SPAC Tortoise Acquisition Corp. II on August 27, 2021. The business combination was approved at TortoiseCorp II’s extraordinary general shareholders’ meeting held on August 25, with about 96% of the votes cast in favor of the business combination.
Since its stock market debut, the company has been partnering with several companies. It recently partnered with Six Flags (NYSE:SIX) Entertainment Corporation, the world’s largest regional theme park company and the largest operator of waterparks in North America, to make EV charging accessible to its guests at their parks across the United States. Also, the company installed new charging stations in cities like Fairfax, Virginia, and Lawrenceville, Georgia, aligned with its market penetration strategy.
Moreover, the company announced the issuance of two utility patents to Volta Charging by the U.S. Patent and Trademark Office on September 29. "These new patents add to a portfolio that reflects the foundational elements of our product design and our rich user experience, further positioning us as a premium partner within the EV charging space," said Scott Mercer, Founder, and CEO of Volta. The stock has gained 4.4% over the past month.