VOLTA NEWS
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PRESS RELEASE

Michelin Promotes EV Tires via Volta's Sustainable EV Charging and Media Network

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Campaign increased awareness of Michelin’s EV-specific tires by 70 percent

Perception of Michelin as an environmentally friendly brand increased by 38 percent

SAN FRANCISCO, CA (July 19, 2022) – Volta Inc. (NYSE: VLTA), an industry-leading electric vehicle (“EV”) charging network powering vehicles and commerce, partnered with Michelin North America, Inc. (OTCMKTS: MGDDY) to bring the mobility brand’s “Motion For Life” campaign to millions of EV drivers and consumers in the U.S. The campaign showcased Michelin’s innovative tires designed to maximize EV performance, making Volta — both an EV charging and media network — the ideal platform to meaningfully reach audiences while positively impacting the environment.  

Volta provides accessible and reliable public EV charging that conveniently complements consumers' daily routines with locations at grocery stores, entertainment venues, apparel retailers, pharmacies, banks, and more. With eye-catching digital screens located steps away from the entrances of these locations, Volta stations double as an innovative media network, allowing brands to reach consumers in an environmentally sustainable format while they are in a purchasing mindset.

The strategic location of Volta’s stations in the front of parking lots ensured Michelin’s message reached not just EV drivers but millions of shoppers who are projected to be EV owners in the future. As a technological leader, Michelin has been preparing for the EV revolution and designs tires that maximize EV performance, like the MICHELIN ® Pilot ® Sport EV tire, which can extend battery range by 35 miles.¹ A study conducted by an independent, third-party research firm revealed this campaign successfully improved awareness of Michelin’s EV-specific tires by 70 percent and boosted the perception that Michelin makes the best tires for EVs by 23 percent, demonstrating the impact of Volta’s large-format screens on influencing consumer mindsets.

“As the market for electric vehicles continues to grow, finding unique ways to reach the EV consumer is critical,” said Stephanie Tarbet, Michelin North America Vice President of Communications, Brands, and Government Affairs. “Working with a partner like Volta has allowed us to share our brand campaign directly with the consumer, providing a highly effective visual of our technological leadership.”

Michelin’s campaign directly enabled Volta to deliver more than 470,000 electric miles to EV drivers via Volta’s media-enabled charging stations. As a result, Michelin helped avoid an estimated 113 tons of CO2 emissions that would have otherwise been created by gasoline-powered vehicles.²

The environmental benefit of this campaign was understood by consumers as well — perceptions of Michelin being an environmentally-friendly brand increased by 38 percent, as measured by the aforementioned third-party research firm.  

“We are proud to partner with Michelin to achieve both their business and environmental sustainability goals,” said Brandt Hastings, Chief Commercial Officer at Volta. “Volta’s unique combination of EV charging and media make it the only company that can effectively shape consumer behavior while supporting the rapid transition to a clean, electric transportation future.”

About Volta

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle ("EV") charging and media company. Volta's unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site partners, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta's extensive network leverages its proprietary PredictEV™ platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.

About Michelin North America, Inc.

Michelin, the leading mobility company, is working with tires, around tires and beyond tires to enable Motion for Life. Dedicated to enhancing its clients' mobility and sustainability, Michelin designs and distributes the most suitable tires, services and solutions for its customers’ needs. Michelin provides digital services, maps and guides to help enrich trips and travels and make them unique experiences. Bringing its expertise to new markets, the company is investing in high-technology materials, 3D printing and hydrogen, to serve a wide variety of industries–from aerospace to biotech. Headquartered in Greenville, South Carolina, Michelin North America has approximately 22,500 employees and operates 34 production facilities in the United States and Canada. (michelinman.com)

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the ability of Volta's new management team to successfully integrate into Volta and execute on Volta's business strategy; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those risk factors discussed in Volta’s Annual Report on Form 10-K for the year ended December 31, 2021, Volta's Form 10-Q for the quarter ended March 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on May 13, 2022, and other Quarterly Reports on Form 10-Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

¹ Rolling Resistance internal study conducted in 10/2020, on dimension 255/45 R19, comparing MICHELIN Pilot Sport EV (6.7kg/t) versus MICHELIN Pilot Sport 4 SUV (8.8kg/t). For an electrical vehicle of a mass 2151kg, with an autonomy of 540km, this gap of 2.1kg/t drives to a gain of autonomy of more than 60km, or more than 10% of the initial range.

² Data collected to determine environmental benefits from Volta's charging stations is calculated in accordance with US EPA’s methodology using the published greenhouse gas equivalencies calculator, and the US Department of Energy's published miles per kWh rating per electric vehicle (EV) model. Environmental calculations are good faith estimates made using assumptions that are based on current industry and other government and societal data available to Volta, which may be updated from time to time.

July 19, 2022
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