Volta Inc. stated on Wednesday {that a} Shell Plc subsidiary would take over the electrical car charging community operator in an all-cash deal valued at about $169 million.

Shell USA Inc will purchase all excellent shares of Class A standard inventory of Volta for 86 cents apiece in money in a deal that’s anticipated to shut within the first half of the 12 months, Volta stated.

Shell and different corporations equivalent to France’s EDF and Norway’s Statkraft have been investing in EV charging infrastructure to money in on the rising demand for electrical autos.

The announcement follows different investments within the EV charging infrastructure house, together with Mercedes-Benz, which is poised to take a position billions of {dollars} to construct 10,000 fast-charging factors in North America, Europe and China by 2030.

As a part of the deal, Shell USA will even present loans to Volta to assist the corporate by way of the closing of the deal.