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Stockholders’ (Deficit) Equity and Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Schedule of stock by class The following summarized the Company’s Preferred Stock conversion immediately after the Reverse Recapitalization:
 Preferred SharesConversion RatioCommon stock
Series A redeemable convertible Preferred Stock7,363,856 1.2135 8,936,039 
Series B redeemable convertible Preferred Stock11,090,568 1.2135 13,458,404 
Series C redeemable convertible Preferred Stock18,581,768 1.2135 22,548,976 
Series C-1 redeemable convertible Preferred Stock665,428 1.2135 807,497 
Series C-2 redeemable convertible Preferred Stock7,675,798 1.2135 9,314,581 
Series D redeemable convertible Preferred Stock13,266,042 1.2135 16,098,342 
Series D-1 redeemable convertible Preferred Stock8,283,574 1.2135 10,052,117 
Total66,927,034 81,215,956 
The following summarized the Company’s preferred stock conversion immediately after the Reverse Recapitalization:
 Preferred SharesConversion RatioCommon Stock
Series A redeemable convertible preferred stock7,363,856 1.2135 8,936,039 
Series B redeemable convertible preferred stock11,090,568 1.2135 13,458,404 
Series C redeemable convertible preferred stock18,581,768 1.2135 22,548,975 
Series C-1 redeemable convertible preferred stock665,428 1.2135 807,497 
Series C-2 redeemable convertible preferred stock7,675,798 1.2135 9,314,581 
Series D redeemable convertible preferred stock13,266,042 1.2135 16,098,342 
Series D-1 redeemable convertible preferred stock8,283,574 1.2135 10,052,117 
Total66,927,034 81,215,955 
Schedule of common stock shares outstanding
Company’s common stock outstanding
Authorized SharesIssued and Outstanding Shares
December 31, 2021
Volta Class A common stock350,000,000 152,218,214 
Volta Class B common stock50,000,000 9,887,185 
Total common stock outstanding400,000,000 162,105,399 
December 31, 2020
Volta Class A common stock48,540,000 13,185,808 
Volta Class B common stock104,361,000 11,510,629 
Total common stock outstanding152,901,000 24,696,437 
Company’s common stock outstanding
Authorized SharesIssued and Outstanding Shares
March 31, 2022
Volta Class A common stock350,000,000 161,849,487 
Volta Class B common stock50,000,000 395,335 
Total common stock outstanding400,000,000 162,244,822 
December 31, 2021
Volta Class A common stock350,000,000 152,218,214 
Volta Class B common stock50,000,000 9,887,185 
Total common stock outstanding400,000,000 162,105,399 
Schedule of common stock, capital shares reserved for future issuance
The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis:
December 31, 2021December 31, 2020
Redeemable Convertible Preferred Stock— 76,493,917 
Outstanding Public Warrants8,621,440 — 
Outstanding Private Warrants5,933,333 — 
Preferred Stock Warrants— 190,210 
Common stock warrants9,773,835 10,156,090 
Options and RSUs outstanding41,152,791 6,307,307 
Shares available for grant – 2014 Equity Incentive Plan— 14,301,980 
Shares available for grant – 2021 Equity Incentive Plan14,357,382 — 
Shares available for purchase - 2021 ESPP Plan3,715,944 — 
Total shares of common stock reserved83,554,725 107,449,504 
The Company has the following shares of common stock reserved for future issuance, on an as-if converted basis:
March 31, 2022December 31, 2021
Outstanding Public Warrants8,621,440 8,621,440 
Outstanding Private Warrants5,933,333 5,933,333 
Common stock warrants9,773,835 9,773,835 
Options and RSUs outstanding30,776,622 41,152,791 
Shares available for grant – 2021 Equity Incentive Plan21,720,450 14,357,382 
Shares available for purchase - 2021 ESPP Plan3,715,944 3,715,944 
Total shares of common stock reserved80,541,624 83,554,725 
Schedule of option award activity Stock option activity and activity regarding shares available for grant under the Plan is as follows:
Number of options outstandingWeighted-average exercise price per shareWeighted-average remaining contractual lifeAggregate intrinsic value
(in years)(in thousands)
January 1, 202012,890,557 $0.76 8.6$5,836 
Options granted5,319,061 1.05 
Options exercised(259,070)0.49 
Options forfeited(281,669)0.97 
Options expired(110,148)0.76 
December 31, 202017,558,731 $0.93 8.2$30,881 
Options granted7,248,934 3.93 
Options exercised(12,796,353)0.79 
Options forfeited(544,526)2.53 
Options expired(2,022)0.73 
December 31, 202111,464,764 $2.66 8.3$53,695 
Options vested and exercisable as of December 31, 2020
1,947,361 $0.63 7.0$4,734 
Options vested and exercisable as of December 31, 2021
4,830,158 $1.30 7.4$29,176 
Stock option activity and activity regarding shares available for grant under the Plan is as follows:
Number of options outstandingWeighted-average exercise price per shareWeighted-average remaining contractual lifeAggregate intrinsic value
(in years)(in thousands)
January 1, 202117,558,731 $0.93 8.2$30,881 
Options granted7,248,934 3.93 
Options exercised(12,796,353)0.79 
Options forfeited(544,526)2.53 
Options expired(2,022)0.73 
December 31, 202111,464,764 $2.66 8.3$53,695 
Options granted— $— $— $— 
Options exercised(139,423)1.04 — — 
Options forfeited(335,424)$5.04 $— $— 
Options expired(38,651)0.83 — — 
March 31, 202210,951,266 $2.61 6.8$12,532 
Options vested and exercisable as of December 31, 2021
4,830,158 $1.30 7.4$29,176 
Options vested and exercisable as of March 31, 2022
5,466,700 1.54 6.18,607,549 
Schedule of restricted stock unit activity
A summary of the RSU activity for the year ended December 31, 2021 was as follows:
Number of sharesWeighted-average grant date fair value
January 1, 2021
— $— 
RSUs granted29,763,009 $10.70 
RSUs vested— $— 
RSUs forfeited(75,000)$12.10 
December 31, 2021
29,688,009 $10.70 
A summary of the RSU activity for the three months ended March 31, 2022 was as follows:
Number of sharesWeighted-average grant date fair value
January 1, 2021— $— 
RSUs granted29,763,009 10.70 
RSUs vested— — 
RSUs forfeited(75,000)12.10 
December 31, 202129,688,009 10.70 
RSUs granted9,172,637 3.69 
RSUs vested(10,500,000)9.30 
RSUs forfeited(8,535,290)10.63 
March 31, 202219,825,356 5.24 
RSUs vested, not yet released as of March 31, 202210,500,000 $9.30 
Schedule of share-based payment award, stock options, valuation assumptions
A summary of the restricted stock award activity for the year ended December 31, 2021 was as follows:
Number of sharesWeighted-average grant date fair value
January 1, 2021
RSAs granted6,916,950 $5.82 
RSAs vested(6,916,950)$5.82 
RSAs forfeited— $— 
December 31, 2021
— $— 
The weighted-average assumptions that were used in calculating such values during the years ended December 31, 2021 and 2020 were as follows:
Year ended December 31,
20212020
Expected dividend yield— %— %
Risk-free interest rate0.7 %0.8 %
Expected volatility60.4 %48.1 %
Expected term (in years)5.86.0
The Company estimated the fair value of its market-based RSUs on the grant date using a BLM incorporating the assumptions noted in the table below:
Year ended December 31, 2021
Expected dividend yield— %
Risk-free interest rate1.3 %
Expected volatility95.0 %
Expected term (in years)4.8
The weighted-average assumptions that were used in calculating such values during the three months ended March 31, 2021 were as follows:
Three Months Ended March 31, 2021
Expected dividend yield— %
Risk-free interest rate0.6 %
Expected volatility57.7 %
Expected term (in years)5.8
The Company estimated the fair value of its market-based RSUs on the grant date using a BLM incorporating the assumptions noted in the table below:
 Three Months Ended
 March 31, 2022
Expected dividend yield— %
Risk-free interest rate1.5 %
Expected volatility90.0 %
Expected term (in years)4.6
The
components of stock-based compensation expense recorded with respect to the modified awards for Mr. Wendel is as follows for the three months ended March 31, 2022:
 Three Months Ended
 March 31, 2022
Reversal of previously recorded market-based RSU expense$(9,879)
Incremental expense for modified market-based RSUs$13,290 
Incremental expense for modified stock options$3,662 
Total stock-based compensation expense$7,073 
The components of stock-based compensation expense recorded with respect to the modified awards for Mr. Mercer is as follows for the three months ended March 31, 2022:
 Three Months Ended
 March 31, 2022
Reversal of previously recorded market-based RSU expense$(11,526)
Incremental expense for modified market-based RSUs$15,505 
Incremental expense for modified stock options$863 
Total stock-based compensation expense$4,842 
The assumptions that were used in calculating such values during the three months ended March 31, 2022 were as follows:
Valuation as of
March 26, 2022
Expected dividend yield— %
Risk-free interest rate2.5 %
Expected volatility90.0 %
Expected term (in years)4.4