ChargePoint, which manages one of the world’s largest EV charging networks, will merge with Switchback Energy Acquisition Corp in a deal that values the company at $2.4 billion. The merger will allow the new company to be traded on the New York Stock Exchange. The deal is expected to close near the end of the year. The new company will be named ChargePoint Holdings Inc.
Switchback is a special-purpose acquisition company (SPAC) that raised $300 million in an initial public offering in July 2019.
“We’ve pioneered networked charging and are resolute in our aim to usher in the transition to mass EV adoption by electrifying one parking spot at a time,” said ChargePoint President and CEO Pasquale Romano in the statement. “… Our technology charges all EVs – from passenger vehicles to delivery fleets – so there is no need to choose winners in electric mobility. We see ourselves as an index for the entire category.”
ChargePoint said in a statement it expects to use transaction proceeds to expand its reach in North America and Europe and significantly scale its commercial, fleet, and residential businesses.
Founded in 2007, ChargePoint claims a client base of more than 4,000 organizations and businesses with a network of more than 115,000 public and private charging places. It employs a “capital-light” model by selling organizations and businesses networked charging hardware, software subscriptions, and associated support services.
Romano will continue to lead the company with the existing management team.