U.S. EV Charging Network, ChargePoint Inc. and Switchback Energy Acquisition Corporation, a publicly traded special purpose acquisition company with a strategic focus on the energy sector, have announced the signing of a definitive business combination agreement.
The move will lead to a company listing on the New York Stock Exchange (NYSE). The business combination values ChargePoint at an implied $2.4 billion.
ChargePoint says it will use the transaction proceeds to expand its reach in North America and Europe, further enhance its technology portfolio and significantly scale its commercial, fleet and residential businesses. It’s currently anticipated that the transaction will close by the end of the fourth quarter of 2020.
The announcement follows similar moves from the likes of Fisker Inc and Lordstown Motors.
Pasquale Romano, President and CEO, ChargePoint, says: “For thirteen years we have been singularly focused on our vision to move all people and goods on electricity, and that has never been more relevant than it is today.”
He adds: “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. Today, we are a charging market leader thanks to a winning business model, a complete portfolio and thousands of brands that have realized that EV charging is essential, good for business and aligned with their corporate and sustainability goals. 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.”
Scott McNeill, CEO, CFO and Director of Switchback comments: “The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030. As a first mover in the space, ChargePoint has distinguished itself as the number one EV charging network and is well positioned to deliver mission-critical charging infrastructure as the expected transition to electric mobility accelerates.”
Upon the transaction closing, ChargePoint will continue to be led by President and CEO, Pasquale Romano and the existing management team.