A PYMNTS Company

ChargePoint To Go Public in $2.4B Merger

By  |  September 24, 2020

The Campbell-based electric vehicle charging network unicorn said the deal with Dallas-based Switchback Energy Acquisition values the combined companies at about US$2.4 billion, reported The Financial Times. 

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    ChargePoint will trade on the New York Stock Exchange at an initial value of US$2.4bn through a merger with Switchback Energy, a publicly listed special purpose acquisition company or Spac. 

    Existing ChargePoint investors include Daimler, BMW and Siemens as well as Scottish investment trust Baillie Gifford, which has large holdings in technology groups. The company will raise close to US$500m, which will be used to fund its expansion across Europe and growth in North America, as the group aims to ride the growing demand for battery vehicles.

    “We are in a breathtakingly large market,” chief executive Pasquale Romano told the Financial Times.

    Full Content: Financial Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.