ChargePoint SwitchBack Energy Official Electric vehicle charging network public NEWS SBE

ChargePoint SwitchBack Energy Official Electric vehicle charging network public NEWS SBE

DETROIT (Reuters) - ChargePoint Inc, one of the world's oldest and largest electric vehicle charging networks, said on Thursday it will go public by merging with Switchback Energy Acquisition Corp SBE.N in a deal that values the company at $2.4 billion.
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The deal is expected to close near the end of the year and the company will be named ChargePoint Holdings Inc. A trading symbol on the New York Stock Exchange has not been identified.

Reuters last week reported ChargePoint and Switchback were nearing a deal. Switchback is a special-purpose acquisition company (SPAC) that raised $300 million in an initial public offering in July 2019.

“The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030,” Switchback Chief Executive Scott McNeill said. “We believe (ChargePoint) will continue to grow its strong market position as the EV industry evolves.”

The deal will raise about $493 million in proceeds that ChargePoint will use to expand in North America and Europe. It includes $225 million from Baillie Gifford, Neuberger Berman Alternatives Advisors and other institutional investors. Baillie Gifford is one of the largest shareholders in EV segment leader Tesla Inc TSLA.O.