ChargePoint, Inc., an electric vehicle charging network, and Switchback Energy Acquisition Corp. (SBE) have signed a business combination deal. The combination values ChargePoint at an implied $2.4 billion enterprise value. Upon transaction closing, ChargePoint will have approximately $683 million in cash, resulting in a total pro forma equity value of approximately $3.0 billion. The combined company will be named ChargePoint Holdings, Inc. and will be listed on the NYSE. ChargePoint will continue to be led by President and CEO, Pasquale Romano and the existing management team.
ChargePoint expects to use the proceeds of approximately $493 million to expand the company's reach in North America and Europe, further enhance its technology portfolio and significantly scale its commercial, fleet and residential businesses ahead of the anticipated introduction of an increasing number of new EV models and rising EV penetration.
For comments and feedback contact: editorial@rttnews.com
Business News