EVSE manufacturer and charging network operator ChargePoint plans to go public via the trendy vehicle of a special purpose acquisition company. ChargePoint will merge with Switchback Energy Acquisition Corporation (NYSE: SBE) to form a company called ChargePoint Holdings, which will be listed on the NYSE.
The boards of both companies have unanimously approved the transaction, which is expected to close by the end of this year.
The deal values ChargePoint at an enterprise value of $2.4 billion. The company plans to use the proceeds to expand its reach in North America and Europe, further enhance its technology portfolio and scale up its commercial, fleet and residential businesses.
Founded in 2007, ChargePoint operates in just about every segment of the charging business. Its capital-light business model is based on providing site hosts with everything they need to electrify their parking spaces: networked charging hardware, software subscriptions and support services. The company’s network includes over 115,000 public and private charging points, as well as access to an additional 133,000 public chargers through network roaming arrangements.
“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,” said ChargePoint CEO Pasquale Romano. “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.”
“The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030,” said Switchback CEO Scott McNeill. “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. ChargePoint has a proven and capital-light business model that combines hardware and high-margin, recurring software subscriptions and services with strong customer relationships.”