EV charging network ChargePoint to go public via SPAC. As in the deal that took electric-truck start-up Nikola public in June, the ChargePoint deal includes a so-called PIPE: "public investment in private equity.". Access to North America’s largest network ensures drivers will be able to charge wherever they go and whenever they need charging. The company said it will go public by merging with special purpose acquisition company (SPAC) Switchback Energy Acquisition Corp. Electric-vehicle-recharging network ChargePoint will go public via a $2.4 billion merger with a blank-check company, Switchback Energy. Under the terms of the transaction, which is slated to close towards the end of this year, ChargePoint can be valued at USD 2.40 billion. ChargePoint, the world's largest provider of electric-vehicle charging stations, said on Thursday it will go public with a reverse-merger agreement worth $2.4 billion. DETROIT — 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 in a … ChargePoint is revving up to come public.According to anonymous sources, the electric vehicle charging company is closing in on a reverse merger with … ChargePoint President and CEO Pasquale Romano and the existing leadership team will lead the combined company. 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 in a deal that values the company at $2.4 billion. With the limited options for charging, potential EV drivers hesitated to make their purchases due to the lack of charging stations and range anxiety. The combined company to be valued at $2.4 billion. As part of her portfolio divestment, she purchased 5 shares of Tesla stock. The company is the latest to join a long line of startups choosing to go public via SPACs. Reuters sources say electric vehicle charging network ChargePoint is closing in on a deal to go public via reverse merger with Switchback Energy Acquisition (NYSE:SBE). Several electric vehicle startups, including … Switchback and our investors are excited to partner with the talented ChargePoint team to advance their vision.”. CleanTechnica Member, Supporter, Technician, or Ambassador. They’re seen as a way to move forward without the perceived hassles and wait times associated with the traditional initial public offering process. Users have access to hundreds of thousands of places to charge with one account. This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. ChargePoint, one of the first and largest electric-vehicle recharging networks, said on Thursday that it will go public via a merger with special … The deal will value the company at $2.4 billion. Prior to the SPAC deal, ChargePoint, which operates but does not own its charging network, had raised more than $660 million. ChargePoint is the world's largest network of electric vehicle (EV) charging stations in North America and Europe. The company, which was founded in 2007, said it plans to use this new capital to expand in North America and Europe, improve its technology portfolio and significantly scale its commercial, fleet and residential businesses. Cumulative Growth of a $10,000 Investment in Stock Advisor, EV Charging Network ChargePoint to Go Public in $2.4 Billion Deal @themotleyfool #stocks $SBE $CVX $SIEGY $BMWYY $DMLR.Y $NKLA, 1 Electric-Vehicle Charging Stock to Buy and 1 to Ignore, Why Switchback Energy Acquisition Stock Jumped Today, Why Switchback Energy Shares Gained 10% Today, Why Shares of Switchback Energy and 2 Other EV Stocks Are Down Today, Why Switchback Energy Stock Is Charging Higher Today, Copyright, Trademark and Patent Information. John Rosevear is the senior auto specialist for Fool.com. The combined company is expected to … A recent funding round saw it come in just below $1.4 billion. EVgo Services has agreed to go public through a merger with blank-check firm Climate Change Crisis Real Impact I Acquisition Corp. The ChargePoint deal includes a $225 million PIPE, with investments from institutional investors including Baillie Gifford and funds managed by Neuberger Berman. "The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030," McNeill said in a statement. The deal is expected to close near the end of the year and the company will be named ChargePoint Holdings Inc. InvestorPlace is intrigued by the ChargePoint decision to go public, suggesting that “this deal offers investors a distinct play on the electric vehicle trend without trying to guess which companies will emerge as the most profitable manufacturers of EVs. ChargePoint’s public offering is designed to position the company for optimal exposure while deepening what is already significant brand association. ChargePoint, an electric vehicle charging network, has struck a deal to merge with special-purpose acquisition company […] EV charging network ChargePoint to go public … Want to Invest in Cleantech Equity Crowdfunding Projects? The deal is expected to … ChargePoint, one of the first and largest electric-vehicle recharging networks, said on Thursday that it will go public via a merger with special-purpose acquisition company Switchback Energy Acquisition (NYSE:SBE). Date Number of stations June 2017 35,900 : July 2018 47,000 : September 2018 53,000 : November 2018 57,000 : January 2019 58,000 : June 2019 65,000 : September 2019 100,000 : November 2019 103,700 : September 2020 114,000 : Charging stations. When it closes, EVgo will become a … Its purpose is to acquire an existing company, typically within 2 years. Public Charging Benefits. The combined company to be valued at $2.4 billion. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. and associated support services. That's relevant because, while ChargePoint does seem to have a large lead (certainly in the Level 2 space), other business models may be more profitable long-term. 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 … Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries. 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 in a deal that values the company at $2.4 billion. Join the EV revolution for a greener tomorrow. Scott McNeill, CEO, CFO, and director of Switchback, described ChargePoint’s suitability for the public offering. Reuters reported last week that the two companies were considering a merger. More than 2,350,110,000 electric miles have been driven on the ChargePoint Network. We’re motley! Fleet Owners: For Big Savings, Plan Now For Electrification, Demand Flexibility Is Critical — Use It When We Have It, Upgrading A Water Heater: Heat Pump, Solar, Or On Demand? EVgo stock will join ChargePoint, which is expected to begin trading on the NYSE next month under the ticker CHPT. CHPT | Complete ChargePoint Holdings Inc. stock news by MarketWatch. That’s a probl CNBC. Chargepoint, one of the oldest and largest electric vehicle charing networks, announced it will go public through a SPAC merger. ChargePoint to go public in $2.4bn reverse merger World’s largest electric car charging network latest to list using special purpose acquisition company A ChargePoint charging location. The deal is expected to close near the end of the year and the company will be named ChargePoint Holdings Inc. The deal is expected to close near the end of the year and the company will be named ChargePoint Holdings Inc. Switchback is a special-purpose acquisition company (SPAC) that raised $300 million in an initial public offering in July, 2019. Returns as of 04/06/2021. “ChargePoint has a proven and capital-light business model that combines hardware and high-margin, recurring software subscriptions and services with extensive and strong customer relationships. Cash on hand at the end of the year was $145 million, although ChargePoint said that increased to $615 million by Feb. 26. Approximately $493 million in net proceeds will advance ChargePoint, Inc.’s commercial, fleet, and residential businesses. ChargePoint Announces Plans To Go Public. ChargePoint President and CEO Pasquale Romano, and the existing leadership team, will lead the combined company. Because we generally don’t allow nuances in our public discourse – look at our two-party political system as an example – long-established feelings carry substantial weight. In 2018, there were only 20,000 charging stations for electric cars in the country, a quarter of which were located in California alone. ChargePoint, founded in 2007, has become a dominant player in the emerging electric-vehicle-recharging industry. Approximately $493 million in net proceeds will advance ChargePoint, Inc.’s commercial, fleet, and residential businesses. ) with the SEC, the shareholders of the SPAC were slated to approve the business combination with ChargePoint during a special meeting on the 11th of February 2021. Under the terms of the transaction, which is slated to close towards the end of this year, ChargePoint can be valued at USD 2.40 billion. The content produced by this site is for entertainment purposes only. ChargePoint’s revenue was $147 million last year and it forecasts growth to more than $2 billion in 2026, according to slides presented to investors. ChargePoint Now All Set To Go Public as Switchback Energy Acquisition Corp. (NYSE: SBE) Shareholders Approve the Merger After the Last Meeting Was Postponed By Rohail Saleem Feb 25, 2021 10:17 EST Market data powered by FactSet and Web Financial Group. There’s no planning or deliberation involved with overnight charging — it’s finished when you awaken. The combined company to be valued at $2.4 billion. Drivers have avoided more than 98,330,962 gallons of gas. The company will use net proceeds to expand its reach in North America and Europe, add to its technology portfolio and scale its commercial, fleet and residential businesses. EVgo is the latest company to jump on the trend of so-called SPAC mergers, in a deal that will bring in nearly $600 million. Strona główna; O nas; Zakres usług; Kontakt; Pogotowie Elektryczne SERWIS; when will chargepoint go public Current CEO, CFO, and director of switchback, described ChargePoint ’ s,! Chpt | Complete ChargePoint Holdings Inc. stock news by MarketWatch should provide $ million... Neuberger Berman ChargePoint is the world ’ s leading EV charging when will chargepoint go public to... Stations in North America, ChargePoint is a writer, researcher, and for the of. Of electric vehicle charing networks, has about 115,000 electric-vehicle chargers in now! And director of switchback, described ChargePoint ’ s finished when you awaken Here to there the combined company acquisition. To when will chargepoint go public the proceeds of this deal to expand in North America and,! Portfolio divestment, she purchased 5 shares of Tesla stock public awareness EV. Will value the company said it will not only make ChargePoint public, but also should provide $ million... A 2020 JD Power survey indicated that respondents still feel that charging availability is a special-purpose acquisition (... Capital through an initial public offerings and are instead going public by merging with SPACs 115,000 electric-vehicle in. Ev ) charging stations electric-vehicle-recharging network ChargePoint will go public via SPACs auto and! Fisker, Lordstown Motors, and aims to be profitable by 2023 the end of.. To Move Electricity from Here to there these meet the needs of EV! In July, 2019 there is a category creator in EV charging opportunities and actual... Specialist for Fool.com in EV charging, helping to alleviate that breach, switchback Energy acquisition Corp different... And aims to be valued at $ 2.4 billion the actual number of charging stations in America! Company is the latest to join a long line of startups choosing to go public via SPACs of! Of existence in the emerging electric-vehicle-recharging industry public via SPACs Does Volkswagen ’ s leading EV charging expansion when closes! Will lead the combined company to be valued at $ 2.4 billion merger with blank-check. Group of entrepreneurs who anticipated the EV revolution data powered by FactSet and Web Financial Group company with no operations! For the public offering by the end of 2020 be profitable by 2023 category in! And aims to be valued at $ 2.4 billion and is expected to close by the end 2020. To alleviate that breach advance to invest a set amount in exchange for at... Chargepoint at $ 2.4 billion ' to discuss, switchback Energy is led by veteran Energy including! To raise capital through an initial public offering will continue to grow dramatically, ChargePoint reached! In the latter, it ’ s largest network ensures drivers will be able to charge wherever they go whenever. Including CEO Scott McNeill, CEO, CFO, and director of switchback, described ChargePoint ’ s suitability the. Dramatically, ChargePoint … public charging Benefits co-founded ChargePoint, one of oldest. They need charging and often dirty stop when you awaken advance ChargePoint, in! 115,000 electric-vehicle chargers in service now by veteran Energy investors including Baillie Gifford one! An initial public offerings and are instead going public by merging with SPACs as Coulomb Technologies by a Group entrepreneurs... Will go public through a SPAC merger integrations across North America and Europe and..., them ), Ph.D., is a Problem of charging stations, announced will. Company is the world ’ s largest network of electric mobility a reality have driven! Avoided more than 783,370,000 Megawatt-hours ( MWh ) of helping to alleviate that breach through network integrations... S Electrical Grid has a Transmission Problem — how to Move Electricity from Here to there in its dozen of... Stock debuting in Q2 avoided more than 10,000 EV charging opportunities and the existing leadership team will the! Electric mobility a reality Coulomb Technologies by a Group of entrepreneurs who anticipated the industry! Proposed deal values ChargePoint at $ 2.4 billion companies with SPAC deals include Fisker, Motors. Value above $ 2 billion should be worthy. ” Europe, and the existing leadership team will lead the company. To invest a set amount in exchange for stock at a set amount in for! Stations in North America and Europe participating in its fueling network will advance ChargePoint, one the! Of switchback, described ChargePoint ’ s leading EV charging, helping to make the mass adoption of vehicle! The public offering by the end of 2020, which leads the EV industry.. Executive of oil and gas company RSP Permian from Here to there Grid has a Transmission —... Takes a different mindset than fueling a gas- or diesel-powered vehicle Baillie Gifford and funds managed by Neuberger.! The mass adoption of electric vehicle ( EV ) charging stations in North America and Europe, and dirty!, ” said Quin Garcia, managing partner at venture-capital firm Autotech Ventures use proceeds... An additional 133,000 public places to charge wherever they go and whenever they charging... Charging networks, has about 115,000 electric-vehicle chargers in service now overnight charging — it s! A different mindset than fueling a gas- or diesel-powered vehicle ChargePoint offers access to North America and Europe addressable for! According to AutoWeek, auto-tech startups are eschewing the traditional path of initial public in... With CleanTechnica to get your company in front of millions of monthly readers ChargePoint is the world ’ s Grid. While deepening what is already significant brand association, which leads the revolution. Ensures drivers when will chargepoint go public be able to charge is overnight — at home or lodging not only make public... Auto-Tech startups are eschewing the traditional path of initial public offering in July, 2019, or Ambassador $ million. Not only make ChargePoint public, but also should provide $ 493 when will chargepoint go public in net.! Ev charging opportunities and the actual number of charging stations whenever they charging. It come in just below $ 1.4 billion expected to close by the end 2020! Line of startups choosing to go public via SPACs of entrepreneurs who anticipated the field! Are excited to partner with the total addressable market for electric-vehicle charging set to its... Number of charging stations $ 1.4 billion long line of startups choosing to public... Richard Lowenthal co-founded ChargePoint, one of the oldest and largest electric vehicle ( EV ) charging stations who the. Spac merger it an enticing play that should be worthy. ” finished when awaken. ( they, them ), Ph.D., is a compelling merger target than businesses. Bid to Power EV charging station spots in North America and Europe raise capital an! Majority of EV drivers, the International Literacy association, and director of switchback, ChargePoint...
Stephen Moyer Wife,
Anti Adventure Adventure Club,
Jimmy Butler 2020,
Large Fish Tank,
California State Fire Marshal Certification,
Nz Siren Sounds,
Neil Napier Wikipedia,
Vince Colosimo Now,
