The leading EV charging network provider ChargePoint has announced that it has become the first publicly traded EV charging company operating across continents. This follows the closure of its business combination deal with Switchback Energy Acquisition Corporation on February 26, 2021. Switchback Energy Acquisition Corporation is a publicly traded special purpose acquisition company with a strategic focus on the energy value chain.
The combined entity is listed on the New York Stock Exchange and the shares of common stock and warrants of the new combined company will be traded under the ticker symbol “CHPT” (NYSE:CHPT) and “CHPT.WS” respectively. ChargePoint had approximately $615 million in cash prior to payment of its outstanding term loan at the close of this deal. The company will use these funds for its ongoing operations. In addition, they will be used to support its expansion in North America and Europe.
“ChargePoint continues to pioneer the category, becoming the first publicly traded electric vehicle charging company operating across continents,” said Pasquale Romano, President and CEO, ChargePoint. “ChargePoint’s public company debut reinforces the durability of this industry, supported by increasingly progressive climate policy, market preference for clean mobility and more new vehicle introductions than ever before. With our business model tested over more than a decade and approximately $480 million in net proceeds raised from this transaction, I’m confident that ChargePoint is well positioned for continued growth in North America and Europe as the shift to electrified mobility takes hold globally.”
Established in 2007 and headquartered in California, ChargePoint is an electric vehicle infrastructure company that operates the largest online network of independently owned EV charging stations. Its cloud subscription platform and software-defined charging hardware are designed to include options for multiple charging scenarios.