ChargePoint Inc. to become a public company

by Sep 24, 2020

Switchback Energy Acquisition Company and ChargePoint announced the signing of a business combination agreement. The agreement values ChargePoint at $2.4 billion and the transaction is expected to complete by the end of the year. According to ChargePoint, going public will further help it to increase its charging infrastructure in Europe and North America, as they plan to use the transaction proceeds to grow their infrastructure and product portfolio. Charge point currently operates around 115,000 charging points globally and additional 130,000 charging points on its network through roaming partnerships. In 2018, ChargePoint announced a bold target of installing 2.5 million chargers by 2025, it will be interesting to see if this IPO will help it in achieving this target. Link to the news: