Pasquale Romano, CEO, ChargePoint. Photo credit: ChargePoint

ChargePoint, the popular electric vehicle charging infrastructure network, has reached a deal to go public by merging with blank-check firm Switchback Energy Acquisition Corp. The deal is expected to add nearly $500 million to ChargePoint’s balance sheet and give the company an initial valuation of $2.4 billion. Switchback is a blank-check firm that raised $300 million in its public debut last year, money that will now go to ChargePoint along with more funding to be raised from institutional investors including asset management firm Baillie Gifford and Neuberger Berman Alternatives Advisors. Before now, ChargePoint as a private company has raised over $650 million in funding, among its backers BMW, Chevron, GIC, and the Canada Pension Plan Investment Board.

ChargePoint’s intended blank-check merger marks yet another of such mergers that is slated to take place this year. Throughout this year, a significant number of technology companies have gone public or have reached deals to go public via the way of blank-check firms, to name a few, Nikola and DraftKings and as of recent Opendoor, XL Fleet, Desktop Metal, and Luminar, all of whom have formalized reverse merger deals but haven’t yet debuted.

ChargePoint intends to trade on the New York Stock Exchange under a not yet identified ticker. The company says it’ll use the money raised from its public debut to expand in North America and Europe.

Related;

• Peter Thiel Eyes Blank-Check Firm
• Social Capital Eyes $2 Billion SPACs
• XL Fleet Eyes Reverse Listing
• Richard Branson Eyes $400 Million SPAC
• QuantumScape Eyes Reverse Listing

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