The Campbell-based electric vehicle charging network unicorn said the deal with Dallas-based Switchback Energy Acquisition values the combined companies at about US$2.4 billion, reported The Financial Times.
ChargePoint will trade on the New York Stock Exchange at an initial value of US$2.4bn through a merger with Switchback Energy, a publicly listed special purpose acquisition company or Spac.
Existing ChargePoint investors include Daimler, BMW and Siemens as well as Scottish investment trust Baillie Gifford, which has large holdings in technology groups. The company will raise close to US$500m, which will be used to fund its expansion across Europe and growth in North America, as the group aims to ride the growing demand for battery vehicles.
“We are in a breathtakingly large market,” chief executive Pasquale Romano told the Financial Times.
Full Content: Financial Times
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