This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. The €2.06B deal is expected to close near the end of the year. Add in the fact that long-term trends suggest consumers are more likely than ever to drive a green car, and ChargePoint should start to get even more business. First of all, what exactly is ChargePoint? That is exactly where ChargePoint comes in. ChargePoint is revving up to come public. ChargePoint plans to go public next month in a reverse merger with Dallas-based Switchback Energy Acquisition Corp. (NYSE:SBE) in a deal that values the combined companies at … 1125 N. Charles St, Baltimore, MD 21201. To answer that, it is important to understand that ChargePoint sees itself as the backbone of the electric vehicle industry. BMW first supplied funds in 2012, according to Crunchbase data. In 2019, VW's Electrify America and ChargePoint agreed to provide common access to their US customers. Hundreds of thousands of places to charge One account to access them 8:50 AM PDT • September 24, 2020. 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.". CEO Pasquale Romano joins 'Squawk on the Street' to discuss. September 18, 2020. Chargepoint CEO on going public in $2.4 billion reverse merger: 'It was good timing for us' Chargepoint, one of the oldest and largest electric vehicle charing networks, announced it will go public … ChargePoint has attracted funding from both private venture investors and large strategic investors, including German automakers Daimler AG and BMW and the venture arm of … But the pay models, depending on the cost for a charge, need to be studied to determine which network makes the most sense for you—if it’s best to collect a wallet-full of membership cards or if proper planning will allow you to avoid public charg… It expects to use the proceeds of this deal to expand in North America and Europe, and aims to be profitable by 2023. Article printed from InvestorPlace Media, https://investorplace.com/2020/09/chargepoint-spac-merger-ev-charging-company-to-go-public-via-sbe-spac/. Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. quotes delayed at least 15 minutes, all others at least 20 minutes. ChargePoint is revving up to come public. ChargePoint helps investors embrace exactly that. Importantly, it provides a variety of charging stations as well as a platform to help optimize EV charging. Electric vehicle charging network company ChargePoint to go public via SPAC. ChargePoint President and CEO Pasquale Romano, and the existing leadership team, will lead the combined company. And if you need more convincing data, check this out. Chris Katje. According to Reuters, the company has received support from Chevron (NYSE:CVX), BMW (OTCMKTS:BMWYY) and Daimler (OTCMKTS:DDAIF). BRITAIN will give away millions of doses of surplus coronavirus vaccine to poor countries, the government will reveal today. Now, it says someone plugs into the network every two seconds. An increasing consumer shift toward sustainability and the environment could bring big bucks to the ChargePoint SPAC merger. ChargePoint To Go Public In Another Signal Of Surge In EV Popularity ChargePoint will become a public offering by the end of 2020. We have seen electric vehicle companies come public in record numbers this summer — including Nikola (NASDAQ:NKLA), Li Auto (NYSE:LI) and Xpeng (NYSE:XPEV). ChargePoint, one of the oldest and largest electric vehicle charging networks, is going public by merging with SPAC Switchback Energy Acquisition (NYSE:SBE) in a … The merged company, to be called ChargePoint Holdings, will realize about $493 million in net proceeds from the deal, and will have a total of $683 million in cash. Otonomo, the cloud-based software startup that help companies capture and monetize connected car data, is headed to the public market. ChargePoint generated $147 million in revenue in 2019. The most important thing to note here is that the deal is not final. 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. The deal would value Campbell, California-based ChargePoint at more than $2 billion. Petco also disclosed outstanding total debt of $3.3 billion, with proceeds from the sale of shares expected to go toward interest payments on loans. Electric vehicle charging station operator ChargePoint is the latest EV company that's headed for the public markets via the SPAC route, according to … The three primary approaches are: (1) pay-as-you-go, (2) monthly subscriptions, and (3) free. ChargePoint Inc. said on Wednesday that it raised $240 million in new funding, which CEO Pasquale Romano says may be the last venture round his 11-year-old company needs before going public… Source: David Tonelson / Shutterstock.com, ChargePoint SPAC Merger: EV Charging Company to Go Public Via SBE SPAC, give ChargePoint a value above $2 billion, Louis Navellier and the InvestorPlace Research Staff, This Tesla Stock Dip Is a Gift Just Waiting to Be Bought, The Technology — and Opportunity — to Solve Power Outages. Reuters reported last week that the two companies were considering a merger. Last week, we reported that 2020 seems to be the “year of the SPAC.” Copyright © 2021 InvestorPlace Media, LLC. ChargePoint, an electric vehicle charging network, has struck a deal to merge with special-purpose acquisition company […] EV charging network ChargePoint to go public … ChargePoint is the world's largest network of electric vehicle (EV) charging stations in North America and Europe. Here is what you need to know about the red-hot ChargePoint SPAC merger. Although Roblox initially planned to go public last year in an IPO, the company delayed that move after massive opening day jumps in stocks such as … ChargePoint to go public in $2.4bn reverse merger VentureBeat 196d ChargePoint raises $127 million to bring EV charging to more fleets Reuters … The Israeli … It should be clear where the interest in this deal is coming from. … We rigorously test all our products to Market data powered by FactSet and Web Financial Group. Nasdaq ChargePoint is planning to go public through a SPAC merger in early 2021. 1125 N. Charles St, Baltimore, MD 21201. According to anonymous sources, the electric vehicle charging company is closing in on a reverse merger with Switchback Energy Acquisition (NYSE:SBE). For ChargePoint, a reverse merger is an attractive opportunity to go public and a good strategic option. According to … On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article. So what about the ChargePoint SPAC merger? ChargePoint’s offerings have attracted a growing customer base of more than 4,000 organizations and businesses, building a network of more than 115,000 public … EV Charging Company ChargePoint Going Public Via SPAC: Report. At the time, ChargePoint maintained 57,000 charging spots. Switchback itself came public just over a year ago in an initial public offering that raised $300 million. Copyright © According to internal sources, the deal could value the company at over $2 billion. The 7 Best Vanguard Index Funds to Buy Now for Pent Up Demand, 8 Electric Vehicle Stocks With Long-Term Stories. 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. Since its founding in 2007, the company has rapidly grown. We’re motley! ChargePoint, the world’s largest network of electric vehicle (EV) charging stations, is preparing for a reverse merger deal to go public. 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 follows the broad pattern of other recent deals involving electric-vehicle start-ups and special purpose acquisition companies, or SPACs, that have drawn intense interest from auto investors in 2020. ChargePoint, with its leading position in the U.S. and a growing presence in Europe, seems like a no-brainer to grow nicely along with EV adoption over the next several years. The company is likely eyeing ChargePoint because of its prominence in the electric vehicle space, the broader trend toward electric cars and the fact ChargePoint has institutional backing. With a charging network across North America, it and its rivals are key to boosting consumer adoption of electric vehicles. Kirsten Korosec. All rights reserved. ChargePoint is revving up to come public. Clean Energy, Energy Storage Company STEM To Go Public Via SPAC Chris Katje, Benzinga Staff Writer {{following ? Returns as of 02/20/2021. Read full article. Sep 24th 2020 at 9:48AM 0 Comments DETROIT — ChargePoint Inc, one of the world's oldest and largest electric vehicle charging networks, said on Thursday it will go public … Clover will go public via a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company. 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. 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). Such a deal could give ChargePoint a value above $2 billion. Electric car stocks are hot now, and the novel coronavirus is likely to make them even hotter. Keep a close eye on this deal. America’s #1 Stock Picker Reveals His Biggest Recommendation of 2021... On Feb. 23, Luke Lango will reveal his #1 tech pick of the year… details on the hyperscale opportunities on the cusp of changing the world… and how YOU can get in on the action.