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Switchback Energy Acquisition Corporation / ChargePoint

Switchback Energy Acquisition Corporation / ChargePoint

EV charging network ChargePoint to go public via SPAC

Kirsten Korosec@kirstenkorosec / 5:50 pm CEST•September 24, 2020

Several electric vehicle startups, including Canoo, Fisker Inc., Lordstown Motors and Nikola Corp., have gone public this year by merging with a special purpose acquisition company. Now, an electric vehicle charging company is joining the growing list of SPACs.

ChargePoint, an electric vehicle charging network, has struck a deal to merge with special-purpose acquisition company Switchback Energy Acquisition Corporation, with a market valuation of $2.4 billion. ChargePoint will continue to be led by President and CEO Pasquale Romano and the existing management team. The combined company will be named ChargePoint Holdings Inc. and will be listed on the New York Stock Exchange. The company expects the transaction will close by the end of the year.

ChargePoint said it was able to raise $225 million in private investment in public equity, or PIPE, led by institutional investors including Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors. ChargePoint will have about $683 million in cash. The cash proceeds raised in the transaction will be used to repay debt, fund operations, support growth and for general corporate purposes.

“The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030,” Switchback CEO, CFO and Director Scott McNeill said in a statement, adding that ChargePoint is well-positioned to deliver the infrastructure that will be needed.

ChargePoint designs, develops and manufactures hardware and accompanying software, as well as a cloud subscription platform, for electric vehicles. The company might be best-known for its branded public and semi-public charging spots that consumers use to charge their personal electric cars and SUVs, as well as its home chargers. However, ChargePoint also has a commercial-focused business that provides hardware and software to help fleet operators manage their delivery vans, buses and cars. In all, the company has more than 115,000 charging spots globally. ChargePoint also offers access to an additional 133,000 public places to charge through network roaming integrations across North America and Europe.

The company, which was founded in 2007, said it plans to use this new capital to expand in North America and Europe, improve its technology portfolio and significantly scale its commercial, fleet and residential businesses.

The SPAC merger comes just a month after ChargePoint raised $127 million in funding from a mix of existing investors from the oil and gas, utilities and venture industries, including American Electric Power, Chevron Technology Ventures, Clearvision and Quantum Energy Partners.


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RE: Switchback Energy Acquisition Corporation / ChargePoint

SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of Switchback Energy Acquisition Corporation (NYSE -SBE)
Fri, September 25, 2020, 12:30 AM GMT+2

BALA CYNWYD, PA / ACCESSWIRE / September 24, 2020 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Switchback Energy Acquisition Corporation ("Switchback Energy" or the "Company") (NYSE:SBE) for possible breaches of fiduciary duty and other violations of federal and state law in connection with a business combination agreement and plan of reorganization pursuant to which Switchback Energy, a special purpose acquisition company, will combine with ChargePoint, Inc., ("ChargePoint"), a leading electric vehicle ("EV") charging network, and result in ChargePoint becoming a publicly-listed company. Under the terms of the agreement, Switchback Energy shareholders will retain ownership of only 10.3% of the combined company.

The investigation concerns whether the Switchback Energy Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution of ownership interest in the combined company.

If you own shares of Switchback Energy stock and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire, or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 805, Bala Cynwyd, PA 19004, visit https://www.brodskysmith.com/cases/switchback-energy-acquisition-corporation-nyse-sbe/, or call toll free 877-534-2590.

Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE: Law office of Brodsky & Smith, LLC



RE: Switchback Energy Acquisition Corporation / ChargePoint

Switchback Energy Stock Is a Credible Addition to Your EV Roster
As ChargePoint goes public, it's time to consider how SBE stock will fit into your portfolio

By Louis Navellier and the InvestorPlace Research Staff, Editor, Growth Investor Dec 22, 2020, 2:08 pm EST


Buy Switchback Stock Before ChargePoint’s SPAC Deal Closes
SBE stock offers investors a great way to capitalize on ChargePoint's market debut

By Joel Baglole Dec 8, 2020, 7:47 pm EST


The companies plan to close the transaction before the end of this month, forming a new company valued at $2.4 billion. ChargePoint Holdings will trade on the New York Stock Exchange upon closing the deal.


RE: Switchback Energy Acquisition Corporation / ChargePoint

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RE: Switchback Energy Acquisition Corporation / ChargePoint

EV Charging Stock Plays: Why This Analyst Prefers ChargePoint Over Blink Charging
Shanthi Rexaline
Tue, October 19, 2021


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