SBE - ChargePoint to go public at $2.4B in latest SPAC merger

ChargePoint, one of the oldest and largest electric vehicle charging networks, is going public by merging with SPAC Switchback Energy Acquisition (SBE) in a deal that values the company at $2.4B.The transaction is expected to close near the end of the year and the company will be named ChargePoint Holdings (a trading symbol on the NYSE has not yet been determined)."The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190B by 2030," Switchback CEO Scott McNeill said. "We believe (ChargePoint) will continue to grow its strong market position as the EV industry evolves."The deal will raise about $493M in proceeds that ChargePoint will use to expand in North America and Europe. Last month, ChargePoint raised $127M to fund its platform expansion.SBE +6.6% premarket

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ChargePoint to go public at $2.4B in latest SPAC merger