ChargePoint to finally open an initial public offering worth $2.4 billion
On Thursday, ChargePoint Inc. announced that it would finally open an initial public offering (IPO) worth $2.4 billion. The California-based electric vehicle infrastructure company stated that it would merge with Switchback Energy Acquisition Corp. (SBE.N) by the end of the year.
“Being ready to be public means that you’re investing in scaling the platforms you already have because this addressable market is very, very large,” ChargePoint’s Chief Executive Officer Pasquale Romano said.
The company will be named ChargePoint Holdings Inc. while its trading symbol on the New York Stock Exchange (NYSE) has not been identified yet.
“The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030. We believe (ChargePoint) will continue to grow its strong market position as the EV industry evolves,” Switchback’s Chief Executive Officer Scott McNeill said.
Switchback Energy, a special-purpose acquisition company (SPAC), raised an IPO worth $300 Million in July 2019.