Electric vehicle charging network ChargePoint to go public at $2.4 billion valuation

ChargePoint Inc, one of the world’s oldest and largest electric vehicle charging networks, said on Thursday it will go public by merging with Switchback Energy Acquisition Corp in a deal that values the company at $2.4 billion.

The deal is expected to close near the end of the year and the company will be named ChargePoint Holdings Inc. A trading symbol on the New York Stock Exchange has not been identified.

Reuters last week reported ChargePoint and Switchback were nearing a deal. Switchback is a special-purpose acquisition company (SPAC) that raised $300 million in an initial public offering in July 2019.

“The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030,” Switchback Chief Executive Scott McNeill said. “We believe (ChargePoint) will continue to grow its strong market position as the EV industry evolves.”