ChargePoint and Switchback Energy Acquisition have signed a definitive business combination agreement.
ChargePoint expects to use transaction proceeds to expand its reach in North America and Europe, further enhance its technology portfolio and significantly scale its commercial, fleet and residential businesses ahead of the anticipated introduction of an increasing number of new EV models and rising EV penetration.
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“For thirteen years we have been singularly focused on our vision to move all people and goods on electricity and that has never been more relevant than it is today,” said ChargePoint president and CEO, Pasquale Romano.
“We’ve pioneered networked charging and are resolute in our aim to usher in the transition to mass EV adoption by electrifying one parking spot at a time. Today, we are a charging market leader thanks to a winning business model, a complete portfolio and thousands of brands that have realised EV charging is essential, good for business and aligned with their corporate and sustainability goals.
“Our technology charges all EVs – from passenger vehicles to delivery fleets. We see ourselves as an index for the entire category.”
Founded in 2007, ChargePoint operates in every segment, from commercial to fleet to residential. Charging is matched to parking duration, from energy-managed AC level 2 to DC fast charging. The parking spaces owned by ChargePoint’s site hosts are integrated into one network available to the driver in a mobile app.
ChargePoint serves customers through its software-defined hardware portfolio, suite of software solutions and network and services designed for a wide range of use cases. ChargePoint’s offerings have attracted a customer base of more than 4,000 organisations and businesses, building a network of more than 115,000 public and private places to charge.
In addition, ChargePoint offers access to an additional 133,000 public places to charge through network roaming integrations across North America and Europe. Drivers plug into the ChargePoint network around every two seconds and have completed more than 82m charging sessions to date.
On the transaction closing, ChargePoint will continue to be led by Romano and the existing management team.
