ChargePoint goes public, readies North America, Europe expansion
ChargePoint, the Silicon Valley-based electric vehicle recharging company, officially went public (NYSE: CHPT) this week, following a SPAC merger with Switchback Energy Acquisition Corp. which finalized in late February.
At the close of the transaction, ChargePoint had approximately US$615 million in cash (prior to payment of its outstanding term loan), which it anticipates will fund ongoing operations and to support the expansion of the Company’s commercial, fleet and residential businesses in North America and Europe.
“We are the first publicly traded electric vehicle charging company operating across continents,” says ChargePoint President and CEO Pasquale Romano.
Facilitating electrification since 2007, ChargePoint boasts a cloud subscription platform and software-defined charging hardware which are designed to include options for every charging scenario (home, workplace, parking, hospitality, retail, transport fleets, and more).
The company’s share price has slid since its opening price of US$32.30 on Monday morning (Mar 1), closing Wednesday afternoon trading at US$28.50.
Photo: (source: ChargePoint)