• News
  • Guides
  • Reviews
  • Media
  • About
  • News
  • Guides
  • Reviews
  • Media
  • About
Sign up Now (For Free)

Sign up for our newsletter and receive the latest automotive news in your inbox!

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
Thanks for subscribing!
News
Read Now
  • All News
  • Automakers
  • Automobiles
  • Auto Shows
  • Business
  • EVs & Environment
  • Guides
  • Lawsuits/Legal
  • Regulatory
  • Ride-Sharing
  • Safety & Recalls
  • Technology
Recent
  • Biden Admin. Makes EV Credits Available to More Buyers
  • Week Ahead: Chicago … that Toddling Town
  • The Rearview Mirror: Tailfins Take Flight
  • TikTok Reveals the Hottest EVs in the Industry
  • Millions of Older Hyundai, Kia Owners May Face Trouble Getting Car Insurance
  • Bugatti Chiron Profilée Sets New Auction Sales Record
  • Another Delay for VinFast Customers
  • Ford Making Return to Formula One for 2026 Season
  • Ford CEO Farley “Frustrated” by $2 Billion Loss for 2022
  • Hyundai Ioniq 6 Achieves EPA-Estimated 361-Mile Range
Editor’s Choice
    Reviews
    Read Now
    • All Reviews
      • Feeder
    • Classic Cars
    • Concept Cars
    • Convertibles
    • Coupes
    • Crossovers/CUVs
    • Diesel
    • Hot hatches
    • Hybrids
    • Luxury Vehicles
    • Minivans
    • Muscle Cars
    • Pickups
    • Sedans
    • Sports Cars
    • Super Cars
    • SUVs
    Recent Reviews
    • A Week With: 2023 Lexus GX 460 Black Line
    • A Week With: 2023 BMW X1 xDrive28i
    • A Week With: 2023 Kia Niro EV
    • A Week With: 2023 Hyundai Palisade Calligraphy
    • A Week With: 2023 Ford F-150 Raptor R 4x4 Super Crew
    • A Week With: 2023 Genesis Electrified G80 AWD
    • A Week With: 2023 Land Rover Defender 110 V-8
    • First Drive: 2023 Honda Pilot TrailSport
    • A Week With: 2023 Jaguar F-Type R Coupe
    • A Week With: 2023 GMC Yukon Denali Ultimate
    Editor’s Choice
      Guides
      Car Warranty
      • Endurance Warranty Reviews
      • BMW Extended Warranty
      • Extended Warranty For Cars Over 100k Miles
      • Extended Car Warranty Cost
      • Subaru Extended Warranty
      • CarShield Reviews
      • CarShield Cost
      • Aftermarket Car Warranty
      • CARCHEX Warranty Reviews
      • Reputable Extended Car Warranty Companies
      • Used Car Warranty Companies
      • Best Car Warranty
      • Is CarShield A Scam?
      • Mercedes Extended Warranty
      • CarShield Plans
      Insurance
      • How To Identify A Car Insurance Company
      • Geico Mechanical Breakdown Insurance
      • How Far Back Does A Car Insurance Company Look
      • Mechanical Breakdown Insurance For Used Cars
      • State Farm Mechanical Breakdown Insurance
      • Mechanical Breakdown Insurance From Progressive
      • Dollar A Day Insurance
      • Auto Insurance For SSI Recipients
      • Car Insurance Rates After A Suspended License
      • Auto Insurance For Salvage Vehicles
      • Average Cost of Dodge Ram 1500 Car Insurance
      • Car Insurance Florida
      • Full Coverage Auto Insurance
      • GrubHub Insurance
      • Amazon Delivery Auto Insurance
      Shipping
      • Car Shipping Companies
      • uShip Reviews
      • Auto Shipping From California To Hawaii
      • Montway Auto Transport Reviews
      • Cheap Car Shipping
      • Easy Auto Ship Reviews
      • Auto Shipping Miami
      • Auto Shipping To Alaska
      • Car Shipping Cost
      • Auto Shipping Hawaii
      • Auto Shipping Puerto Rico
      • Sherpa Auto Transport Reviews
      • Auto Shipping Atlanta
      • Auto Shipping Boston
      • Auto Shipping. Chicago
      About
      • About Us
      • Contact Us
      • Terms of Use
      • Privacy Policy
      • Affiliate Disclosure
      • Sitemap
      TheDetroitBureau.com

      More than just “another” place to find news, reviews, spy shots, commentary, features, and guides about the auto industry. TheDetroitBureau doesn’t stop with the press releases or confuse a few lines of opinion with insightful, in-depth reporting.

      Contact Us

      Like what you see? Have some ideas for making The Detroit Bureau.com even better? Let us know, we’d love to hear your voice.

        Media
        Listen Now
        • Headlight News: All Episodes
        More from TheDetroitBureau
        • Guides
        • Latest News
        • Auto Reviews
        • Podcasts
        Headlight News

        TheDetroitBureau.com’s Headlight News offers a look at the past week’s top automotive news stories, as well as what’s coming up in the week ahead. Check out the week’s top story and our latest review…along with a dive into the past with this week in automotive history.

        home > news > Automakers > ChargePoint Latest EV Company to Go Public in $2.4B Deal

        ChargePoint Latest EV Company to Go Public in $2.4B Deal

        Stock offering frenzy moves to EV charging companies.

        Michael Strong
        Michael Strong , Managing Editor
        Sept. 24, 2020
        ChargePoint CEO Pasquale Romano earlier noted investor confidence in the EV segment is high — and is proving it in a $2.4 billion move to go public.

        The frenzy of electric vehicle companies going public has expanded to include related enterprises, namely ChargePoint Inc., which is going public in a $2.4 billion deal.

        ChargePoint, which operates a massive electric vehicle charging network, said Thursday it will follow the popular model in the space, merging with a special purpose acquisition company, or SPAC, in this case Switchback Energy Acquisition Corp.

        Officials expect to close the deal by the end of the year and the company will be named ChargePoint Holdings Inc. While an end date is clear, a trading symbol for the new company on the New York Stock Exchange is not and no choice has been made.

        (ChargePoint raises $127 million from investors.)

        “For 13 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 Pasquale Romano, president and CEO, ChargePoint. “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.

        ChargePoint officials said the $127 million raised from investors last month will expand its commercial and fleet business.

        “Today, we are a charging market leader thanks to a winning business model, a complete portfolio and thousands of brands that have realized that 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 – so there is no need to choose winners in electric mobility. We see ourselves as an index for the entire category.”

        The deal is similar to efforts by EV makers like Lordstown Motors, Fisker Automotive, Canoo and now-troubled Nikola. The structure is designed to get a deal done quickly while helping to raise significant cash in the process.

        “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.”

        (Public EV charging companies are switching to more logical pricing plans.)

        The deal will raise about $493 million in proceeds that ChargePoint will use to expand in North America and Europe. It includes $225 million from Baillie Gifford, Neuberger Berman Alternatives Advisors and other institutional investors. Baillie Gifford is one of the largest shareholders in EV segment leader Tesla Inc., according to Reuters.

        ChargePoint has more than 115,000 charging points in its global network.

        “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,” Romano, who will continue to lead the company after the deal closes, told Reuters.

        ChargePoint has been raising money in an effort in recent months, including a $127 million infusion last month. That latest round of funding is designed to help expand the California-based company’s global commercial and fleet businesses, particularly in Europe.

        That funding came from existing investors in the company. ChargePoint investors include automakers Daimler AG and BMW, and the trading affiliate of Japan’s Toyota Motor Corp.

        (California regulators orders massive shift to battery, hydrogen power for trucks and vans.)

        ChargePoint says its global network currently has 115,000 charging ports, most of them in the United States, and it aims to build that to 2.5 million by 2025. In comparison, Tesla said it has nearly 2,000 supercharger stations with about 17,500 chargers worldwide.

        How to Care for Your Car

        Cheap Car Warranty

        Editor's Choice

        Best Extended Car Warranty

        Editor's Choice
        Recently Published
        Biden drives Cadillac Lyriq at NAIAS 2022

        Biden Admin. Makes EV Credits Available to More Buyers

        Today
        ChevyCamaroZL1Welburn01.jpg

        Week Ahead: Chicago … that Toddling Town

        Today

        The Rearview Mirror: Tailfins Take Flight

        Feb. 04, 2023

        Leave a Reply Cancel reply

        Your email address will not be published. Required fields are marked *

        Share this article:
        © The Detroit Bureau 2023
        • Guides
        • Privacy Policy
        • Terms of Use
        • Affiliate Disclosure
        • Contact Us
        • Sitemap
        Follow Us: