ChargePoint Becomes the World’s First Publicly Traded Global EV Charging Network
CAMPBELL, Calif.--ChargePoint Holdings, Inc. (the “Company” or “ChargePoint”), a leading electric vehicle (“EV”) charging network, today announced that Pasquale Romano, President and CEO, and the ChargePoint executive leadership team will virtually ring the Opening Bell® at the New York Stock Exchange (“NYSE”), following completion of its previously announced business combination with Switchback Energy Acquisition Corporation, a publicly traded special purpose acquisition company with a strategic focus on the energy value chain, which closed on February 26, 2021. Shares of common stock and warrants of the new combined company will be traded under the ticker symbol “CHPT” and “CHPT.WS” respectively.
“ChargePoint continues to pioneer the category, becoming the first publicly traded electric vehicle charging company operating across continents,” said Pasquale Romano, President and CEO, ChargePoint. “ChargePoint’s public company debut reinforces the durability of this industry, supported by increasingly progressive climate policy, market preference for clean mobility and more new vehicle introductions than ever before. With our business model tested over more than a decade and approximately $480 million in net proceeds raised from this transaction, I’m confident that ChargePoint is well positioned for continued growth in North America and Europe as the shift to electrified mobility takes hold globally.”
At the close of the transaction, ChargePoint had approximately $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.
ChargePoint will continue to be led by Pasquale Romano, as President and Chief Executive Officer, and its highly experienced leadership team including Rex Jackson, Chief Financial Officer; Christopher Burghardt, Managing Director, Europe; Michael Hughes, Chief Revenue Officer; Colleen Jansen, Chief Marketing Officer; Lawrence Lee, Senior Vice President, Operations and Services; Bill Loewenthal, Senior Vice President, Product; and Eric Sidle, Senior Vice President, Engineering.
BofA Securities served as exclusive financial advisor, Oppenheimer & Co. Inc. served as capital markets advisor, and Weil, Gotshal & Manges LLP and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP served as legal advisors to ChargePoint. Goldman Sachs & Co. LLC served as exclusive financial advisor and Vinson & Elkins L.L.P. served as legal advisor to Switchback. Goldman Sachs & Co. LLC served as lead placement agent with BofA Securities and Oppenheimer & Co. Inc. serving as co-placement agents on the private placement of public equity which was consummated in connection with the Business Combination. Financial Profiles, Inc. served as investor relations advisor for ChargePoint.
ChargePoint is creating the new fueling network to move all people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 88 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s North American or European press offices or Investor Relations.