The deal will raise about $493 million in proceeds that ChargePoint will use to expand in North America and Europe. Join the EV revolution for a greener tomorrow. The deal comes amid a wave of SPAC-based stock listings for electric vehicle companies and transportation tech startups, ranging from Fisker, Lordstown Motors and Canoo to hydrogen truckmaker Nikola and Luminar and Velodyne, which make laser lidar sensors for self-driving cars. BODY { That boosted its total funding to more than $660 million. PitchBook is a financial technology company that provides data on the capital markets. A SPAC is a shell company that raises money through an initial public offering to buy an operating entity, typically within two years. tech investment arm, American Electric Power “We're established, we've had revenue for over 10 years and have been in the market for a long time. Switchback is a special-purpose acquisition company (SPAC) that raised $300 million in an initial public offering in July 2019. 0.00 0.00 0.00%.

Switchback is a special-purpose acquisition company (SPAC) that raised $300 million in an initial public offering in July 2019. Baillie Gifford is one of the largest shareholders in EV segment leader Tesla Inc. "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," ChargePoint Chief Executive Pasquale Romano, who will continue to lead the company after the deal closes, told Reuters. Latest News about ChargePoint. October 16, 2020. "We believe (ChargePoint) will continue to grow its strong market position as the EV industry evolves.". , Clearvision Ventures and Quantum Energy Partners. googletag.pubads().disableInitialLoad();

In August, ChargePoint raised $127 million to expand its network for business and commercial fleets.

240 East Hacienda Avenue Headquartered in Campbell, CA, the company was founded in 2007 by Dave Baxter, Harjinder Bhade, and Richard Lowenthal with the goal of transforming transportation and energy use by helping more people choose to drive electric. Commerce Policy | PitchBook’s non-financial metrics help you gauge a company’s traction and growth using web presence and social reach. ... Stock quotes supplied by Barchart Quotes …

Battery-powered cars and trucks should account for about 10% of U.S. new vehicle sales by 2025 and about 29% by 2030, the company said.

Get the full list », You’re viewing 5 of 27 board members.

There are many good reasons to invest in SBE stock ahead of the ChargePoint SPAC deal. AEP Reuters last week reported ChargePoint and Switchback were nearing a deal. The listing is to occur in late 2020 and Romano will be president and CEO of the merged company. ChargePoint designs, builds, and supports all aspects of its of electric vehicle charging network including charging stations, hardware, energy management software, and the associated mobile application. Excepteur sint occaecat cupidatat non proident, sunt in culpa, ed do eiusmod tempor incididunt ut labore et dolore magna aliqua. United States. The Company provides cloud-based service plans as annual subscriptions for providing tools, data, payment processing, and driver support. ChargePoint's revenue was $147 million last year and it forecasts growth to more than $2 billion in 2026, according to slides presented to investors. Its investors include Chevron’s

We've raised a ton of capital. The merger with Switchback Energy Acquisition Corporation, which trades with ticker SBE, will create a company with about $683 million in cash and a combined enterprise value of $2.4 billion, ChargePoint CEO Pat Romano tells Forbes. The advantage is a faster, cheaper route to going public and raising funds than a conventional IPO, and one that looks particularly appealing given the runup in major U.S. stock indices this year despite the economic stress of the coronavirus pandemic.

It’s network currently includes 115,000 charging ports in North America and Europe, excluding household units, including more than 2,000 DC fast-chargers.

Developer of an Electric Vehicle (EV) charging network designed to transform transportation and energy use by helping people choose to drive electric. All rights reserved.

Campbell, CA 95008 Other EV companies with SPAC deals include Fisker, Lordstown Motors and Canoo. Chargepoint CEO Pasquale Romano joins 'Squawk on the Street' to discuss the company's upcoming IPO, the future of electric vehicles, and his opinions on California Governor Gavin Newsom's decision to ban gas fueled cars by 2035.

Revenue for the Campbell, California-based company rose 60% in 2019, and ChargePoint estimates it will rise 60% on a compound annual rate every year from 2021 through 2026 as sales of electric vehicles expand. Find me on Twitter at @alanohnsman, © 2020 Forbes Media LLC. “To get to a carbon-free economy by 2045 we can’t get there without transportation,” California Governor Gavin Newsom said in Wednesday. “As a first mover in the space, ChargePoint has distinguished itself as the number one EV charging network and is well positioned to deliver mission-critical charging infrastructure as the expected transition to electric mobility accelerates.”.

Stock analysis for Blink Charging Co (CCGI) including stock price, stock chart, company news, key statistics, fundamentals and company profile. margin: 0px;

Get data-based research, detailed reports, and unique insights on private companies and trends. The company's Electric Vehicle (EV) charging network makes it easy for drivers to charge EVs anywhere and provides independently owned charging spots that are easy for EV drivers to find and use at home, offices, and outdoors, enabling users to shift away from fossil fuels and rely on EV charging which is both sustainable and eco-friendly. It expects an operating profit of $86 million in 2024, up from a net loss of $133 million in 2019, and a $340 million profit in 2026. “We always were planning on going public, just waiting for the right moment,” he said. Elon Musk talks up new battery technology designed to bring down the cost of electric vehicles which remain thousands of dollars higher than gasoline models. The company's Electric Vehicle (EV) charging network makes it easy for drivers to charge EVs anywhere and provides independently owned charging spots that are easy for EV drivers to find and use at home, … ChargePoint estimates its New York Stock Exchange Listing via a merger with Switchback Energy ...[+] Acquisition Corp. is worth $2.4 billion. “The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030,” Switchback CEO and CFO Scott McNeill said in a statement. All Rights Reserved, This is a BETA experience. Personalize which data points you want to see and create visualizations instantly. PitchBook’s comparison feature gives you a side-by-side look at key metrics for similar companies. Get the full list », You’re viewing 5 of 45 investors.

TechCrunch 09/30/20.

Recent news which mentions ChargePoint. The company will use net proceeds to expand its reach in North America and Europe, add to its technology portfolio and scale its commercial, fleet and residential businesses. ChargePoint General Information Description. The Campbell, California-based company, founded in 2007, has attracted funding from both private venture investors and large strategic investors, including Daimler, BMW, Siemens AG and U.S. energy firms Chevron Corp and American Electric Power Co Inc. ChargePoint operates more than 115,000 charging ports globally, mostly in North America, and previously said it is aiming to increase that to 2.5 million by 2025.

ChargePoint Stock .

PIPE investors agree in advance to invest a set amount in exchange for stock at a set price, typically discounted. Registration on or use of this site constitutes acceptance of our Terms of Service and Privacy Policy. From Benzinga.

You may opt-out by, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, California took the dramatic step of announcing plans to ban sales of new internal combustion engine vehicles.

Proceeds from the deal will be used to pay down debt as well as grow operations in North American and Europe. ?> While some of the companies going public via a SPAC deal are early-stage and not yet generating revenue, Romano says ChargePoint’s circumstances are different.

GS_googleAddAdSenseService("ca-pub-0125122060269009"); Software Firm Coupa to Buy Supply-Chain Tech Provider Llamasoft, SWITCHBACK ENERGY ACQUISITION CORPORATION. Get the full list », To view ChargePoint’s complete investments and acquisitions history, request access », To view ChargePoint’s complete subsidiaries history, request access », President, Chief Executive Officer & Board Member, Chief Marketing Officer and Senior Vice President, North America Policy, General Electric (Electric Vehicle Charging Network). The 2007-founded company, initially known as Coulomb Technologies and then renamed to ChargePoint, has more than 4,000 commercial customers as site hosts for the ChargePoint …

ChargePoint operates a network of over 110,000 electric vehicle charging stations globally. "While I completely support and applaud the courage the governor had to establish that ban, it is not unique, and automakers and companies like Chargepoint have to sell their products globally," Romano said.



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