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Exclusive: Electric vehicle charge network ChargePoint nears deal to go public – sources

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ChargePoint Inc, one of the world's oldest and largest electric vehicle charging networks, is nearing a deal to go public through a reverse merger with Switchback Energy Acquisition Corp, people familiar with the matter said on Wednesday.

FILE PHOTO: A ChargePoint station on display at the Frankfurt Motor Show (IAA) in Frankfurt, Germany, September 12, 2017. REUTERS/Christoph Steitz/File Photo/File Photo

17 Sep 2020 10:15AM

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REUTERS: ChargePoint Inc, one of the world's oldest and largest electric vehicle charging networks, is nearing a deal to go public through a reverse merger with Switchback Energy Acquisition Corp, people familiar with the matter said on Wednesday.

The deal for ChargePoint could value the company at more than US$2 billion (1.54 billion pounds) and be announced as early as next week, the sources said, cautioning that talks could still collapse and terms may still change.

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The sources requested anonymity as the matter is private. ChargePoint declined to comment. Switchback did not immediately respond to requests for comment.

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Switchback quickly rose 11per cent after the news and was halted. After trading resumed it was up 27.5per cent at US$13.32. Trading volume was 8.4 times its 10-day moving average.

Campbell, California-based ChargePoint, founded in 2007, last month closed on a US$127 million funding round which valued the company at US$1.37 billion, according to PitchBook data.

ChargePoint has attracted funding from both private venture investors and large strategic investors, including German automakers Daimler AG and BMW and the venture arm of oil company Chevron Corp.

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Switchback Energy is a special-purpose acquisition company (SPAC) which raised US$300 million in an initial public offering in July 2019.

A SPAC is a shell company that uses IPO proceeds, together with debt, to acquire another company, typically within Read More – Source