Silicon Valley–based electric vehicle infrastructure company ChargePoint is going public via a special purpose acquisition company (SPAC) merger with Switchback Energy Acquisition Corp., according to several news reports.
The deal values ChargePoint at $2.4 billion and is expected to close by the end of the year.
The merger will create a company known as ChargePoint Holdings with about $683 million in cash. Proceeds from the deal will be used to pay down debt as well as grow operations in North America and Europe, Forbes reported Thursday.
As part of the deal, ChargePoint will list its shares on the New York Stock Exchange.
