Taking too long? Close loading screen.
Connect with us

Tech

EV charging network ChargePoint to go public via SPAC

Published

on

Several electric vehicle startups, including Canoo, Fisker Inc., Lordstown Motors and Nikola Corp., have gone public this year by merging with a special purpose acquisition company. Now, an electric vehicle charging company is joining the growing list of SPACs.

ChargePoint, an electric vehicle charging network, has struck a deal to merge with special-purpose acquisition company Switchback Energy Acquisition Corporation, with a market valuation of $3 billion. ChargePoint will continue to be led by President and CEO Pasquale Romano and the existing management team. The combined company will be named ChargePoint Holdings Inc. and will be listed on the New York Stock Exchange. The company expects the transaction will close by the end of the year.

ChargePoint said it was able to raise $225 million in private investment in public equity, or PIPE, led by institutional investors including Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors. ChargePoint will have about $683 million in cash. The cash proceeds raised in the transaction will be used to repay debt, fund operations, support growth and for general corporate purposes.

“The EV charging industry is accelerating and it is expected that charging infrastructure investment will be $190 billion by 2030,” Switchback CEO, CFO and director Scott McNeill said in a statement, adding that ChargePoint is well positioned to deliver the infrastructure that will be needed.

ChargePoint designs, develops and manufactures hardware and accompanying software, as well as a cloud subscription platform, for electric vehicles. The company might be best known for its branded public and semi-public charging spots that consumers use to charge their personal electric cars and SUVs, as well as its home chargers. However, ChargePoint also has a commercial-focused business that provides hardware and software to help fleet operators manage their delivery vans, buses and cars. In all, the company has more than 115,000 charging spots globally. ChargePoint also offers access to an additional 133,000 public places to charge through network roaming integrations across North America and Europe.

The company, which was founded in 2007, said it plans to use this new capital to expanding North America and Europe, improve its technology portfolio and significantly scale its commercial, fleet and residential businesses.

The SPAC merger comes just a month after ChargePoint raised $127 million in funding from a mix of existing investors from the oil and gas, utilities and venture industries, including American Electric Power, Chevron Technology Ventures, Clearvision and Quantum Energy Partners.

Source

Continue Reading
Advertisement
Click to comment

Leave a Reply

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

Tech

Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

Published

on

Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

Advertisement

Other functions include multiple lighting modes as well as a sleep timer option for auto shut-off of the light after 30 or 60 minutes.

This lamp can be yours in white for $18 if you clip the coupon on Amazon (it’s below the original $40 price) and add promo code ABC88699 at checkout.

You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

Advertisement


Source

Continue Reading

Tech

Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

Published

on

Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

Advertisement

That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

Advertisement

Grab this offer while it’s still around!


Source

Continue Reading

Tech

Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

Published

on

Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

Advertisement

You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

Advertisement


Source

Continue Reading

Trending