Skip to content

ChargePoint, Inc. to Become Public Company, Announces Business Combination with Switchback Energy Acquisition Corporation Valued at $2.4B

ChargePoint, Inc. to Become Public Company, Announces Business Combination with Switchback Energy Acquisition Corporation Valued at $2.4B Background Decorative Image

Vinson & Elkins advised Switchback Energy Acquisition Corporation, a special purpose acquisition company (SPAC), in a definitive business combination agreement with ChargePoint, Inc., (the “Company” or “ChargePoint”) a leading electric vehicle (“EV”) charging network. The business combination values ChargePoint at an implied $2.4 billion enterprise value.

Upon transaction closing, and assuming no redemptions by Switchback stockholders, ChargePoint will have approximately $683 million in cash, resulting in a total pro forma equity value of approximately $3.0 billion. ChargePoint expects to use transaction proceeds to expand its reach in North America and Europe, further enhance its technology portfolio and significantly scale its commercial, fleet and residential businesses ahead of the anticipated introduction of an increasing number of new EV models and rising EV penetration.

The V&E corporate team was led by partners Ramey Layne and Doug McWilliams with assistance from senior associates Mike Marek, Andrew Schulte and Zachary Swartz and associate Jordan Fossee. Also advising were partners Jason McIntosh and David Peck and senior associate Brian Russell; partner Sean Becker; partner Shane Tucker and senior associate Kristy Fields; partner Devika Kornbacher and senior associate Ben Cukerbaum; partner Margaret Peloso and senior associate Lindsay Hall; partner Hill Wellford and associate Ryan Will; counsel Sarah Mitchell; and senior associate Emilie Stewart.

About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 12 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or follow us on Twitter @VinsonandElkins or connect with us on LinkedIn.

For more information, please speak with our media contacts.