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When electric vehicle charger firm ChargePoint said it would go public through a $2.4 billion reverse merger with Switchback Energy Acquisition (NYSE:SBE) on Sept. 24, markets did not react at first. By last month and ahead of its public listing, the buying frenzy intensified. The SBE stock price almost quadrupled.
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SBE’s ChargePoint has the ambition to advance its EV charging network reach across North America and Europe. Similar to Xpeng(NYSE:XPEV) and Nio (NYSE:NIO) having a public charging infrastructure, SPE’s increasing scale will lift its revenue. Still, the two Chinese EV firms have cooperated to share the EV charging network. This will lower operating costs.
SBE is in the early phases of investing the $493 million in net proceeds to develop its commercial, fleet, and residential businesses.
The company is not a start-up. It is a 13-year-old company that is mature.