Reuters is reporting that ChargePoint, which operates a network of electric vehicle charging stations, is nearing a deal to be acquired by Switchback Energy Acquisition Corporation as a means of going public.
What makes this deal somewhat unique is that in sharp contrast to many EV related companies which have gone public via a SPAC and appear to be little more than a business plan, ChargePoint has roughly 111,000 revenue-generating charging stations.
ChargePoint addresses a major issue with EVs that few car companies (aside from Tesla) have tried to solve. Without a network of charging stations, the EVs that car companies are spending so much money to develop are just not practical for long trips. By offering a network of stations around the United States, ChargePoint is alleviating this issue.