A flurry of upcoming blank-check mergers involving companies targeting the rapidly growing market for electric vehicle charging is set to accelerate a wave of acquisitions sweeping through the sector, S&P Global reports, citing executives and analysts.
Following the listings of ChargePoint Holdings Inc. in February and EVgo Services LLC on July 2, at least three more EV charging companies are planning to go public by merging with a special purpose acquisition company over the coming months. Despite still making heavy losses, they hope to tap into the same investor enthusiasm for the switch to EVs that has buoyed carmakers such as Tesla Inc.
The four latest companies to go public via SPACs, which include Volta Industries Inc., EVBox BV and Wallbox Chargers SL, expect to raise roughly $2 billion between them. With their newfound financial firepower, they could start to snap up smaller peers in the increasingly competitive charging space. Read more.