The California-based firm will get US$493 million in a deal with Switchback Energy, a special-purpose acquisition corporation set up to take a private company public. ChargePoint will use the money to expand its charging-station network in North America and Europe, including Canada, as well as on technology development, spokesperson Darryll Harrison told The Logic. The deal values ChargePoint at US$2.4 billion. (The Logic)

Talking point: Demand for places to plug in will keep rising as automakers increasingly fill their lineups with electric vehicles (EVs). BloombergNEF estimates there are already 8.5 million on the road, rising to 116 million in 2030. In Canada—as elsewhere—EV sales volumes track the availability of government rebates, but rapid declines in battery costs could close the price gap to gas cars. Ottawa has also promised to spend on charging stations; Natural Resources Minister Seamus O’Regan’s mandate letter calls for 5,000 along the Trans-Canada Highway, and there’s already a $312.5-million program in place. Harrison said ChargePoint has sold stations to federal departments as well as provincial and municipal governments in Canada, but hasn’t received direct funding from Ottawa. It currently has spots in all 10 provinces, as well as the Northwest Territories.