Electric car charger manufacturer EVBox is ready to advance to the next stage. In December 2020, EVBox announced that it will go public through a merger with TPG Pace Beneficial Finance Corp. The press release said that the move will help the company grow on a global scale although it will focus on North America and Europe.
"For over a decade, EVBox has been a pioneer in the electric vehicle charging industry, developing and launching innovative software propositions along with award-winning charging stations," said Kristof Vereenooghe, the president and CEO of EVBox Group, in the press release.
"We are now scaled for further global expansion and to take a leading role in the anticipated acceleration of EV adoption as we work towards a future where everyday transportation is electric, emission-free and sustained by a clean charging infrastructure."
EVBox focuses on charging stations
Electric cars are becoming more popular and users need somewhere to charge them. That's where EVBox comes in. The company makes charging stations for electric vehicles as well as charging management software. According to the company's website, EVBox has been around since 2010. The company has adapted over time to fit the growing needs in the industry.
The company's website also says that by 2023, it will have installed one million charging ports. The charging stations will lessen the amount of harm to the environment and aligns with the company's goal to provide more sustainable methods of transportation.
EVBox also has a One Charger One Tree Initiative that started as a way to celebrate the company's installation of 100,000 charger ports in November 2019. From then on, for every charger port that's installed, the company plants one tree.
What is the TPGY SPAC?
TPGY is the stock ticker for the TPG Pace Beneficial Finance Corp. The blank check company focuses on merging with other companies that have a focus on lessening environmental impacts.
"We are focused on sponsoring the public listing of a company that combines attractive business fundamentals with, or with the potential for strong ESG principles and practices through a business combination," according to TPGY's page on the Nasdaq's website.
TPGY and EVBox merger date
According to the press release when the news was announced, the merger between the two companies will likely be complete late in the first quarter of 2021. However, no specific date was mentioned. The press release also said that the deal needs to be approved by TPG Pace shareholders and "other customary closing conditions." However, all of the other requirements have been met.
Jim Cramer's take on the TPGY and EVBox merger
CNBC's Mad Money host, Jim Cramer, had positive things to say about EVBox and the merger with TPGY. In December 2020, the company announced it will go public through a reverse merger with TPG Pace Beneficial Finance Corp. "If you want a charging station play, EVBox seems like the best of the bunch — very similar to ChargePoint but with a faster growth and a cheaper stock,” Cramer said.
Cramer also said, "Remember, you need to buy the SPAC, TPG Beneficial Finance, and I think you can start building a position right here at $24."