Switchback II Corporation is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. We are sponsored by NGP Switchback II, LLC, which is owned by a private investment fund advised by NGP Energy Capital Management, L.L.C. (“NGP”), Scott McNeill and Jim Mutrie. We intend to focus our search for a target business in the broad energy transition or sustainability arena targeting industries that require innovative solutions to decarbonize in order to meet critical emission reduction objectives.
Most recently, our management team and an affiliate of NGP co-founded Switchback Energy Acquisition Corporation (“Switchback I”; NYSE: SBE), a special purpose acquisition company that completed its initial public offering in July 2019. In September 2020, Switchback I announced its initial business combination with ChargePoint Inc., a Delaware corporation (“ChargePoint”), which was founded in 2007 and has built one of the world’s largest electric vehicle (“EV”) charging networks. The combined entity, ChargePoint Holdings, Inc., will be listed on the NYSE. We believe that we will benefit from the valuable experience gained by our management team during the launch and operation of Switchback I, including the process of evaluating numerous target companies and industry sectors, selecting ChargePoint as its business combination partner and negotiating the terms of the business combination agreement and all of the related financing transactions.
Our management team will also draw upon the resources and support of NGP. Since NGP’s founding in 1988, private investment funds managed by NGP have raised $20 billion of cumulative capital commitments and invested in more than 215 portfolio companies across 12 flagship private equity funds. NGP has experience investing across a variety of commodity price cycles and a track record of identifying high-quality assets, businesses and management teams with significant resources, capital and optimization potential. We believe that we will benefit from NGP’s prior experience in the public capital markets and from NGP’s exclusive focus on energy and energy-related investing. Since 2014, NGP portfolio companies have raised $6.1 billion in 10 IPO transactions and an additional $866 million through two energy-focused SPACs. Additionally, NGP was an early leader investing in energy technology and renewables through its partnership with NGP Energy Technology Partners (“NGP ETP”) and Philip J. Deutch. Since 2005, NGP has deployed approximately $500 million of capital through NGP ETP across a broad range of renewable and energy technology companies. With over 15 years of profitably investing in energy technology and renewables, we believe NGP’s deep experience and extensive network of senior industry contacts will add value to our search for a target business in the broad energy transition and sustainability sectors.
We believe in the ability of our management team to add significant value to a target company from a business building, commercial, capital markets and sustainability perspective. Our extensive operational experience and the public company expertise of our management team present the potential for an attractive risk-adjusted return profile through our involvement and stewardship. As demonstrated by our management team with Switchback I’s announced business combination with ChargePoint, we believe that the extensive skills and perspectives of our management team will enable us to identify dynamic and visionary management teams and work alongside them to crystalize their strategic vision, enhance their business plan and improve their operational capabilities. In addition, our team has significant hands-on experience working with growth-oriented companies in preparing for and executing an initial public offering or an initial business combination, and serving as active owners and directors by working closely with these companies to assist in the execution of their strategic plan, support their continued transformations and help access and create value in the public markets.
We believe we play an important role in the public equity markets by identifying high-quality, growth-oriented businesses, evaluating the merits and viability of high-growth business plans and completing pre-investment due diligence, focusing and preparing the business for the multi-faceted requirements of being a publicly traded company, and both capitalizing and leading the actual business combination transaction. This function will be invaluable to our eventual business combination target, as we have the skills to validate and enhance its business plan, improve its ESG profile and prepare it for the rigors of being publicly listed, as well as to our investors who might otherwise not have the opportunity or confidence to publicly invest in the business we identify in the transition towards a decarbonized and cleaner future.