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Switchback II Corporation
Switchback II Corporation is a SPAC targeting energy transition companies. Raised $345M in 2021 IPO. Sponsor previously took ChargePoint public.
Switchback II Corporation
Switchback II Corporation was formed in 2021 as the second special purpose acquisition company (SPAC) sponsored by Switchback Energy Partners. The firm's general partner is led by Scott McNeill (CEO) and James Mutrie (CFO), who previously took ChargePoint public via SPAC merger in 2020 (per SEC filings, 2021). The wealth and operational backing comes from institutional investors and the sponsor team's prior track record. The strategy targets a single business combination with a company in the energy transition, renewable energy, or sustainable industrial sector. Asset-class focus is entirely on a direct, all-equity acquisition of a private target. The SPAC raised $345 million in its IPO from a mix of institutional investors and public shareholders (per SEC filings, 2021). Unlike a direct investment vehicle, Switchback II is a publicly traded entity with a fiduciary duty to find a target within 24 months or liquidate. The team operates from offices in Dallas, Texas, and New York. The investment committee includes Scott McNeill, James Mutrie, and several advisors with backgrounds in energy finance (per SEC proxy filings, 2021). As of mid-2023, Switchback II had not announced a definitive business combination, positioning it as a vehicle awaiting an acquisition in the clean-energy space. Switchback II's structural differentiator is its serial-SPAC approach: the same sponsor team executed a successful merger in the same sector, providing a track record and potential pipeline that single-use SPACs lack. This repeat-sponsor model suggests an ongoing commitment to public-market energy transition investments rather than a one-off shell.
General information
Firm type
Special Purpose Acquisition Company
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Dallas
Corporate office
Dallas, TX, United States
Additional offices
New York, NY, United States
Sector focus
Frequently asked questions
Who leads investment decisions at Switchback II Corporation?
The SPAC is managed by a team including CEO Scott McNeill and CFO James Mutrie, who previously led Switchback Energy Acquisition Corporation. The investment committee makes decisions on target selection (per SEC proxy filings, 2021).
What investment stages does Switchback II target?
Switchback II targets a single, mature private company in the energy transition or sustainable infrastructure sector, seeking to take it public via a reverse merger. It does not invest across multiple stages; it performs one acquisition and then the SPAC ceases to exist (per SEC filings, 2021).
Is Switchback II Corporation structured as a family office or a SPAC?
Switchback II is a special purpose acquisition company (SPAC), not a family office. It is publicly traded on the NYSE under ticker SWBK.U and has a finite lifespan of 18–24 months to complete a business combination (per public record, 2021).
What sectors does Switchback II focus on?
The SPAC explicitly targets energy transition, renewable energy, and sustainable industrial businesses. This mirrors the focus of its predecessor, which merged with ChargePoint, an electric vehicle charging network (per SEC filings, 2021).
Does Switchback II participate in co-investments or fund commitments?
No. As a SPAC, Switchback II raises capital through an IPO and holds that capital in trust until a target is identified. It does not make co-investments, fund commitments, or direct deals outside of its single acquisition mandate (per SEC filings, 2021).
Where does the underlying capital come from?
Switchback II's capital was raised through its 2021 initial public offering on the NYSE. Investors included institutional asset managers, hedge funds, and public shareholders who purchased units (per SEC filings, 2021). The sponsor team contributed a minority of the capital to cover expenses and warrants.
What is Switchback II's known posture on de-SPAC timeline?
Switchback II had an initial 18-month deadline to complete a business combination, extendable by sponsor contributions. As of mid-2023, the team had not announced a target. The SPAC's formation in 2021 suggests a potential risk of liquidation if no deal is secured (per SEC public filings, 2021).
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