Spanish Smart Charging And Energy Solutions Provider Wallbox to List on NYSE Via Merger

Wall Box Chargers SL, a leading provider of electric vehicle (EV) charging solutions, has announced plans to list on the New York Stock Exchange (NYSE) through a merger with Kensington Capital Acquisition Corp. II, a special purpose acquisition company (SPAC).  Upon closing of the transaction, the combined company will be named Wallbox and listed on the NYSE and trade under the new ticker symbol “WBX”.

The business combination values Wallbox at an implied $1.5 billion pro forma enterprise value.

The Spanish company designs, manufactures and distributes EV charging solutions for residential, semi-public and public use, and its products are sold in 67 countries. The company also offers the world’s first bidirectional DC charger for the home (‘Quasar’), which allows users to both charge their electric vehicle and use the energy from the car’s battery to power their home, business or send it back to the grid. 

Its largest institutional investor, Iberdrola, recently announced the acquisition of the first 1,000 Wallbox Supernova fast chargers as part of its five-year sustainable mobility plan to deploy more than 150,000 chargers in homes, businesses and public road networks.

Enric Asunción, Co-Founder and Chief Executive Officer of Wallbox, says: “Today marks a big step in the evolution of our global company. Mass market adoption of electric vehicles is here, and with this comes a need for significant expansion of charging infrastructure, starting at the home. At Wallbox, we believe that ubiquitous access to affordable, efficient, and optimized EV charging is a critical part of the transition to electric vehicles. This transaction with Kensington will allow us to significantly increase our product development and manufacturing capacity as we expand sales globally to enhance the global transition to EVs.”

Justin Mirro, Chairman and Chief Executive Officer of Kensington, adds: “We are incredibly excited to announce our business combination with Wallbox and to provide the company with significant capital and automotive industry experience to accelerate its global business plan. Our commitment to sustainable technologies and partnering with industry leaders is steadfast, and we are impressed with Enric’s vision of creating world-class products that make EV charging and energy management easier and more cost-efficient.”

Founded in 2015, with headquarters in Barcelona, Wallbox employs over 500 people in Europe, Asia, and the Americas.