BARCELONA, Spain & WESTBURY, N.Y.--(BUSINESS WIRE)--Wallbox, a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced it has completed its business combination with Kensington Capital Acquisition Corp. II (NYSE: KCAC), a special purpose acquisition company. The business combination was approved by Kensington stockholders in a special meeting held on September 30, 2021 and formally closed on October 1, 2021. Wallbox shares will start trading today on the NYSE under the ticker symbol "WBX” and warrants will trade under the ticker symbol “WBX.WS”.
Wallbox offers EV charging and energy management solutions for residential, semi-public and public use. The company’s product line-up includes Quasar, the world’s first DC bidirectional charger for home use; Supernova and Hypernova, DC fast and ultrafast chargers for public use; and a suite of AC charging solutions and smart energy management software. Ahead of budgeted expectations, Wallbox closed the first half of 2021 with more than 300% YoY revenue growth, propelled by its global expansion, an array of strategic alliances and steadily growing market tailwinds for EVs and charging infrastructure worldwide.
With nine offices across three continents and a presence in more than 80 countries, Wallbox has sold more than 200,000 charging units since its founding in 2015. One of the only truly global players in its industry, Wallbox operates a vertically integrated supply chain, managing its production internally. This has allowed Wallbox better gross margins over its peers in the EV charging market, and has enabled the company to sustain production despite COVID and global chip shortage-related supply challenges. The company currently manufactures its products in Europe and China, and recently announced the addition of a U.S. manufacturing facility in Arlington, Texas, which is slated to begin production in 2022.
"Entering the public markets was a natural next step for our company, as the demand for EV charging and energy management infrastructure is growing steadily around the world," said Enric Asunción, Co-Founder and Chief Executive Officer of Wallbox. "The transaction grants Wallbox the necessary resources to fund our continued global expansion and further advance the innovation of both existing and new solutions for private, public and corporate use. While this is a great milestone, our mission remains the same - accelerating the transition to greener energy consumption worldwide.”
The transaction will result in gross proceeds of approximately $252 million to Wallbox. Funds from the transaction are expected to support the company’s strategic growth initiatives, including accelerated expansion in the U.S. by increasing investment in the product development and certifications, while also maintaining its path to profitability.
"We take great pride in our focus on investing in automotive innovation, and we are thrilled to reach the completion of our business combination with Wallbox, which we feel has a truly unique value proposition, technology advantage, and steadily growing market traction across EV charging and energy management,” said Justin Mirro, Chairman and Chief Executive Officer of Kensington II. “As governments, consumers and businesses around the world continue to push for the widespread adoption of electric vehicles and more sustainable energy use, Wallbox is positioned to become a leading supplier of solutions to bring about the future of energy and transportation."
Hughes Hubbard & Reed LLP served as legal advisor to Kensington and Latham and Watkins LLP served as legal advisor to Wallbox. Houthoff and Loyens & Loeff advised Kensington and Wallbox, respectively, on matters of Dutch law and Cuatrecasas, Gonçalves Pereira, S.L.P. advised Kensington on matters of Spanish law. UBS Securities LLC, Stifel Nicolaus & Company, Incorporated and Robert W. Baird & Co. Incorporated served as financial advisors to Kensington and Barclays Capital Inc. and Drake Star Partners served as financial advisors to Wallbox. UBS Securities LLC and Barclays Capital Inc. served as joint placement agents on the PIPE offering.
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably.
Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries.
Founded in 2015 and headquartered in Barcelona, the company now employs over 700 people in its offices in Europe, Asia, and the Americas.
For additional information, please visit www.wallbox.com.
Kensington Capital Acquisition Corp. II (NYSE: KCAC) was a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with a business in the automotive and automotive-related sector. The company was sponsored by Kensington Capital Partners ("KCP") and the management team of Justin Mirro, Bob Remenar, Simon Boag and Dan Huber. The company was also supported by a board of independent directors including Tom LaSorda, Nicole Nason, Anders Pettersson, Mitch Quain, Don Runkle and Matt Simoncini. The Kensington team has completed over 70 automotive transactions and has over 300 years of combined experience leading some of the largest automotive companies in the world.
For additional information, please visit www.autospac.com.
Caution About Forward-Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the benefits of the transaction and the combined company's future financial performance, as well as the combined company's strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words "are designed to," "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Wallbox disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Wallbox cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either Kensington or Wallbox. In addition, Wallbox cautions you that the forward-looking statements contained herein are subject to the following uncertainties and risk factors that could affect Wallbox's future performance and cause results to differ from the forward-looking statements herein: Wallbox's ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Wallbox to grow and manage growth profitably following the business combination; risks relating to the outcome and timing of the Company's development of its charging and energy management technology and related manufacturing processes; intense competition in the electric vehicle charging space; risks related to health pandemics, including the COVID-19 pandemic; the possibility that Wallbox may be adversely affected by other economic, business, and/or competitive factors; the possibility that the expected timeframe for, and other expectations regarding the development and performance of, Wallbox products will differ from current assumptions; the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination; the outcome of any legal proceedings that may be instituted against Kensington or Wallbox, the combined company or others following the announcement of the business combination; the inability to complete the business combination due to the failure to obtain approval of the shareholders of Kensington or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the ability to meet stock exchange listing standards following the consummation of the business combination; the risk that the business combination disrupts current plans and operations of Kensington or Wallbox as a result of the announcement and consummation of the business combination; and costs related to the business combination; changes in applicable laws or regulations. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the proxy statement/prospectus of Wallbox N.V. in the registration statement on Form F-4 filed with the SEC. Kensington's and Wallbox N.V.'s SEC filings are available publicly on the SEC's website at www.sec.gov.