Wallbox to Trade on NYSE Under Ticker “WBX”
Global EV Charging and
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
"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
"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
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
For additional information, please visit www.wallbox.com.
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
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