Charger manufacturer Wallbox to list on stock market

15th Jun 2021 Danny Morgan

Global charging solutions provider Wallbox will list on the New York Stock Exchange after agreeing to merge with Kensington Capital Acquisition Corp.

Wallbox is a global manufacturer and supplier of electric car charging solutions for residential and commercial use. With sales across 67 countries, it has already sold more than 100,000 units since the company launched in 2015.

The Barcelona-based company’s products include the hugely popular Wallbox Pulsar Plus, and Commander 2, as well as one of the first publicly available vehicle-to-grid home charging solutions in the form of the Quasar.

Wallbox will merge with Kensington Capital Acquisition Corp, after which it will be listed on the New York Stock Exchange under the ticket “WBX”.

The initial merger will raise about $330 million in proceeds for Wallbox, while the overall deals values the business at around $1.5 billion.

Its EV charging products are currently manufactured in Spain and China, but it has plans to add a US manufacturing facility in 2022.

Enric Asunción, Co-Founder and Chief Executive Officer of Wallbox, said the listing and investment will enable Wallbox to accelerate its plans:

“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.”

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