Spanish car-charging startup valued at $1.5 billion in SPAC deal

  • There are several companies making chargers for public spaces, but there is a dearth of firms specializing in residential chargers.
  • The deal values Wallbox at about $1.5 billion and will raise $330 million for the company.

Wallbox has developed a bi-directional charger that can send excess power from a battery to a residential circuit, making the company’s offering particularly attractive to utilities. (Bloomberg)
Wallbox has developed a bi-directional charger that can send excess power from a battery to a residential circuit, making the company’s offering particularly attractive to utilities.
Get Launch Updates on
Notify me

Wallbox Chargers, the maker of electric-vehicle chargers founded by a former Tesla Inc. manager, will list in New York after merging with blank-check company Kensington Capital Acquisition Corp. II.

The deal values Wallbox at about $1.5 billion and will raise $330 million for the company, including $100 million from Janus Henderson Investors, Luxor Capital and Kensington Capital Partners, according to a statement Wednesday. Existing Wallbox shareholders will retain about 78% of the equity after the listing.

Also check these Cars

Find more Cars
Mg 4 Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon64kWh Range Icon350 km
₹ 30 - 32 Lakhs
Alert Me When Launched
Tata Sierra Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon69 kWh Range Icon420 Km
₹ 25 - 30 Lakhs
Alert Me When Launched
Tata Harrier Ev (HT Auto photo)
UPCOMING
BatteryCapacity Icon50 kWh Range Icon400 Km
₹ 22 - 25 Lakhs
Alert Me When Launched
Honda Elevate Ev (HT Auto photo)
UPCOMING
₹ 18 Lakhs
Alert Me When Launched
Tata Punch Ev (HT Auto photo)
BatteryCapacity Icon35 Kwh Range Icon421 km
₹ 10.99 Lakhs
Compare
View Offers
Mg Comet Ev (HT Auto photo)
BatteryCapacity Icon17.3 kWh Range Icon230 km
₹ 7.98 Lakhs
Compare
View Offers

While there are several companies focused on making chargers for public spaces, there is a dearth of firms specializing in residential chargers, the blank-check firm’s Chairman Justin Mirro said in an interview. This is what attracted the Kensington Capital Partners-backed SPAC to Wallbox, as well as its “industry-leading operating margins," he said.

The transaction adds to a rising trend of going public by merging with special purpose acquisition companies as an alternative to a traditional initial public offering, a route that has become particularly popular in the electric-vehicle sector.

Another Kensington Capital Partners SPAC struck a similar deal last year with electric-vehicle battery startup QuantumScape Corp. And the likes of Nikola Corp., Fisker Inc., Lordstown Motors Corp. and UK-based Arrival Ltd. have also recently gone public via blank-check mergers. Still, many of these have struggled as publicly traded companies.

Wallbox has developed a bi-directional charger that can send excess power from a battery to a residential circuit, making the company’s offering particularly attractive to utilities. Chief Executive Officer Enric Asuncion oversaw Tesla’s charging installations in Europe for a year before leaving in 2015 to start Wallbox along with fellow engineer Eduard Casteneda.

Funds from the listing will help Wallbox, which will retain its headquarters in Barcelona, expand both in the US and elsewhere, Asuncion said. The firm will also rely on the experience of Kensington’s board members, many of whom are former automotive executives, he said.

Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.

First Published Date: 09 Jun 2021, 19:52 PM IST
NEXT ARTICLE BEGINS

Check Latest Offers

Please provide your details to get Personalized Offers

Choose city
+91 | Choose city
Choose city
Select a dealer

Want to get the best price for your existing car?

Powered by: Spinny Logo
By clicking "View Offers" you Agree to our Terms and Privacy Policy
Dear Name

Please verify your mobile number.

+91 | Choose city
Couldn't verify the OTP.
It's either expired or it's incorrect.