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A charging infrastructure company is going public in a SPAC merger announced Wednesday morning.
The SPAC Deal: Wallbox will go public via SPAC merger with Kensington Capital Acquisition Corp II (NYSE:KCAC). The deal values the company at a pro forma enterprise value of $1.5 billion.
Kensington Capital was the same SPAC group that took Quantumscape Corp (NYSE:QS) public in a SPAC merger.
The company will trade on the New York Stock Exchange with ticker WBX after the merger and current KCAC public shareholders will own 12.9% of the company.
About Wallbox: Established in 2015, Wallbox creates smart charging and energy management solutions. The company designs, manufactures and distributes electric vehicle charging solutions for the residential, public and semi-public sectors.
Wallbox, which was founded in Spain, has operations in three continents and sells its products in 67 countries.
Products from Wallbox include Level 2 AC chargers and DC fast chargers. Quasar from Wallbox is the world’s first bidirectional DC charger for the home, which can help charge an electric vehicle and use the energy to power a home or business and send it back to the grid.
The company’s proprietary myWallbox offers residential and business software used for real-time charger management, fleet management and energy management.
Wallbox has sold more than 100,000 chargers since 2015.
The company is led by co-founder and CEO Enric Asuncion, who served as a program manager for charging installations at Tesla Inc (NASDAQ:TSLA) from 2014 to 2015, according to his LinkedIn profile.
Clients for Wallbox include Bayerische Motoren Werke AG (OTC:BAMXF), also known as BMW, Ford Motor Company (NYSE:F), Nissan Motor Co Ltd (OTC:NSANY), Jaguar, which is owned by Tata Motors Limited ADR (NYSE:TTM), and Hyundai Motor Company GDR (OTC:HYMTF).
Related Link: Bill Gates And Volkswagen Backed EV Battery Maker QuantumScape Going Public Via SPAC
Growth Ahead: Wallbox has manufacturing operations in Spain and China and said it plans to add one in the U.S. in 2022. The company has an in-house production capacity today for 500,000 units.
Electric vehicles are expected to hit an addressable market of $102 billion by 2030, according to the company’s presentation.
The company also said in its presentation 70% of electric vehicle charges take place at home or at work, two key markets for Wallbox.
Wallbox is seeking to be the provider of an all-in-one renewable energy solution with the company’s charging at the core. Solutions include trading energy storage to the grid, automatic charging based on price and peer-to-peer energy transfers.
Financials: Wallbox had revenue of $24 million in fiscal 2020.
The company forecasts revenue of $79 million in fiscal 2021. Guidance for revenue goes out to fiscal 2027 with a projection of $2.1 billion.
Wallbox said it has a strong pipeline of orders from existing clients to help with the revenue forecasts.
The company’s projected compound annual growth rate of 96.1% for fiscal 2021 to fiscal 2025 is ahead of rivals Blink Charging Co (NASDAQ:BLNK) at 84.2% and ChargePoint Holdings Inc (NYSE:CHPT) at 63.2%.
Gross margins are expected to be 45.5% for Wallbox by fiscal 2025, ahead of its rivals.
KCAC Price Action: Shares of Kensington Capital Acquisition Corp II are down 2.45% to $9,95 on Wednesday morning at publication.
Disclosure: Author is long shares CHPT.
(Photo: Wallbox)
