Wallbox to go public with Kensington Capital Partners merger

Electric vehicle charging provider Wallbox is to be listed on the New York Stock Exchange following a merger with Kensington Capital Partners.

Wallbox has teamed up with Kensington Capital Partners with the purpose of going public, and the joint company is reportedly valued at around $1.5 billion.

An agreement between the two firms was reached last week and the merger is due to be completed in Q3 of 2021.

The transaction itself is expected to raise $330 million, which includes $100 million in PIPE funding from Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners.

Enric Asunción, co-founder and CEO of Wallbox, said: “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.”

In February this year, Wallbox also completed a £29 million funding round supported by new and existing investors, with Investor Iberdrola ordering 1,000 units of the Supernova for the expansion of its own fast-charging network. This investment was also followed by the announcement of plans for a production plant in the USA.

Founded in 2015, Spanish-based charging infrastructure provider Wallbox offers various AC charging points for private and public charging, a DC fast charging station called Supernova and a DC wallbox for home use called Quasar.

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