The lack of recharging points is a drag on the sale of electric vehicles in Spain but it has not prevented adding a new copy to the Spanish list of unicorns (start-ups with a valuation of more than $ 1 billion). The manufacturer of charging points Wallbox announced on Wednesday its next jump to the New York Stock Exchange after exceeding a valuation of 1,500 million dollars (1,200 million euros). It will do so with Kensington Capital Acquisition Corp. II, which will provide it with 270 million euros (330 million dollars) of capital, which will raise the company’s market capitalization to 1,475 million euros, according to the director. company delegate, Enric Asunción.
Kensington is a special purpose purchase investment vehicle, better known in financial jargon as SPAC (short for Special Purpose Acquisition Companies). It is a mechanism with years of history, with some controversy behind it and with which its promoters seek financing from other investors and then carry out other corporate operations. In the case of Wallbox, the 270 million achieved will be contributed by Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners. They enter “the best freight company” for vehicles, as defined by Kensington CEO Justin Mirro in a conference with analysts. Its objective is the design of both the connection infrastructure of the vehicles and the software associated.
The IPO model through SPAC means that Kensington, which is already listed on the New York Stock Exchange, will change its name to that of the Spanish company when the operation ends, and will appear on the US market under the label WBX. The current shareholders of the company (Seaya Ventures, Iberdrola, Cathay Innovation and Halekulani, in addition to the founders and employees) will keep 78% of the company. The founders will also hold the majority of the voting rights on the board of directors.
The incorporation of external capital will allow Wallbox to finance its growth plans, which it sees as necessary due to the expected boom in the sales of electric vehicles. In fact, the company plans to multiply its income by 10 this decade. Although it reached a turnover of $ 24 million last year, it plans to triple to $ 79 million this year and reach $ 1 billion in 2025 (surpassing $ 2 billion in 2027), after selling more than two million points of recharge (to date it has marketed around 100,000).
The company, with just six years of life, currently manufactures in Spain and China. It recently announced the opening of a new factory in Barcelona in October and plans to build another one in the United States by 2022. Asunción believes that the alliance with Kensington will provide greater growth capacity, by allowing it to make a quantitative leap in the North American market and bring you closer to vehicle manufacturers, with whom to go hand in hand in your expansion policy.
Wallbox recently presented its first charger for public operators, of which Iberdrola has ordered 1,000 units. The utility is one of Wallbox’s largest shareholders and one of its suppliers, as it recently closed an agreement to sell electricity to the company.
“Today marks a great step in the evolution of our global company. This operation with Kensington will allow us to significantly increase our product development and our manufacturing capacity as we increase sales globally to accelerate the transition to electric vehicles ”, Asunción said through a statement. Justin Mirro, CEO of Kensington, believes that his entry into the shareholding will allow “to bring to the company significant capital and experience in the automotive industry to accelerate its global business plan.”
The fundraising announced today is, by far, the largest closed by Wallbox, which since 2019 has carried out up to six operations to obtain liquidity and maintain its investment plans. Since 2019 it has raised 73 million euros from its shareholders.