The Spanish car-loading startup is worth $ 1.5 billion under the SPAC agreement

The Spanish car-loading startup is worth $ 1.5 billion under the SPAC agreement

Wallbox Chargers, the founder of electric vehicle chargers created by the former director of Tesla Inc., will be listed in New York by Kensington Capital Acquisition Corp. II.

The deal costs Wallbox 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, in a statement Wednesday. Existing Wallbox shareholders will retain about 78% of their assets once they are listed.

Although there are several companies that focus on making Chargers for public spaces, there is a shortage of companies that specialize in residential chargers, said Justin Mirro, president of the vacant company, in an interview. This attracted the Kensington Capital Partners-sponsored SPAC Wallbox, as well as “leading operating margins in the industry,” they said.

The transaction increases the upward trend by merging with special purpose buying companies as an alternative to the traditional initial public offering, a route that has become particularly popular in the electric vehicle sector.

MG India extends warranty and service schedule validity amid Covid restrictions
Read More

Kensington Capital Partners SPAC reached a similar agreement last year with the electric vehicle battery QuantumScape Corp.. Nikola Corp., Fisker Inc., Lordstown Motors Corp. and Arrival UK Ltd. they have recently been made public through mergers of blank checks. Still, many of these have struggled with being public trading companies.

Wallbox has developed a two-way charger that can send excess energy from one battery to another in a residential circuit, making the company particularly attractive for public services. CEO Enric Asuncion oversaw Tesla’s charging facilities in Europe for a year before leaving in 2015 to start Wallbox with fellow engineer Eduard Casteneda.

The list’s funds will help expand Wallbox, which will retain its headquarters in Barcelona, ​​in the U.S. and elsewhere, Asuncion said. The company will rely on the experience of members of Kensington’s management, many of whom said they are former executives in the automotive industry.


Be Updated with all the Latest Automobile News

Join the discussion