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VC-backed Wallbox goes public through $1.5bn SPAC merger

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Barcelona-based Wallbox, an electric vehicle charging specialist, will list on the New York Stock Exchange this year through a merger with Kensington Capital Acquisition Corp II, a special purpose acquisition company (SPAC) sponsored by private equity firm Kensington Capital Partners.

The business combination gives Wallbox an enterprise value of $1.5bn.

The transaction will result in proceeds of approximately $330m for Wallbox, including $100m for Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners.

The merger is expected to be completed in the third quarter of 2021. Upon closing, the combined company will maintain the name Wallbox and will be listed on the NYSE under the ticker symbol "WBX".

UBS and Barclays are serving as joint placement agents on the PIPE offering.

Previous funding
Wallbox raised €15m from Spanish electric utility company Iberdrola in June 2019, and €2m from Seaya Ventures in December 2019.

Subsequently, Seaya led a €12m series-A round for the company in May 2020. Endeavor Catalyst and Iberdrola also took part in the investment.

In February 2021, the company raised a €33m financing round co-led by Cathay Innovation and Wind Ventures, the venture capital arm of South American energy company Copec. Previous investors, including Iberdrola and Seaya, also took part in the funding.

Company
Established in 2015, Wallbox specialises in manufacturing smart charging systems for electric vehicles.

The company offers four types of chargers, including Quasar, a small bi-directional charger for home use. To complement its residential and semi-public charging solutions, Wallbox has recently launched Supernova, a fast public charger that delivers 65 kW of power.

Wallbox is headquartered in Barcelona, with additional offices located across Europe, Asia and the Americas. Employing 350 staff, the company operates two production facilities and sells its products in 50 countries worldwide.

People
Wallbox – Enric Asunción (co-founder, CEO).
Kensington Capital Partners – Justin Mirro (chair, CEO).

Advisers
Equity – Hughes Hubbard & Reed (legal); Cuatrecasas (legal); Houthoff (legal); UBS Investment Bank (corporate finance).
Company – Barclays (M&A); Drake Star Partners (M&A); Latham & Watkins (legal); Loyens & Loeff (legal).

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