Wallbox, a Spain-headquartered vehicle charging technology provider backed by energy utility Iberdrola and oil and gas supplier Copec, agreed a reverse takeover with special purpose acquisition company (SPAC) Kensington Capital Acquisition Corp II yesterday.
The deal will value the merged business at $1.5bn and it will take the New York Stock Exchange spot secured by Kensington Capital Acquisition Corp II in a $200m initial public offering in February this year.
Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners – the SPAC’s sponsor – are anchoring a $100m private investment in public equity financing supporting the transaction.
Formally known as Wall Box Chargers, Wallbox provides smart charging systems for electric vehicles (EVs), for use in the home as well as in residential areas and commercial buildings. Its myWallbox software can also be used by customers to manage their charging activities.
Venture capital fund Seaya Ventures led a $24.8m series A round for the company that closed in May 2020 with backing from Iberdrola and co-investment vehicle Endeavor Catalyst.
Copec subsidiary Wind Ventures co-led Wallbox’s $39.8m series B round with Cathay Innovation, a VC affiliate of investment firm Cathay Capital, in February this year, investing alongside Iberdrola, Seaya Ventures and unnamed other participants.
Wallbox’s co-founder and CEO, Enric Asunción, said: “Today marks a big step in the evolution of our global company. Mass market adoption of electric vehicles is here, and with this comes a need for significant expansion of charging infrastructure, starting at the home.
“At Wallbox, we believe that ubiquitous access to affordable, efficient and optimised 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.”
