Wallbox to Go Public Via $1.5 Billion SPAC Merger

Smart charging and energy company Wallbox Chargers announced it is going public through a merger with special acquisition purpose company (SPAC) Kensington Capital Acquisition Corp. II (NYSE: KCAC).

The combined company will be listed on the New York Stock Exchange (NYSE) under the ticker "WBX" once the transaction is completed.

The deal will provide Wallbox with roughly $330 million in proceeds, including a $100 million fully committed private investment in public equity (PIPE) secured by Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners.

"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 optimized EV charging is a critical part of the transition to electric vehicles,” said Enric Asunción, CEO, and co-founder of Wallbox.

“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."

Furthermore, Wallbox’s institutional backer Iberdrola recently said it plans to purchase the first 1,000 Supernova fast chargers from Wallbox. The combined entity is expected to reach a Pro-forma enterprise valuation of approximately $1.5 billion.

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