Wallbox wants to strengthen its position in Germany, Europe's largest electric vehicle market, with two million such cars in circulation. The Barcelona-based company already sells its chargers in the country, but is now stepping on the gas with the acquisition of local electric mobility firm ABL GmbH for 15 million euros.
The acquisition is intended to accelerate its business plan by expanding its product portfolio and certifications. ABL has decades of experience in the electric charger industry, and already has the necessary technology to meet the requirements of the German market more quickly.
The operation includes the acquisition of the assets and business of the German company, based in the state of Bavaria and with a workforce of 550 employees. The listed company will keep two ABL factories, one assembly plant in Germany and another component plant in Morocco, and will not assume liabilities or debts as part of this transaction.
The transaction is expected to close in this fourth quarter. The company founded by Enric Asunción and Eduard Castañeda in 2015 expects the acquisition of ABL to increase its sales by between 60 and 75 million euros, and allow it to achieve a positive EBITDA by 2024. Currently, the cumulative number of chargers sold by the Catalan company and ABL worldwide stands at one million units.
The acquisition of ABL comes a few days after Wallbox signed a green loan for 35 million euros with a five-year maturity. EBN Banco, the Official Credit Institute (ICO), the Institut Català de Finances (ICF), the Spanish Development Finance Company (Cofides) and MoraBanc Grup participated in the operation.
The syndicated loan consists of a first tranche for sustainable investments. With a budget of 30 million euros, it will be allocated to the factory in the Zona Franca of Barcelona, investing in manufacturing lines for chargers, improving logistics with automatic carts and an automated storage system, and developing its energy management software. The resources will also be dedicated to expanding its printed circuit board plant in Sant Boi de Llobregat, with a new assembly line.
The green tranche for the internationalization of the credit, with the remaining 5 million euros, is financed exclusively by Cofides. In this case, it will serve to expand Wallbox's plant in the United States. Five new assembly lines will be installed at the Arlington (Texas) factory.
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