The Catalan multinational specialized in electric vehicle charging solutions Wallbox has been listed on the New York Stock Exchange since this Monday, October 4, with the symbol WBX, thanks to a merger agreement with the SPAC (Special Purpose Acquisition Companies) Kensington Capital Acquisition, specialized in business combinations with companies in the automotive sector. The company founded by Enric Asunción and Eduard Castañeda debuted on the stock market with a valuation of 1,263 million euros (1,470 million dollars).
According to Wallbox's plans, with this transaction, the company will be able to raise close to 217 million euros (252 million dollars) to accelerate its growth in the United States, where it plans to build a new manufacturing plant, located in Arlington (Texas), which will begin production in 2022.
Currently, Wallbox produces in Catalonia and China, after the launch this year of a factory in the Zona Franca of Barcelona, which has involved an investment of nine million euros and the creation of 200 jobs. At the close of the first half of this year, the company increased its revenues by more than 300% compared to the same period in 2020, for a value of 27.5 million euros (32 million dollars). This figure exceeded the company's own expectations by 15% and increased 2020's total revenues by 30%.
For the Catalan company, listing on the New York Stock Exchange "guarantees the necessary resources to finance the continuous global expansion and the development of both existing and new energy management solutions for private, public, and corporate use. Although this announcement represents a major milestone for us, our mission remains the same: to accelerate the transition to greener energy consumption worldwide," said Enric Asunción, co-founder and CEO of Wallbox, in a statement.
The company will also focus on the development of new technologiesThe refill manufacturer wants to find new solutions for all types of users. At this moment, the company's product range includes Quasar, the world's first bidirectional DC charger for home use; Supernova and Hypernova, the fast and ultra-fast DC chargers for public use; and a set of AC charging solutions, as well as asoftwaredesigned for intelligent energy management.
Wallbox is today one of the few unicorns —startups valued at more than a billion— in Spain. The firm, participated by Iberdrola and Seaya Ventures, was founded by Eduard Castañeda and Enric Asunción in 2015. Headquartered in Barcelona, it has nine offices in Europe, Asia, and America, with a global workforce of more than 700 people, and has sold more than 200,000 charging units in 67 countries since its founding in 2015.
The operation on the New York stock exchange ---as had already been announced--- was carried out through a SPAC, a company that raises funds through an initial public offering (IPO), with the intention of subsequently acquiring a company or asset, generally through a merger, and whose purpose is to raise capital in the stock markets. This type of operation to attract investments has been boosted in the international market as a consequence of the economic crisis of the coronavirus pandemic, which led to high volatility in the stock markets.