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Wallbox, a leader in electric vehicle charging solutions, has completed its business combination with Kensington Capital Acquisition Corp. II. The merger, approved on September 30, 2021, closed on October 1, 2021, and Wallbox will now trade under the ticker 'WBX'. The transaction raised approximately $252 million to support Wallbox's strategic growth, particularly in the U.S. market, where it aims to enhance product development and certifications. Wallbox has achieved over 300% YoY revenue growth in 2021 and has sold over 200,000 charging units since its inception in 2015.
Kensington Capital Acquisition Corp. II (NYSE: KCAC) has successfully completed its business combination with Wallbox, a leader in electric vehicle charging solutions, as approved by 76.5% of shareholders on September 30, 2021. Wallbox will begin trading on the NYSE under the ticker symbol 'WBX' starting October 4, 2021. The transaction secures approximately $250 million in gross proceeds for Wallbox, aimed at expanding manufacturing capacity and global sales efforts in over 70 countries. Leadership from both companies emphasizes the strategic benefits of this merger in advancing sustainable energy solutions.
Wallbox has appointed Beatriz González to its Board of Directors following its business combination with Kensington Capital Acquisition Corp. II (NYSE: KCAC). González, an investment industry expert with a strong background in startup growth, has been involved with leading Spanish unicorns. Her new role aims to leverage her experience to enhance Wallbox's market expansion and innovation in energy solutions.
The business combination is set to make Wallbox a publicly traded entity under the ticker symbol "WBX".
Kensington Capital Acquisition Corp. II (NYSE: KCAC) and Wallbox Chargers, S.L. have finalized the exchange ratio of 240.99 for their upcoming business combination, as detailed in the Business Combination Agreement dated June 9, 2021. The ratio allows for a contribution in kind exchange of shares between the two entities at the Closing. This new ratio reflects an increase from that disclosed in the proxy statement dated September 20, 2021. Wallbox provides advanced electric vehicle charging technology and energy management systems globally, aiming for sustainable energy use.
Kensington Capital Acquisition Corp. II (NYSE: KCAC) and Wallbox have set a Special Meeting for September 30, 2021, to vote on their business combination. The meeting will be virtual, and shareholders as of August 30, 2021, are entitled to vote. Following the merger, Wallbox N.V. will be publicly listed on the NYSE under the symbol WBX. A proxy statement was filed with the SEC and is available on both Kensington's and the SEC's websites. The merger is aimed at enhancing Wallbox's positioning in the electric vehicle charging sector, serving over 80 countries.
Wallbox has selected Arlington, Texas for its first U.S. manufacturing facility dedicated to electric vehicle charging solutions. The 130,000 square foot plant aims to support Wallbox's expansion in North America, with production expected to begin in June 2022. By 2027, the facility targets an annual production of 290,000 units, reaching 500,000 units by 2030. The facility is set to create approximately 250 jobs by 2030, aligning with U.S. automotive electrification goals.
Wallbox, a prominent provider of electric vehicle (EV) charging solutions, will participate in the Cowen Annual Global Transportation & Sustainable Mobility Conference on September 8, 2021. CEO Enric Asunción and CFO Jordi Lainz will lead a publicly webcasted Fireside Chat at 10:00 AM ET, discussing the company's unique offerings, geographic expansion, and growth initiatives in the U.S.. Additionally, Wallbox's business combination with Kensington Capital Acquisition Corp. II (NYSE: KCAC) is expected to close in the third quarter of 2021, leading to the new ticker symbol WBX.
Wallbox, a provider of electric vehicle charging solutions, has appointed Diego Diaz and Pol Soler to its Board of Directors as it completes its business combination with Kensington Capital Acquisition Corp. II (NYSE: KCAC). This merger is expected to finalize in Q3 2021, making Wallbox publicly traded under the ticker symbol WBX. Diaz, with extensive energy sector experience, and Soler, an automotive industry veteran, aim to strengthen Wallbox's innovation and market presence. Both appointments reflect Wallbox's commitment to merging the automotive and clean energy sectors.
Wallbox, an EV charging solutions provider, reported remarkable first-half 2021 results with revenues exceeding $32 million, a year-over-year growth of over 300% and 15% above projections. Key highlights include the successful launch of the Pulsar Plus in the U.S., agreements with Iberdrola for 1,000 Supernova fast chargers, and a strategic partnership with SunPower for bundled EV charger and solar installations. Wallbox also expanded its workforce by 305 employees and is building a new factory in Barcelona, while a U.S. facility is in the works.
