Wallbox Acquires EV Charging Installation Services Company, COIL

Rhea-AI Summary

Wallbox (NYSE:WBX) has announced the acquisition of COIL Inc, a leading EV charging installation service in the U.S. This strategic move enables Wallbox to enhance service offerings for partners, including Auto OEMs and utilities, providing a comprehensive solution for installation and maintenance of EV chargers. The acquisition follows the opening of new warehouses in North America and the upcoming production launch in Arlington, Texas. COIL's extensive service range includes Level 2 and Level 3 charging installations, electrical engineering, and a network of installation partners.

Positive

• Acquisition of COIL Inc expands Wallbox's service offerings in North America.
• Enhances one-stop shop capabilities for EV installation and maintenance for strategic partners.
• COIL's established network includes on-staff and third-party installation partners.
• Anticipated production in Arlington, Texas, supports North American market demand.

Negative

• None.

Wallbox Continues to Invest in North America With Strategic Acquisition of Leading End-To-End EV Charging Installation Services Company

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced that it has acquired COIL Inc (www.coil.co), a leading EV charging installation service in the U.S. that will allow Wallbox to offer key partners including Auto OEMs, Utilities and Dealerships in North America a one-stop shop for EV installation and maintenance services.

Wallbox Acquires EV Charging Installation Services Company, COIL (Photo: Business Wire)

The acquisition highlights Wallbox’s commitment to the North American EV charging market and follows the announcement of new warehouse facilities across the US and Canada. Wallbox also anticipates production to begin in their recently announced factory in Arlington, Texas this fall.

“We are thrilled to bring the COIL team, their industry expertise and leading installation services into the Wallbox family,” said Douglas Alfaro, General Manager North America at Wallbox. “This acquisition allows us to further enhance our service offerings to our customers in residential and commercial settings, while also expanding into the rapidly growing DC Fast Charging installation market.”

“This is an exciting time for COIL and we are looking forward to expanding our presence across North America with Wallbox,” said Bobby Penn, Founder and General Manager of COIL Inc. “We have been working with Wallbox on special projects for the last year but this combination will allow us to expand our breadth and footprint to better support our customers and the accelerating EV market in North America.”

COIL has a nationwide presence in the United States, consisting of a network of on-staff installation management teams, and trusted third-party installation partners. COIL’s service offerings include:

• Residential and Commercial Level 2 EV Charger Installation
• Level 3 DC Fast Charging Installation
• Electrical Engineering Services and Solution Design
• Utility Coordination
• Incentives Management and Consulting Services
• A Growing Network of Nationwide Installation Partners
• Software Enabled EV Quoting and Customer Management Tool, COIL iQ (www.COILiQ.com)

With the addition of COIL’s services to their existing EV charging portfolio, Wallbox will enhance their customer experience by being able to extend all-in-one solutions with nationwide reach to strategic partners and special projects.

About Wallbox Chargers
Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 100 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs approximately 1,100 people in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

Wallbox Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the acquisition of COIL and Wallbox’s expected expansion plans. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption "Risk Factors" in Wallbox’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005538/en/

Wallbox Public Relations Contact:

Elyce Behrsin

Public Relations

Press@wallbox.com

+34 622 513 358



Wallbox Investor Contact:

Matt Tractenberg

VP, Investor Relations

Matt.Tractenberg@wallbox.com

+1 404-574-1504

Source: Wallbox

FAQ

What is the purpose of Wallbox's acquisition of COIL Inc?

The acquisition aims to enhance Wallbox's service offerings in EV charging installation and maintenance across North America.

What services does COIL Inc provide after the acquisition by Wallbox?

COIL offers residential and commercial EV charger installation, DC Fast Charging installation, and electrical engineering services.

How will the acquisition affect Wallbox's operations in North America?

It will allow Wallbox to provide a comprehensive solution for EV installations, improving service delivery to its partners.

When is production expected to start in Wallbox's new facility?

Production is anticipated to begin in the fall in Arlington, Texas.

What does Wallbox hope to achieve with the COIL acquisition?

Wallbox aims to expand its footprint in the growing EV market and enhance customer experience with all-in-one solutions.