The manufacturer of charging points for electric cars Wallbox, based in Barcelona, debuted this Monday on the New York Stock Exchange under the label WBX and with an initial valuation of $ 9.49 per share. The firm, born in 2015 and which has Iberdrola among its main shareholders, aims to lead the still incipient global market for charging points, both domestic and on roads and highways. Despite closing 2020 with a turnover of only 19 million euros, the business plan and market projection have boosted the company’s valuation to 1,470 million dollars (1,263 million euros), which makes it a new Unicorn (start-ups with a valuation greater than 1,000 million dollars) Spanish. The IPO has been articulated through the investment vehicle Kensington Capital Acquisition Corp.
The operation has been achieved on the fast track, something that, according to what Wallbox managers explained this Monday at the company’s debut on the New York market, was important to take advantage of the rapid growth that the company is experiencing. Thus, instead of going out on the market to seek financing through a public offer for sale (IPO), it has done so by merging with an investment vehicle that was already on the market looking for companies in which to invest. . This mechanism, known under the acronym SPAC (special purpose acquisition company, in English) was listed after having brought together different investors with the promise that it would find and merge with a company that fits its objectives. This gear has become very popular in recent times in the United States despite being an option for years and is not without controversy.
In this case, the SPAC was Kensington (with investors specialized in the automotive sector) and the chosen company was Wallbox, founded by entrepreneurs Enric Asunción and Eduard Castañeda. The company announced it in June, the operation was closed last Friday and ended this Monday. 83% of the shares are owned by the founders and the main investors (Iberdrola and the Seaya and Cathay funds), while the remaining 17% is distributed among participants in the purchase of shares on their IPO (the so-called private investment in public capital or PIPE, for its acronym in English), and the shareholders and investors of the SPAC.
Capital injection to finance your global expansion
The transaction represents net income for Wallbox of 252 million dollars (about 217 million euros), an amount somewhat lower than that announced three months ago, since some of the SPAC investors have backed down, but more than enough to the investment objectives that Wallbox has, ensures the company. This injection of capital, as explained by the CEO, Enric Asunción, will serve to finance the expansion of its business abroad, develop new products and finish the two factories (one in the Barcelona Free Trade Zone that will open this year and the other in Texas from 2022) that are added to its facilities in Sant Andreu de la Barca (Barcelona).
Despite the pandemic and the global phenomenon of semiconductor shortages, which is causing bottlenecks in supply chains, Wallbox guarantees the chain thanks to its own factories, which will be joined next year by Arlington (Texas, USA). UU), already under construction. “An area of 15,000 square meters for a plant that will employ 250 workers and an investment of 44 million dollars, in a very agile city when it comes to helping us and surrounded by universities,” explains Asunción. The infrastructure plans of President Joe Biden, with a strong commitment to the electric car, are another contributing factor. “The strategy of having factories [propias] it helps us to control the supply chain ”, Asunción underlines. With nine offices on three continents and a presence in more than 80 countries, Wallbox has sold more than 200,000 cargo units since its founding in 2015.
“Our entry into the public markets represents the next natural step for the company, as the demand for electric vehicle charging and energy management infrastructures is constantly growing around the world,” Asunción said at the premiere on the Stock Exchange. . The CEO assures that he is not concerned about the value of the share: “The partners are long-term because what concerns us is the long-term performance, not speculating with the action,” said the manager, while recalling that the main investors and founders have agreed not to sell their shares within one year. He is confident in his business plan: “The market is just starting, 97% of the charging points that must be had in the world have yet to be installed, and for each electric car that is sold, more than one charger is sold, and this is where we are world leaders. We are global leaders in home charging, 80%, although we also supply solutions for public and semi-public use ”.
Germany, the USA and France, its main markets
The company expects to close the year with a turnover of 65 million euros and exceed 1,000 million euros in turnover in 2025. Wallbox, which since its foundation has closed all its years multiplying sales but recording losses due to the high investment required, defends the profitability of your business: “We have a gross margin of 40% for each product” compared to the margins of 20% of its competitors, explains Asunción. The company explains this by having a “vertically integrated supply chain by managing production internally.”
Currently, Wallbox’s main market is Germany, followed by the United States, France and Spain. “Spain does not have to be the main market, we are a global company”, explained those responsible for the company. Iberdrola, in addition to being an investor, is also a client (it has ordered more than 1,000 units of Wallbox’s first public charger), but the company expects that it will not monopolize more than 10% of sales.