- The acquisition of the operations and assets of ABL GmbH
enhances Wallbox’s competitive position in key markets while
accelerating its path to profitability
- Collectively, Wallbox and ABL have over 1 million EV chargers
installed worldwide
Wallbox (NYSE: WBX), a global leader of electric vehicle (“EV”)
charging and energy management solutions, today announced the
purchase of the operations and assets of ABL for approximately €15
million. ABL is a pioneer in EV charging solutions in Germany, the
largest EV market in Europe with more than two million EVs on the
road. Wallbox and ABL have a combined number of over 1 million EV
chargers installed worldwide.
ABL Overview:
ABL, a pioneer with decades of experience in the energy
management and e-mobility industries, brings with it innovative
products, valuable customer relationships, a respected and
experienced management team, and proprietary calibration
technologies that will accelerate Wallbox’s ability to meet new
market requirements. ABL’s focus on smart charging for commercial
and residential applications has positioned the company as a leader
in the segment. Wallbox is acquiring ABL’s state-of-the-art
manufacturing & assembly facility in Germany and its component
manufacturing facility in Morocco.
Strategic Rationale:
This transaction meets a number of critical strategic criteria
for Wallbox, which will quickly begin to deliver value to
customers, partners, and shareholders.
First, this transaction accelerates Wallbox’s commercial
business plan by enhancing the product and certification portfolio,
including German EV charging calibration law (Eichrecht).
Leveraging ABLs relationships, reputation, and experienced team,
Wallbox can now deliver a comprehensive suite of residential,
commercial, and public charging hardware and energy management
software in this attractive market.
Second, Wallbox will benefit from reduced operational risk
through reduced Capex and R&D spend, plus leveraging ABL’s
in-house component manufacturing. These combined efforts will
enable Wallbox to bring new products to market more quickly and
efficiently, including Supernova and Hypernova DC fast
chargers.
Most importantly, this transaction enhances the scale and
financial performance of Wallbox by immediately adding substantial
sales and improving future earnings as Wallbox utilizes ABL’s
existing technology and highly efficient workforce.
Anticipated Financial Benefits:
Wallbox will pay approximately €15 million for the operations
and assets of ABL, which includes two automated manufacturing
locations (Germany and Morocco), inventory, intellectual property,
brands, and certifications. €10 million of this consideration will
be paid at closing, and the remaining €5 million payment will occur
in 2024. There is no assumption of liabilities or debt by Wallbox.
This transaction coincides with Wallbox’s recent announcement of an
additional €35 million of long-term debt raised at attractive
rates, further strengthening its balance sheet. As a result, ABL is
expected to drive incremental sales between €60 and €75 million and
be accretive on an adjusted EBITDA basis in 2024. The company
expects to capture attractive commercial and operational synergies
that will accelerate and amplify its goal of achieving positive
adjusted EBITDA in 2024 at the consolidated level.
“There is no debate that EV adoption is a major force globally
and that 70% of charging continues to occur at home and work, where
it’s easier and more economical. The solution that resonates with
customers emphasizes quality, intelligence, and interoperability.”
said Enric Asunción, co-founder and CEO of Wallbox. “The
complementary product offering and geographic footprint of ABL
provide compelling new opportunities to Wallbox and will enable our
business to rapidly scale and capture share in the largest markets
in Europe. We look forward to welcoming the ABL team and showing
customers and shareholders what value a unique and global offering
can truly deliver.”
“The ABL team is glad to have found a strong partner in Wallbox
who shares our vision of an emissions-free world,” stated Ferdinand
Schlutius, Co-CEO of ABL, “Together, we will proceed with our
planned strategic steps and successfully launch our next generation
EV charger, the eM4 and our new Schuko program in the market. With
ABL and Wallbox's EV solutions complementing each other perfectly,
we will hold a unique position in the market to meet the needs of
all our customers.'"
The transaction is subject to approval by process
administration, but is not subject to regulatory approvals. It is
expected to close within the 4th quarter, 2023. Additional
transaction and company details will be shared on Wallbox’s Q3 2023
earnings call scheduled on November 9th, 2023 at 8:00am ET. Event
details can be found on the Investor Relations website at
investors.wallbox.com.
About Wallbox Chargers
Wallbox is a global technology company, dedicated to changing
the way the world uses energy. Wallbox creates advanced electric
vehicle charging and energy management systems that redefine the
relationship between users and the network. Wallbox goes beyond
charging electric vehicles to give users the power to control their
consumption, save money, and live more sustainably. Wallbox offers
a complete portfolio of charging and energy management solutions
for residential, semi-public, and public use in more than 100
countries around the world. Founded in 2015 in Barcelona where the
company's headquarters are located, Wallbox currently has offices
across Europe, Asia, and the Americas.
For more information visit www.walbox.com.
About ABL GmbH
ABL is one of the pioneers of electric mobility. Based in the
south of Germany, the company EV chargers for private, semi-public
and public use. With its smart charging solutions, ABL is a leader
in energy transition. With its eMobility products ABL continues the
technological tradition of the company. Company founder Albert
Büttner developed the SCHUKO plug in 1925, today the most widely
used standard for plug devices worldwide. This success story is now
being continued in a time of electromobility with innovative
solutions in the field of eMobility.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements contained in
this press release other than statements of historical fact should
be considered forward-looking statements, including, without
limitation, statements regarding the expected consummation of the
acquisition of ABL’s operations and assets, the financial and
operational benefits expected from the acquisition and Wallbox’s
financial outlook. The words “anticipate,” “believe,” “can,”
“continue,” “could,” “estimate,” “expect,” “forecast,” “intend,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “target,” will,” “would” and similar
expressions are intended to identify forward-looking statements,
though not all forward-looking statements use these words or
expressions. These statements are neither promises nor guarantees,
but involve known and unknown risks, uncertainties and other
important factors that may cause our 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; impacts resulting from the conflict between
Russia and Ukraine; risks related to macro-economic conditions and
inflation; Wallbox’s reliance on the third-parties outside of its
control; risks related to Wallbox’s technology, intellectual
property and infrastructure; as well as the other important factors
discussed and incorporated by reference under the heading “Risk
Factors” in Wallbox’s Annual Report on Form 20-F for the fiscal
year ended December 31, 2022, and as such factors may be updated
from time to time in its other filings with the Securities and
Exchange Commission (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. Any such forward-looking
statements represent management’s estimates as of the date of 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231018735091/en/
Wallbox PR Contact: Elyce Behrsin Global Head of PR
press@wallbox.com
Wallbox Investor Contact: Matt Tractenberg VP, Investor
Relations Matt.Tractenberg@wallbox.com +1 404-574-1504
Wallbox NV (NYSE:WBX)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Wallbox NV (NYSE:WBX)
Gráfica de Acción Histórica
De May 2023 a May 2024