Wall Box Chargers To Debut On NYSE After Merging With Kensington Capital Acquisition Corp.

(RTTNews) - Electric vehicle charging solutions provider Wall Box Chargers SL is set to debut on the NYSE by merging with Kensington Capital Acquisition Corp. II (KCAC) , a special purpose acquisition company.

The transaction, that values Wallbox at $1.5 billion, is expected to be completed in the third quarter of 2021.

The combined company will be named as Wallbox with the ticker symbol "WBX".

Wallbox will receive proceeds of about $330 million, including a $100 million fully committed PIPE, anchored by Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners.

Founded in 2015, Wallbox, with nine offices across three continents, has sold more than 100,000 units. The company has manufacturing facilities in Spain and China, with plans to add one facility in the U.S. in 2022.

Enric Asunción, Co-Founder and Chief Executive Officer of Wallbox, commented, "Today marks a big step in the evolution of our global company. Mass market adoption of electric vehicles is here, and with this comes a need for significant expansion of charging infrastructure, starting at the home. At Wallbox, we believe that ubiquitous access to affordable, efficient, and optimized EV charging is a critical part of the transition to electric vehicles."