Wallbox Announces Acquisition of ABL, a Leading EV Charging Provider in Europe
- 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
BARCELONA, SPAIN – October 18, 2023 – 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, 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.
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.
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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.