Wallbox Announces Acquisition of ABL, a Leading EV Charging Provider in Europe

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.