BARCELONA, Spain and
WESTBURY, N.Y, Aug. 5, 2021 /PRNewswire/ -- Wallbox,
a leading provider of electric vehicle (EV) charging
solutions, today summarized its first half 2021 business
highlights, including revenues for the six months ended
June 30, 2021.
First Half 2021 Business Highlights
- First half 2021 revenues increased more than 300% versus first
half 2020 and were 15% ahead of budgeted expectations.
- Launched Pulsar Plus, the company's best-selling product
globally, in the U.S. market in February, achieving #1 best seller
on Amazon and "Amazon's Choice" in the EV charging category and
significant month over month sales growth.
- Entered into an agreement with Iberdrola in June, who committed
to acquiring the first 1,000 Supernova public fast chargers.
- Partnered with SunPower (NASDAQ: SPWR), a leading Distributed
Generation Storage and Energy Services provider in North America, to offer packaged EV charger
and solar installations across the U.S. market, resulting in a
strategic alliance announced in July.
- Added 305 employees and expanded product sales into seven new
countries, bringing total headcount to 643 and sales presence to 67
countries.
- In order to expand manufacturing capacity, the company signed
and started construction on its new factory in Barcelona, and is currently searching for a
location to build its first U.S.-based manufacturing facility,
expected to be announced in the coming weeks.
Executive Commentary by Enric Asunción, CEO and Co-Founder of Wallbox
"We are proud to continue delivering strong results and of the
several notable highlights in the first half of 2021, expanding our
geographic footprint, strengthening our technology offering, and
further diversifying our business.
In the period ended June 30, 2021,
we achieved $32 million in revenues,
which exceeded our budgeted projections by approximately 15% and
was 30% greater than full-year 2020 revenue. Growth in our business
was driven by a variety of factors, including geographic expansion
into seven new countries and most notably our entry into the U.S.
market in February with our 40Amp Pulsar Plus home charger, and
strong traction in select European countries and Australia.
Over performing our budget in the first half of the year, along
with several recently announced and ongoing initiatives, position
us well to deliver on our previously disclosed full-year 2021
revenue target. While we have quadrupled global sales in the first
half of 2021 versus the prior year period, in some key EV markets
the company has grown even faster, such as in Germany, UK, France and Italy.
In H2, we expect U.S. sales to continue on its growth
trajectory, aided by, among other things, the recent roll-out of
our next generation 48 Amp Pulsar Plus, and our recently announced
strategic alliance with SunPower. This partnership will allow
SunPower customers to opt to install a Wallbox home EV charger at
the same time as their solar and/or storage system installation and
charge their EVs using the renewable energy they generate.
In Europe, we expect Quasar,
the world's first bi-directional charger for the home, to provide
further tailwinds as we continue to roll it out in additional
countries across the continent. Further, we look forward to
entering into public charging on the hardware front as we begin to
sell Supernova, our DC Fast Charger for public use, in the second
half of the year. We were excited to announce in June that
Iberdrola, one of the world's leading utility companies, acquired
the first 1,000 Supernova units from Wallbox.
In addition to new product and geographic roll-outs, we also
look forward to finalizing the selection of our U.S. manufacturing
facility's location in the coming weeks. The new U.S. factory is
expected to open in the second half of 2022 and will be key to
support the company's growth in the North American market in
residential, business and public segments.
We are also excited about completing our transaction with
Kensington Capital Acquisition Corp. II, which will result in
Wallbox becoming a publicly traded company and is expected to fund
significant growth over the next several years.
I would like to thank all of the inspiring and hardworking
individuals of the Wallbox team for our very strong first half of
2021, and I encourage all of our stakeholders to attend our virtual
Investor Day next Tuesday, August
10th, to learn more about Wallbox and how we are achieving
our vision of accelerating EV adoption and changing how people use
energy globally."
Wallbox Investor Day
Join the Wallbox management team for an in-depth look into one
of the fastest-growing EV charging companies in the world. The
event will consist of a 40-minute presentation about the company
and a Q&A session with Enric Asunción, Co-Founder and CEO, and
Jordi Lainz, CFO. Details are as follows:
Date: August 10, 2021
Time: 8:00AM EDT / 2:00PM CEST
Registration and additional information can be found here.
Transaction with Kensington
In June, Wallbox and Kensington Capital Acquisition Corp. II
("Kensington") (NYSE: KCAC) announced a business combination that
is expected to result in Wallbox becoming a publicly traded company
on the NYSE under the ticker symbol "WBX". For additional
information, please visit www.wallbox.com.
About Wallbox
Wallbox is a global company, dedicated to changing the way the
world uses energy in the electric vehicle industry. Wallbox creates
smart charging systems that combine innovative technology with
outstanding design and manage the communication between vehicle,
grid, building and charger. Wallbox offers a complete
portfolio of charging and energy management solutions for
residential, semi-public and public use in more than 60
countries.
Founded in 2015, with headquarters in Barcelona, Wallbox's mission is to facilitate
the adoption of electric vehicles today to make more
sustainable use of energy tomorrow. The company employs
over 500 people in Europe,
Asia, and the Americas.
For additional information, please visit www.wallbox.com.
About Kensington
Kensington Capital Acquisition Corp. II (NYSE: KCAC) is a
special purpose acquisition company formed for the purpose of
effecting a merger, stock purchase or similar business combination
with a business in the automotive and automotive-related sector.
The company is sponsored by Kensington Capital Partners ("KCP") and
the management team of Justin Mirro,
Bob Remenar, Simon Boag and Dan
Huber. The company is also supported by a board of
independent directors including Tom
LaSorda, Nicole Nason,
Anders Pettersson, Mitch Quain, Don
Runkle and Matt
Simoncini. The Kensington team has completed over 70
automotive transactions and has over 300 years of combined
experience leading some of the largest automotive companies in the
world.
For additional information, please
visit www.autospac.com.
Additional Information
This communication is being made in respect of the proposed
transaction involving Wallbox Chargers, S.L. ("Wallbox"), Wallbox
B.V. and Kensington Capital Acquisition Corp. II ("Kensington").
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction. In connection with the
proposed transaction, Wallbox B.V. will file with the Securities
and Exchange Commission ("SEC") a registration statement on Form
F-4 that will include a proxy statement of Kensington in
connection with Kensington's solicitation of proxies for the vote
by Kensington's shareholders with respect to the proposed
transaction and other matters as may be described in the
registration statement. Wallbox and Kensington also plan to file
other documents with the SEC regarding the proposed transaction and
a proxy statement/prospectus will be mailed to holders of shares of
Kensington's Class A ordinary shares. BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND
THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION
AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy
statement/prospectus, as well as other filings containing
information about Wallbox and Kensington will be available without
charge at the SEC's Internet site (www.sec.gov). Copies of the
proxy statement/prospectus can also be obtained, when available,
without charge, from Wallbox's website at
www.wallbox.com. Copies of the proxy statement/prospectus can
be obtained, when available, without charge, from Kensington's
website at www.autospac.com.
Participants in the Solicitations
Wallbox, Wallbox B.V., Kensington and certain of their
respective directors, executive officers and other members of
management and employees may, under SEC rules, be deemed to be
participants in the solicitation of proxies from Kensington's
shareholders in connection with the proposed transaction. You can
find more information about Kensington's directors and executive
officers in Kensington's final prospectus dated February 25, 2021 and filed with the SEC on
February 26, 2021. Additional
information regarding the participants in the proxy solicitation
and a description of their direct and indirect interests will be
included in the proxy statement/prospectus when it becomes
available. Shareholders, potential investors and other interested
persons should read the proxy statement/prospectus carefully when
it becomes available before making any voting or investment
decisions. You may obtain free copies of these documents from the
sources indicated above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
shall be made except by means of a prospectus meeting the
requirements of section 10 of the Securities Act, or an exemption
therefrom.
Caution About Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of present or historical fact
included in this press release, regarding Kensington's proposed
business combination with Wallbox, Kensington's ability to
consummate the transaction, the development and performance of
Wallbox's products (including the timeframe for development of such
products), the benefits of the transaction and the combined
company's future financial performance, as well as the combined
company's strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management are forward-looking
statements. When used in this press release, the words "are
designed to," "could," "should," "will," "may," "believe,"
"anticipate," "intend," "estimate," "expect," "project," the
negative of such terms and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such identifying words. These
forward-looking statements are based on management's current
expectations and assumptions about future events and are based on
currently available information as to the outcome and timing of
future events. Except as otherwise required by applicable law,
Wallbox disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
hereof. Wallbox cautions you that these forward-looking statements
are subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
either Kensington or Wallbox. In addition, Wallbox cautions you
that the forward-looking statements contained herein are subject to
the following uncertainties and risk factors that could affect
Wallbox's and Kensington's future performance and cause results to
differ from the forward-looking statements herein: Wallbox's
ability to realize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition and the ability of Wallbox to grow and manage growth
profitably following the business combination; risks relating to
the outcome and timing of the Company's development of its charging
and energy management technology and related manufacturing
processes; intense competition in the electric vehicle charging
space; risks related to health pandemics, including the COVID-19
pandemic; the possibility that Wallbox may be adversely affected by
other economic, business, and/or competitive factors; the
possibility that the expected timeframe for, and other expectations
regarding the development and performance of, Wallbox products will
differ from current assumptions; the occurrence of any event,
change or other circumstances that could give rise to the
termination of the business combination; the outcome of any legal
proceedings that may be instituted against Kensington or Wallbox,
the combined company or others following the announcement of the
business combination; the inability to complete the business
combination due to the failure to obtain approval of the
shareholders of Kensington or to satisfy other conditions to
closing; changes to the proposed structure of the business
combination that may be required or appropriate as a result of
applicable laws or regulations; the ability to meet stock exchange
listing standards following the consummation of the business
combination; the risk that the business combination disrupts
current plans and operations of Kensington or Wallbox as a result
of the announcement and consummation of the business combination;
costs related to the business combination; changes in applicable
laws or regulations; and underlying assumptions with respect to
shareholder redemptions. Should one or more of the risks or
uncertainties described in this press release, or should underlying
assumptions prove incorrect, actual results and plans could
different materially from those expressed in any forward-looking
statements. Additional information concerning these and other
factors that may impact the operations and projections discussed
herein can be found in Kensington's periodic filings with the SEC,
and the proxy statement/prospectus of Wallbox B.V. in the
registration statement on Form F-4 filed with the SEC. Kensington's
and Wallbox B.V.'s SEC filings are available publicly on the SEC's
website at www.sec.gov.
Contacts:
For Wallbox
Investors
ICR,
Inc.
investors@wallbox.com
Media
ICR, Inc.
WallboxPR@icrinc.com
For Kensington
Dan
Huber
dan@kensington-cap.com
703-674-6514
Related Links:
www.wallbox.com
www.autospac.com
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SOURCE Kensington Capital Acquisition Corp. II
