● Wallbox, a global provider of EV charging and energy management solutions to purchase business and operating assets of ABL, expanding product and certification offering and increasing its reach.
● Transaction will enable ABL, a pioneer of e-mobility and connectivity solutions, to continue the successful tradition of providing their innovative technology brand within attractive European markets and is best possible solution in the company's self-administration procedure.
BARCELONA, SPAIN & LAUF, GERMANY – October 18, 2023 – Wallbox (NYSE: WBX), a leading provider of electric vehicle ("EV") charging and energy management solutions worldwide, today announced the acquisition of ABL GmbH assets and operations, a pioneer in eMobility and market leader in Germany, Europe's leading EV charging market. The investment accelerates and enhances both brands' competitive position in attractive key markets and customer segments.
Wallbox will acquire the majority of the operating assets of ABL. Assets include two automated manufacturing locations, inventory, intellectual property, employee contracts, brands, and certifications. As part of the acquisition, the Lauf based company will maintain its operational structure, production facilities and headquarters under the ABL brand. The new company will benefit from Wallbox's global footprint, which includes sales channels in 120 countries, offices in Europe, the Americas and Asia Pacific and open new sales markets to the German brand.
As a result of the brands' complimentary product portfolios, customers will gain access to a competitive suite of AC and DC EV charging and energy management solutions as well as a larger domestic servicing network. The SCHUKO plug, which was invented by ABL GmbH and is now the most widely adopted standard worldwide, is one of ABL's key complementary products. The portfolio also includes charging solutions that comply with German calibration regulations.
This transaction reduces the operational and market risk by focusing and aligning R&D and capex spend and leveraging shared innovation roadmaps. While there is minimal product overlap, there is considerable innovation and componentry synergies which will allow the combined companies to leverage unified R&D functions to serve more geographies and market verticals.
This transaction contributes financial synergies, both commercial and operational, and brings substantial revenue that will accelerate and amplify Wallbox's profitability and cash flow profile. With accretive gross and EBITDA margin profiles, driving operating leverage will be top-of-mind through scale and optimization.
"We are excited to welcome and invest in the continuation of ABL, an early pioneer in the electric mobility space," said Enric Asunción, co-founder and CEO of Wallbox. "There are numerous synergies between our two brands that will strengthen the business, including the complementary product offering and geographic footprint, which will enable our business to rapidly scale and service important growing markets. 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 and optimally meet the needs of all our customers in the future."
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.
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 100+ 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.
For additional information, please visit www.wallbox.com.
ABL is one of the pioneers of electric mobility. Based in the south of Germany, the company produces wallboxes and charging columns for private, semi-public and public use. With its smart charging solutions, ABL is becoming a trend-setting player in the 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. Thereby ABL sets standards in the development of user-friendly charging infrastructure.
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