Wallbox, renowned for its electric vehicle (EV) charging and energy management systems, has announced its acquisition of the operations and assets of ABL for a sum of €15 million. ABL, based in Germany, is a prominent figure in EV charging solutions, housing the largest EV market in Europe. The collaboration between the two companies signifies a collective achievement of having over 1 million EV chargers globally.
Why It Matters
The union of Wallbox and ABL is a major step forward in the EV charging industry. With Germany as Europe’s most extensive EV market and ABL’s historical presence in the sector, the acquisition strengthens Wallbox’s foothold, expediting its profitability journey.
Key Points
- ABL’s Credentials: ABL boasts years of expertise in energy management and e-mobility. They offer groundbreaking products, valuable customer connections, a revered management team, and exclusive calibration tech, all enhancing Wallbox’s market reach.
- Strategic Importance: This purchase:
- Amplifies Wallbox’s commercial goals, bolstering its product and certification range.
- Enables Wallbox to leverage ABL’s reputation, enhancing its product suite in the competitive market.
- Reduces Wallbox’s operational risks, minimizing Capex and R&D expenditures, and promotes faster and efficient product launches.
- Boosts Wallbox’s scale and fiscal performance, leveraging ABL’s cutting-edge technology and workforce.
- Financial Dynamics: Wallbox’s payment plan for ABL includes €15 million, comprising two manufacturing sites, inventory, IP, brands, and certifications. Initial payment at closing is €10 million, with the remaining €5 million due in 2024.
- Forward-Looking Statements: Wallbox anticipates ABL to generate sales ranging from €60 to €75 million, aiming to realize positive adjusted EBITDA in 2024.
Bottom Line
The acquisition marks a pivotal chapter in Wallbox’s growth, underlining the global significance of EV adoption. As Enric Asunción, Wallbox’s CEO, noted, the combined capabilities of both firms pave the way for a robust presence in Europe’s prime markets. ABL Co-CEO, Ferdinand Schlutius, echoed these sentiments, expressing enthusiasm for the shared vision of an emission-free world. The deal awaits approval from process administration and is forecasted to conclude by Q4 2023. Further details are slated for release during Wallbox’s Q3 2023 earnings call on November 9th, 2023.
