Wallbox Powers Up with ABL Acquisition in Europe
Wallbox has acquired ABL, a leading European EV charging provider, for €15 million. ABL’s expertise and strong presence in Germany are valuable additions to Wallbox. ABL is recognized for its innovative charging solutions and proprietary calibration technologies. This strategic move improves Wallbox’s position in the growing EV charging industry, promising expanded offerings in Europe.
The acquisition of ABL provides Wallbox with significant strategic advantages. It allows Wallbox to expand its product portfolio and certifications and comply with German EV charging regulations. This acquisition reduces operational risk by trimming capital expenditures and streamlining R&D. It will also facilitate efficient product launches, including high-speed chargers. Financially, it’s expected to boost Wallbox’s performance with projected sales of €60-€75 million and aims to achieve positive adjusted EBITDA by 2024.
Enric Asunción, co-founder, and CEO of Wallbox said in a statement:
“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. he 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 process administration is currently reviewing the acquisition for approval. Wallbox is expected to conclude this purchase in the fourth quarter of 2023, and they plan to disclose additional details during their Q3 2023 earnings call, which is scheduled for November 9, 2023.
