EV charger maker Wallbox buys its PCB supplier
Spanish electric vehicle charger maker Wallbox has acquired its printed circuit board supplier and a US distributor and installer.
The Barcelona-based company saw record revenue of €39.5m in the second quarter, up 124% compared to the second quarter of 2021.
It acquired ARES Electronics, a provider of printed circuit boards, to expand its design and manufacturing capabilities while improving its supply chain resilience.
It sold almost 64,000 chargers, a 95% increase, and signed a strategic partnership with Nissan to provide charger and installation services to buyers of its new Ariya EV across the U.S. It also acquired Coil, an EV charging installer serving the U.S. market, enabling in-house installation and maintenance solutions for commercial, public and residential charging applications
“It’s been a very busy quarter for Wallbox. The team performed very well and once again, exceeded expectations,” said Enric Asuncion, CEO of Wallbox. “ARES Electronics has been a trusted provider of innovative printed circuit boards (PCBs) to Wallbox for years, and is expected to bring unique capabilities that further differentiate our technology while improving our vertical integration. In a time where continued supply chain uncertainty persists, bringing this critical component in-house is a key differentiation.”
“Revenue grew by 124% on a year-over-year basis, and we’re really pleased with our gross margin of 41.1%. We’ve aggressively ramped production of our Supernova DC fast chargers, and acquired two leading companies that are expected to expand our offering, improve our capabilities, and strengthen our competitive position in a fast growing market,” he said. “While geo-political uncertainty and inflation pose challenges to most businesses, we’re uniquely positioned in a very attractive market that is benefiting from strong secular tailwinds.”
“COIL expands our addressable market and enables a full service offering of hardware, software, and now installation services in North America. COIL is considered by many as the premier installer within the US market and we’re looking forward to helping them expand and scale their business.”
The company expects full-year 2022 revenue in the range of €175 and €195 million, representing an approximate annual year-over-year growth rate of between 145% and 170%.
The company went public on the New York Stock Exchange in October last year through a merger with shell company Kensington Capital Acquisition, raising around $330m. Spanish energy firm Iberdrola is its largest institutional investor.
Last month it teamed with Svea Solar, Sweden’s largest solar energy company, to be the main EV-charging provider in Sweden, the Netherlands, Belgium, Germany, and Spain. Svea Solar works with furniture giant IKEA in four European markets, offering solar systems to residential customers, and Wallbox AC chargers will be sold alongside Svea Solar’s solar systems.
“With the drastic increase in energy prices we see a big interest among our customers to become more self-sufficient through clean energy sources. Through this partnership we will be able to offer our customers a smart solution where the car is charged at the right time, when consumption in the house is low and the sun is shining. Combined with our ecosystem of solar panels, batteries and renewable energy contracts, our consumers can drastically decrease their expenses and increase the amount of clean energy”, says Erik Martinson at Svea Solar.
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