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Wallbox buys the assets of ABL for €15m

Wallbox buys the assets of ABL for €15m

Business news |
By Nick Flaherty



Wallbox in Barcelona has bought the operations and assets of German EV charger and component maker ABL for approximately €15 million.

ABL is a pioneer in EV charging designs in Germany and Wallbox and ABL have a combined number of over 1 million EV chargers installed worldwide. Wallbox is acquiring ABL’s state-of-the-art manufacturing & assembly facility in Germany and its component manufacturing facility in Morocco, inventory, intellectual property, brands, and certifications.

This follows the acquisition of PCB supplier ARES Electronics in August last year as the company moves to a more vertical structure.

The ABL proprietary calibration technologies and component manufacturing that will accelerate Wallbox’s ability to meet new market requirements such as smart charging for commercial and residential applications. ABL is expected to drive incremental sales between €60 and €75m.

 The deal accelerates Wallbox’s commercial business plan by enhancing the product and certification portfolio, including German EV charging calibration law (Eichrecht). The experienced team at ABL means Wallbox can now deliver a comprehensive suite of residential, commercial, and public charging hardware and energy management software.

This will also reduce Wallbox capex and R&D spend and make use of ABL’s in-house component manufacturing. These combined efforts will enable Wallbox to bring new products to market more quickly and efficiently, including Supernova and Hypernova DC fast chargers.

Wallbox will pay approximately €15m for the operations and assets of ABL, €10m paid at closing, and the remaining €5 million payment will occur in 2024. There is no assumption of liabilities or debt by Wallbox.

The transaction coincides with Wallbox’s recent announcement of an additional €35 million of long-term debt raised at attractive rates, further strengthening its balance sheet.

“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.” said Enric Asunción, co-founder and CEO of Wallbox.

“The 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 ABL team is glad to have found a strong partner in Wallbox who shares our vision of an emissions-free world,” said 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 to meet the needs of all our customers.'”

The transaction is not subject to regulatory approvals and is expected to close before the end of the year.

www.walbox.com

 

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