EV charging tech provider Wallbox goes public by merging with SPAC Kensington Capital Acquisition

Wallbox, a provide of electric vehicle charging technology, said Monday it is going public by merging with special purpose acquisition corporation Kensington Capital Acquisition Corp. II
KCAC,
-2.54%.
The deal was approved by Kensington shareholders and closed on Oct. 1. Wallbox shares will start trading later Monday on the New York Stock Exchange, under the new ticker “WBX.” The company offers electric vehicle charging for residential, semi-public and public use. Its product line includes Quasar, which it says is the world’s first DC bidirectional charger for home use; Supernova and Hypernova, DC fast and ultrafast chargers for public use; and a suite of AC charging solutions, the company said in a statement. The company grew revenue more than 300% in the first half of 2021. It has sold more than 200,000 charging units since it was founded in 2015. The company will have cash of $252 million which it will use to grow its business and expand in the U.S.

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