Wallbox, a global leader in electric vehicle (EV) charging and energy management solutions, has announced the acquisition of the operations and assets of ABL for approximately €15 million.
ABL stands out as a pioneer in EV charging solutions in Germany, which happens to be the largest EV market in Europe, boasting over two million EVs on the road.
As a testament to their combined efforts, Wallbox and ABL have installed an impressive 1 million EV chargers worldwide.
ABL overview
ABL, a pioneer with decades of experience in the energy management and e-mobility industries, brings innovative products, valuable customer relationships, a respected and experienced management team.
As well as a proprietary calibration technologies that will expedite Wallbox’s ability to meet new market requirements.
ABL’s focus on smart charging solutions for both commercial and residential applications has positioned the company as a leader in the segment.
As part of this strategic acquisition, Wallbox is also taking over ABL’s state-of-the-art manufacturing and assembly facility in Germany, along with their component manufacturing unit located in Morocco.
Strategic rationale
This transaction aligns with several strategic objectives for Wallbox, delivering value to customers, partners, and shareholders in a timely manner.
Firstly, this acquisition accelerates Wallbox’s commercial business plan by enhancing the product portfolio and certifications, including compliance with German EV charging calibration laws (Eichrecht).
By leveraging ABL’s relationships, reputation, and experienced team, Wallbox can now offer a comprehensive range of residential, commercial, and public charging hardware, along with energy management software in this promising market.
Secondly, Wallbox will benefit from reduced operational risk through decreased capital expenditure and research and development spending, as well as the utilization of ABL’s in-house component manufacturing capabilities.
These combined efforts will allow Wallbox to bring new products to market more efficiently and swiftly, including Supernova and Hypernova DC fast chargers.
Most importantly, this transaction enhances Wallbox’s scale and financial performance by immediately adding substantial sales and improving future earnings through the utilization of ABL’s existing technology and highly efficient workforce.
Anticipated financial benefits
Wallbox will pay approximately €15 million for the operations and assets of ABL, including two automated manufacturing locations in Germany and Morocco, inventory, intellectual property, brands, and certifications.
€10 million of this consideration will be paid at closing, and the remaining €5 million will be paid in 2024. Wallbox does not assume any liabilities or debts in this transaction.
This acquisition aligns with Wallbox’s recent announcement of an additional €35 million in long-term debt at attractive rates, further strengthening its balance sheet.
As a result, ABL is expected to drive incremental sales between €60 and €75 million and be accretive on an adjusted EBITDA basis in 2024.
The company anticipates achieving attractive commercial and operational synergies that will expedite its goal of achieving positive adjusted EBITDA at the consolidated level by 2024.
Enric Asunción, co-founder and CEO of Wallbox, states:
“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.”
And adds: “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,” he concludes.
Ferdinand Schlutius, Co-CEO of ABL, comments:
“The ABL team is glad to have found a strong partner in Wallbox who shares our vision of an emissions-free world. 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.”, he asserts.
The transaction is pending approval by the process administration and does not require regulatory approval. It is expected to close in the fourth quarter of 2023.
Additional details about the transaction and the company will be provided during Wallbox’s Q3 2023 earnings call scheduled for November 9.
About Wallbox chargers
Wallbox is a global technology company committed to reshaping the world’s energy consumption.
The company designs advanced EV charging and energy management systems that redefine the relationship between users and the power grid.
Beyond just charging electric vehicles, Wallbox empowers users to control their energy consumption, save money, and lead a more sustainable life.
It offers a comprehensive portfolio of charging and energy management solutions for residential, semi-public, and public use in over 100 countries worldwide.
Founded in 2015 with its headquarters in Barcelona, Wallbox has offices across Europe, Asia, and the Americas.
About ABL GmbH
ABL is one of the pioneers of electric mobility. Based in southern Germany, the company manufactures EV chargers for private, semi-public, and public use.
With its smart charging solutions, ABL is a leader in the energy transition.
The company continues the technological tradition of the company’s founder, Albert Büttner, who developed the SCHUKO plug in 1925, which is now the most widely used standard for plug devices worldwide.
ABL’s innovative solutions in the field of eMobility are continuing this success story in the era of electromobility.
