Wallbox

Wallbox was founded in Barcelona in 2015 by Enric Asunción and Eduard Castañeda, former engineers at Tesla. The company developed smart EV charging solutions for residential and commercial use, including the popular Pulsar Plus home charger.

The company merged with Kensington Capital Acquisition Corp III in October 2021, raising capital to expand manufacturing and enter the US market. The timing seemed perfect as EV adoption was accelerating globally and governments were offering incentives for charging infrastructure.

However, Wallbox faced intense competition from established players like ChargePoint and new entrants flooding the market. Manufacturing costs at its Barcelona factory were higher than Asian competitors, and the US expansion required significant investment. Revenue grew but losses widened.

By 2023, the stock had lost over 85% of its value as investors grew impatient with the path to profitability. Wallbox has continued operating and growing revenue, but the valuation compression has been brutal for SPAC-era investors.