What Happened to Wallbox?
Ticker: WBXSPAC Year: 2021Merger: 2021
Return
-85.0%
Current Price
$1.2
Peak Price
$27
Trust Size
$230M
Summary
Wallbox, a Spanish EV charging company, went public via SPAC merger with Kensington Capital III in 2021. The company makes home and commercial EV chargers but has struggled with profitability, and the stock has crashed over 85% from its peak.
What Happened
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.
Key People
Timeline
2021-10-01
SPAC merger with Kensington Capital III closes
2022-01-15
Stock peaks near 7
2023-06-01
Announces restructuring and cost cuts
2024-06-01
Stock trading below , down 85%+ from peak