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Electric dreams: Enric Asunción, co-founder and CEO of Wallbox

Enric Asunción, co-founder and CEO of Wallbox—Spain’s latest unicorn—talks us through the electric vehicle (EV) charging company’s ongoing merger with SPAC Kensington Capital Corp II and his plans to grow the business.

Interview by Rupert Cocke

Q. Congratulations on the deal! When do you expect to close?

We are currently on a roadshow with investors and hope to close the deal by the end of September. We think this is the best SPAC possible for us. It is Kensington’s second SPAC, so they have experience in the field. We are ready—we have a global presence and expect strong growth. Overall, we are happy. Kensington Capital Acquisition Corp II has around US$230 million in cash in trust. Kensington's management and board of directors have extensive experience in public companies and operational capabilities in the automotive sector. 

Q. What impact will the deal have on your balance sheet? 

Once the deal closes, we will have US$336 million of pro-forma cash—enough to finance and fully fund our business plan. It should help us become free cashflow positive by 2025. Our revenue has grown from US$24 million in 2020 to US$79 million this year. We expect to surpass US$1 billion in revenue by 2025. 

Q. How will you grow the business after the deal? Will you need to raise more funds? 

Our focus is on launching new products and international growth. We don’t do white-label products, so it is important to create brand equity. We won’t need to raise more funds to execute our business plan, but it isn’t ruled out. 

Q. Do you plan any M&A activity? 

We are very interested in acqui-hires. We need to double the size of our workforce to more than 1,000 people over two years. Around 40% of the new roles will be R&D. In power electronics, it is easier to buy companies with teams of talented engineers than to hire. This also works in software. We bought Electromaps in 2020, which helps EV owners find the nearest charging point. We haven’t defined the size of deals—it will be opportunistic. We are looking, technology by technology. Our M&A department can also receive pitches. 

A bit of background: Enric Asunción, an ex-Tesla engineer, founded Wallbox in Barcelona in 2015. Curently, it has more than 700 employees, including more than 70 hardware engineers and more than 80 software developers. It designs, develops and distributes charging and energy management solutions for e-mobility. It has sold more than 100,000 units so far and connected more than 150,000 public charging stations. The company believes that bi-directional EV charging is opening up energy management opportunities for EV owners. Wallbox wants to become an all-in-one provider of renewable energy solutions with the charger at the centre. 

This interview has been edited for clarity and length.