Spanish EV charging company Wallbox is taking a big step in its business evolution, as the company announces plans to list on the New York Stock Exchange after a combination with Kensington Capital Acquisition Corp II.

The transaction with the special purpose acquisition company (SPAC) values Wallbox at around $1.5 billion, and will result in proceeds to Wallbox of $330 million, including a $100m fully committed private investment in public equity.

The deal is expected to close in the third quarter of 2021, when Wallbox should then trade at NYSE under the new ticker symbol “WBX,” Kallanish learns from the companies.

“Mass market adoption of electric vehicles is here, and with this comes a need for significant expansion of charging infrastructure, starting at the home,” comments Wallbox’s ceo and co-founder Enric Asunción. “This transaction with Kensignton will allow us to significantly increase our product development and manufacturing capacity as we expand sales globally to enhance the global transition to EVs.”

Kensington’s ceo and chairman Justin Mirro said the SPAC is “incredibly excited” for the business combination and to provide Wallbox “with significant capital and automotive industry experience to accelerate its global business plan.”

The six-year-old EV charger developer has sold over 100,000 units to date, with manufacturing facilities in Spain and China. It also plans to add a production plant in the US in 2022, and ambitions to deploy more than 150,000 chargers in the next five years.

Wallbox’s current product portfolio includes Level 2 AC chargers for home and business applications, DC fast chargers for public applications and the world’s first bidirectional DC charger for the home.