Electric-vehicle charging company Wallbox and solid-state battery maker Solid Power could soon join the growing ranks of EV stocks.
Wallbox will go public through a merger with the Kensington Capital Acquisition Corp. II (KCAC), a blank-check company.
The combined company will be called Wallbox and list on the New York Stock Exchange under the ticker symbol “WBX.” The companies said the $1.5 billion deal is expected to close in the third quarter of 2021.
It will give Wallbox roughly $330 million in cash to fund growth, including a $100 million investment from Janus Henderson and Luxor Capital. Other EV charging stocks include ChargePoint (CHPT) and Blink Charging (BLNK).
Meanwhile, Solid Power is in talks with another special purpose acquisition company (SPAC), Decarbonization Plus Acquisition Corp. III (DCRC), to go public, sources told Bloomberg.
The combined company would be valued at about $1.2 billion. Ford (F) and BMW have invested in Solid Power, which positions itself as a rival to QuantumScape (QS).
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Wallbox Stock, EV Charging Stocks
Shares of Kensington Capital Acquisition Corp. II, soon to be Wallbox stock, fell 2% in Wednesday’s stock market trading. Decarbonization Plus rose 0.9%.
Among other new EV stocks tied to charging infrastructure and car batteries, ChargePoint (CHPT) fell 1.7%, Blink Charging (BLNK) lost 2%, and Climate Change Crisis Real Impact (CLII), which is taking EVgo public, gave up 3.6%.
EV battery stocks QuantumScape and Romeo Power (RMO) rose 3.6% and fell 2.6%, respectively.
Last year, a separate arm of shell company Kensington Capital took QuantumScape public in a $3.3 billion deal.
Founded in 2015, Barcelona-based Wallbox makes home and public chargers sold across dozens of countries.
Wallbox’s biggest institutional investor, Iberdrola, recently announced that it will buy the first 1,000 of Wallbox’s new brand of fast chargers, called Supernova.
In April, President Joe Biden pushed a $174 billion plan to spur the adoption of electric vehicles. He’s earmarking $15 billion to build a national network of 500,000 charging stations.
The EV charging market will be worth $60 billion by 2030 and $192 billion by 2040, according to ChargePoint.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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