Wallbox N.v. · NYSE:WBX
Wallbox — SPAC Merger (June 2021)
26 slides from Wallbox's SPAC merger presentation, June 2021
Slide 1: Investor Presentation June 2021
Investor Presentation June 2021 1
Slide 2: Notice to and Undertaking by Recipients
NOTICE TO AND UNDERTAKING BY RECIPIENTS About this Presentation thereto for the purpose of this Presentation. These projections are forward-looking statements and should not be relied upon as being necessarily This investor presentation (this “Presentation”) is for informational purposes only to ass
Slide 3: Transaction overview
WALLBOX & KENSINGTON Transaction overview Overview Capital Structure Valuation • Founded in 2015, Wallbox is a global • Wallbox shareholders are rolling 100% of their equity • EV of $1.5bn which is ~1.3x 2025E EV charging and energy sales1,2 • Transaction proceeds are being retained in the managemen
Slide 4: Make Energy Powerful
Make Energy Powerful SIMPLE We innovate to make energy simpler SMART Embedded intelligence and V2G and V2H energy management1 INNOVATIVE User-focused innovation drives us DESIGN-CENTRIC Design is not a luxury COMPATIBLE Compatible with all plug-in electric and hybrids 1 V2G: Vehicle-to-Grid, V2H: Ve
Slide 5: Founder-led company with an experienced management team
WALLBOX MANAGEMENT TEAM Founder-led company with an experienced management team from technology, energy and industrial backgrounds Enric Asunción Co-Founder & Chief Executive Officer Eduard Castañeda Oriol Riba Jeff Dunham Bárbara Calixto Co-Founder & Chief Chief Operations Chief Technology Chief Ma
Slide 6: Board and investors
BOARD AND INVESTORS Backed by global leading strategic and financial investors that bring value-added experience CURRENT BOARD MEMBERS AND INVESTORS KENSINGTON CAPITAL ACQUISITION CORP. II • NYSE-listed (KCAC.U) Special Purpose Acquisition Company (“SPAC”) with ~$230 mm of cash held in trust focused
Slide 7: Wallbox at a glance
WALLBOX AT A GLANCE We design, develop and distribute charging and energy management solutions for e-mobility needs AWARD-WINNING PRODUCT PORTFOLIO WITH PATENT-PENDING TECHNOLOGY +100k +150k 3 +4.3mm GOOD DESIGN Winner 2021 Engadget Best of CES 2020 UNITS SOLD1 PUBLIC CHARGING MANUFACTURING CHARGING
Slide 8: The EV charging market
THE EV CHARGING MARKET Mass EV adoption means significant charging infrastructure growth and projected $102bn TAM1 in 2030 WHAT IT TAKES TO WIN IN EV CHARGING PROJECTED CUMULATIVE PROJECTED CUMULATIVE # OF # OF ELECTRIC VEHICLES GLOBAL CHARGE POINTS INSTALLED Units (mm) Units (mm) Smart Charging Tec
Slide 9: Wallbox's existing product portfolio
WALLBOX’S EXISTING PRODUCT PORTFOLIO Solutions to empower users at home, at work and in public HOME HOME & BUSINESS PUBLIC 2016 2017/2018 2019 2019 2020/2021 Pulsar Commander myWallbox 2.0 Pulsar Plus Commander 2 Copper Quasar Electromaps Supernova (AC) (AC) (AC) (AC) (AC) (DC) (DC)1 Most compact En
Slide 10: Home and business AC charging solutions
HOME AND BUSINESS AC CHARGING SOLUTIONS Designed for consumer intimacy COMPACT Highest power output per size on the market1 CONNECTED Via Wi-Fi, Bluetooth, Ethernet or 4G SM AR T Adjusting power output automatically EASY -TO-USE Personalized and secure user interface EMBEDDED SOFTWAR E Software incl
Slide 11: Home and business software solutions
HOME AND BUSINESS SOFTWARE SOLUTIONS Embedded and interoperable EV charging software to manage and control the flow of energy MYWALLBOX - RESIDENTIAL AND BUSINESS SOFTWARE User-friendly app Energy management Cloud based platform Over the air updates (OTA) Real-time charger Payment integration manage
Slide 12: Bi-directional charging and energy management with Quasar
BI-DIRECTIONAL CHARGING & ENERGY MANAGEMENT Realizing the future of charging with Quasar PIONEER ING TECH One of the first bi-directional chargers in the world for residential use BI-DIRECTIONAL Changes the flow of energy to enable V2G and V2H CUTTING-EDGE TECH Advanced facial recognition and gestur
Slide 13: Energy control
ENERGY CONTROL Bi-directional charging opens up new opportunities for energy management in homes, buildings and grids WALLBOX HQ 200 kW Grid power limit Wallbox HQ 150 kW Building energy need Building energy 100 kW usage Solar power generation 50 kW during the day Quasars discharge EVs to 0 kW preve
Slide 14: Public charging solutions
PUBLIC CHARGING SOLUTIONS Unique DC technology transforms the public charging experience R ELIABLE BY DESIGN Modular design uses Quasar power modules AFFORDABLE Half the total investment of similar fully- installed public chargers1 COMPACT Easier to transport, handle and install POWER FUL 60 kW evol
Slide 15: Public charging software: Electromaps
PUBLIC CHARGING SOFTWARE Electromaps combines consumer charging data and charger management software to enhance the EV experience on the road • A leading MSP1 in Southern Europe • Hardware agnostic charger management • Extensive information network & data • Scalable platform to allow global access •
Slide 16: We serve a variety of clients around the world
ONE MODEL CAPABLE OF SERVING MULTIPLE CHANNELS We serve a variety of clients around the world AUTOMOTIVE OEMS AND DEALERSHIPS ENERGY COMPANIES VALUE ADDED DISTRIBUTORS & RESELLERS INSTALLERS E-COMMERCE ENTERPRISES 16
Slide 17: The Wallbox future
THE WALLBOX FUTURE Be the provider of all-in-one renewable energy solutions with the charger at the center Peer to Peer Energy Transactions Generate energy from own renewable energy sources and trade it with other individuals Automatic Charging Charger starts charging when electricity costs are low
Slide 18: A global force
A GLOBAL FORCE We are an international company, with sales, manufacturing facilities and offices worldwide North America (2020) APAC (2018) • North America HQ in • JV with FAWSN in China – one of Mountain View, CA with the largest auto OEMs globally innovation lab in San Jose, CA • Shanghai office s
Slide 19: Wallbox growth
WALLBOX GROWTH Strong revenue trajectory due to favorable growth drivers GROWTH DRIVERS PROJECTED REVENUES 1. Full suite of EV charging USD (mm) solutions and software 2,115 Capex light business model 2. enables high gross margins 1,605 3. Global operations and % manufacturing : 90 GR 1,173 CA Accel
Slide 20: Consolidated financial summary
CONSOLIDATED FINANCIAL SUMMARY Wallbox future growth summary 2020A 2021F 2022F 2023F 2024F 2025F 2026F 2027F Unit Sales # (k) 35 119 232 383 581 807 1,041 1,307 Growth % - 240% 95% 65% 52% 39% 29% 26% Cum. Unit Sales # (k) 67 186 417 801 1,381 2,188 3,229 4,536 COMMENTARY Revenue • Fully funded busi
Slide 21: Transaction overview
WALLBOX 1 Transaction overview USD (mm) SOURCES PRO FORMA VALUATION Kensington Shares2 $1,400 Share Price $10.00 Kensington Cash Held in Trust 230 PF Shares Outstanding (mm) 178.8 Wallbox Existing Cash3 46 Equity Value $1,788 PIPE Investment 100 (-) Pro Forma Net Cash3,4 ($310) Total Sources $1,776
Slide 22: Public peers benchmarking
WALLBOX VALUATION 1 ,2 Public peers benchmarking OPERATIONAL BENCHMARKING VALUATION BENCHMARKING $705,510 96.1% 84.2% $7,705 2021E-2025E 63.2% ENTERPRISE REVENUE VALUATION CAGR (%) 23.0% USD (mm) $1,477 $1,538 45.5% 10.9x 2020A GROSS 24.4% 24.3% 21.0% 2025E EV / 6.2x 5.4x MARGIN (%) REVENUE (x) 1.3x
Slide 23: Wallbox has significant upside potential
WALLBOX VALUATION 1 ,2 Wallbox has significant upside potential USD (mm) COMPARABLE POST-MONEY SUMMARY OF APPROACH ENTERPRISE VALUE ENTERPRISE VALUE Applied a range of 5.0x – 9.0x EV / Revenue multiple3 to $10,556 Wallbox’s 2025E revenue to arrive at a Comparable Enterprise Value range $8,210 $5,864
Slide 24: Overview of Kensington Capital Acquisition Corp. II
KENSINGTON Overview of Kensington Capital Acquisition Corp. II JUSTIN MIRRO KENSINGTON OVERVIEW Chairman & Chief Executive Officer • 25 years of operating, M&A and financing experience • NYSE-listed (KCAC.U) Special Purpose Acquisition Company (“SPAC”) with ~$230 in the automotive and automotive-rel
Slide 25: Wallbox fulfills Kensington's investment objectives
BUSINESS COMBINATION THESIS Wallbox fulfills Kensington’s investment objectives Global focused automotive business valued at greater than $1.0 billion Leverages high-growth mega-trends of emerging technology proliferation Validated technical, commercial and financial capabilities based upon global a
Slide 26: wallbox
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