Wallbox Acquires ZenoXxen Electronics for a Whooping 35 Million Dollars
Wallboxa smart charging company on a mission to liberate the world from fossil fuels has made it public that they have completed the purchase of Electronic Boards manufacturer ZenoXxen in a move that is projected to further its innovative capacity and boost the launch of a new range of products. The move is expected to improve Wallbox’s EV charging experience which is already top-rated with technology that makes charging simple, fast, and efficient.
According to the Wallbox C.E.O Enric, the acquisition of ZenoXxen Electronics is the start of a new era of continuous growth and prosperity with the merger availing an additional 20 million dollars of capital. The over 100 highly skilled employees of ZenoXxen will be incorporated into the engineering and I+D team of Wallbox and none will be laid off. Known for developing electronic boards for all kinds of devices, Wallbox intends to utilize the skills and expertise of the newly integrated employees to boost the offerings as far as innovation, launching new product ranges, and scaling up of production to meet the ever-growing market demand.
The acquisition of ZenoXxen is well in line with the goals of the founding fathers of Wallbox, Enric Asunción, and Eduard Casteñeda whose objectives were “excellence, innovation and purpose” which the company believed will be supported by the merger with the electronic boards’ manufacturer.
The merger is well aligned with the company’s short-term and long-term goals of growth, market penetration, and dominance. With a valuation of approximately 100 million dollars, Wallbox will have an additional 20 million dollars to facilitate its engineering, and I+D to work towards keeping ahead of the competition.
The merger was warmly welcomed by both the employees of Wallbox as well as those at ZenoXxen who saw it as an opportunity to grow professionally and work in a highly versatile environment where different skill sets will complement each other boosting synergy making the most of interdependence. The multi-national company will provide an opportunity to its integrated employees to work in different environments and experience cultural diversity.