EVBox Group to go public in SPAC deal

EVBox, a provider of charging hardware and software, has announced plans to go public through a merger with a company called TPG Pace Beneficial Finance (NYSE: TPGY). EVBox’s current owner, the French multinational utility ENGIE, will retain an ownership stake of over 40 percent, and will continue as a key partner of EVBox.

The business combination values EVBox at an enterprise value of $969 million. Following the transaction, which is expected to close late in the first quarter of 2021, EVBox expects to have more than $425 million of cash on its balance sheet. It will use the new growth capital to expand its reach globally, with the main focus on Europe and North America, and to broaden its technology portfolio.

EVBox’s hardware offerings include a suite of Level 2 and DC smart charging stations, ranging from 3 to 350 kW. The company has an installed base of over 190,000 charge ports in 70 countries. EVBox is a founding member of the Open Charge Alliance, and its offerings comply with all Open Charge Point Protocols.

EVBox’s revenue comes not only from sales of equipment, but also from software subscriptions, services and transaction processing fees. EVBox’s open-architecture SaaS platform, Everon, features a cloud-based charging management solution that can support both EVBox and third-party hardware. The Everon software enables monetization opportunities for charging station owners, supports dynamic load management, and allows integration with other software via APIs.

“For over a decade, EVBox has been a pioneer in the electric vehicle charging industry, developing and launching innovative software propositions along with award-winning charging stations,” said EVBox Group CEO Kristof Vereenooghe. “With our new partners at TPG, support from ENGIE and a prestigious group of new investors, we anticipate being well-positioned to help meet these goals by accelerating product development and providing end-to-end solutions to our expanding customer base, particularly in North America.”

“We’ve been closely following this sector, and have come to appreciate that charging solutions in Europe are several years ahead of the US, and are poised to experience explosive growth from the green initiatives of governments, major corporations, automotive OEMs and consumers,” said TPG Pace President Michael MacDougall. “EVBox has an enviable position as a clear leader across Europe with the best charging station offering and a clearly differentiated cloud-based software solution that will be an even more important factor in the next stage of this critical market’s evolution.”

Source: EVBox Group