Wallbox N.V. (WBX)

Investor Day 2021

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Aug 10, 2021

Good morning and welcome to Wallbox's 1st Investor Day. I'm Barbara Calixto, Chief Marketing Officer at Wallbox. We're thrilled to have you here with us today. Before we get into our session, we need to address a few quick legal matters. First, and Kensington Investor Relations sites along with the slides that we are going to present. 2nd, we may discuss Wallbach's Outlook and future performance. These forward looking statements typically may be preceded by words such as we expect, we believe, We anticipate or similar such statements. These forward looking views are subject to risks and uncertainties and our actual results could differ materially from the views we express today. Some of these risks have been set forth in the registration statement filed by Wallbox BV With the SEC, we refer you to Wallbox BVs Draft Registration Statement on file with the SEC For more details about the business combination and Wallbox's financial performance for full year 2020 2019. We have also provided information regarding certain key metrics and non IFRS financial measures. The presentation of these non IFRS is not meant to be considered in isolation or as a substitute for Wallbox's consolidated financial results prepared in accordance with IFRS. As you can imagine, this is an incredibly exciting time for our company on June 9, 2021 we announced a business combination agreement with Kensington Capital Acquisition Corp. 2 and upon closing Wallbox will be listed on the New York Stock Exchange. Kensington is the only special purpose acquisition company that is singularly focused on the automotive industry. This transaction and their collective 300 plus years in the auto industry will allow us to significantly our manufacturing capacity and continue to expand sales worldwide to enhance the global transition to electric vehicles. Now, let's review today's agenda. Over the course of the day, we'll be hearing from several members of our executive team. Collectively, our management team comes from automotive, energy and technology backgrounds with experience around the globe. We're excited for you to get to know a few of them better as we dive deeper into Wallbox. To kick off, We'll share a short video to give you an overview of the challenges and opportunities ahead for the EV charging Next, Endriqa Asuncion, Wallbox's CEO and Co Founder, will take us through Wallbox's to the in the Q1 of 2019. We are now ready to introduce our Q1 of 2019. We are now ready to introduce our Q1 of 2019. We have a lot in store for you over the next hour and our goal is for you to leave feeling energized about Wallbox and the future we envision. Now let's jump into our programming. The electric vehicle is here. A breakthrough that is here to stay and whose energy has the power to transform the world. It allows us to create, innovate, and advance as a society. But there is a fundamental barrier to widespread electric vehicle adoption and a greener future. It is charging infrastructure. People need simpler, safer, more powerful charging everywhere, at their home, work, and on the road. Wallbox is in the right position to provide it. This way, we will be able to unlock the possibilities of the present to build a better future. Wallbox is creating progress. We are developing advanced charging technology for every sector and turning the charger into the key to better energy management and cleaner energy through their chargers. Now is the time to set the pace and standard for the future of charging. At Wallbox, we aim to be the all in one provider of powerful renewable energy solutions, all with the charger and the user at the center. Thanks for joining us on this path. Together, we make energy powerful. Thank you, everyone, for joining. We are very happy to have you here with us today, And we're excited to give you an overview of Woolbox. I'm Enrique Asuncion, Co Founder and CEO of Woolbox, coming today from our lab in our headquarters here in Barcelona, Spain. As we prepare to enter the public market through a merger with our esteemed partners Kensington Capital Acquisition Corp. 2, we are excited to have this opportunity to share more about our business, products and strategy. 6 years ago, my co founder, Eduardo Castaneda, and I launched Worldwax with the goal of accelerating the adoption of electric vehicles through smarter, simple charging and energy management solutions. We see a massive opportunity for electric vehicles to be much more than transportation. They are the key to unlocking the full potential of sustainable energy use, and Worldworks is already exploring these new possibilities through our chargers. We are making energy more powerful than ever before. Before founding Warbucks, I had spent my entire career working in EV charging, first at A plus Iriada, a global research and development institution for the automotive industry, where I developed the charging protocols that are today's standards. Then at Tesla, leading the home charging installation division throughout Europe. While many major companies at the time were focused on public charging, Eduardo and I saw some trends that push us in another direction. We knew that 70% of charging happens at home. And some places like in the US and Germany, it's actually closer to 80 or 90%. Moreover, the average person drives less than 30 miles per day with no warranty of a charger on that route. We clearly realized that to really serve the needs of customers, we had to start by meeting them where they are, At home. This meant creating a charger that was more user centric than anything on the market, something people will want to put in their homes. A charger that look and behave more like the powerful smartphones in our pockets than the clunky circuit breaker boxes hidden in our walls. In the first couple of years, we launched our most compact AC charging solution for the home and invested heavily in our software platform, myWallbox, to give users a seamless experience and more energy management functionalities. We introduced Copper and Commander 2, also AC solutions to satisfy the needs of businesses and semi public customers. Then in 2019 came our most innovative charger today, Wazer. Wazer is the 1st bidirectional DC charger for the home, meaning not only can you charge your EV, you can also pull energy from the car's battery to power your home for up to 4 days or even sell energy back to the grid. Wazer unlocks incredible energy management And we will discuss this more later. I am also proud to know that Quasar is our most internationally award product, including 4 Best of CS Awards. Finally, that brings me to Supernova, our modular public charger, which aims to fill a critical public infrastructure gap. Supernova costs half the total investment of similar full installed public chargers without sacrificing power or design. I'll note here that our entire portfolio is assembled in house from concept to production, giving us unprecedented control and fast time to market. Edouard will walk us through each of these products in more detail in just a few minutes. These 6 years have presented us with many other exciting opportunities. We launched a joint venture with Changchun Fusan in China, part of 1 of the largest automotive OEMs in the world. We acquired 2 companies, including Electromaps, the leading public charging platform in Southern Europe. We became Amazon's top EV charging seller in the U. S. Just last month, I had the pleasure to join President of the Government of Spain, Pedro Sanchez on a trade mission to the United States to drive commercial collaboration between the US and Spain. And throughout it all, we've partnered leading auto manufacturers, utility companies, distributors and investors worldwide to accelerate the shift to electric vehicles. Today, WorldVox employs over 5 30 people spread across 9 offices and 3 continents. Since our launch, we have raised nearly $100,000,000 in venture from the top funds around the world. We have sold more than 100,000 chargers in 67 countries, locked more than 4,300,000 charging sessions and opened 3 manufacturing facilities to support our production capacity and meet the demand of the market. This year, we are on track to more than triple our revenue from last year. And the best part is we are just getting started. 97% of charge point installations Lie ahead. In Bloomberg's New Energy Finance's recent 2021 EV outlook, they estimate that we will need to grow the global charging network to 3 0 €9,000,000 chargers to adequately support EV adoption. Of this, 87% will be home chargers. This translates to roughly 5 €189,000,000,000 of cumulative investment needed for the entire sector, with home charging as the single largest category at €235,000,000,000 Wallbox is well positioned to meet this opportunity head on. We have advanced technology across every sector. We're already certified in major global markets, Despite strict requirements and long certification processes, we are fast to market and we own the supply chain, so we can optimize. And finally, we have a truly global footprint. For Wallbox, the future is full of possibilities, as EVs will play a crucial role in the transition to renewable energy. With that, I'd like to hand it off to my co founder and our Chief Product Officer, Eduardo Castaneda, to take you through a product demonstration. Hi, everyone. Welcome to the WorldBox showroom at our Barcelona office. I'm Medor Castaneda, Co Founder and Chief Product Officer of WorldBox. Here, we can see and prove how Wabox is building and in mobility and energy management ecosystem. We cover home, business, and now public segments with the acquisition of Electromaps and the launch of Supernova. And obviously, we excel with our products. We have won some of the most prestigious awards, like Red Dot, Good Design Award and CS in 2020. And the reason we have won these awards is because of 4 principles. Our products are simple, Smart, compatible and Eurocentric. We have actually changed the industry, so a charger now is considered a consumer electronic device, not an industrial electric tool. When we created wallbox we believe that not just the hardware was the important thing but the combination of hardware and software for the best user experience. So now let's see this combination. We proved to be right while choosing home as a starting point and focusing on domestic users as Pulsar Plus is nowadays a leading charger in Europe. Now let's see some key aspects of Pulsar Plus Size does not impact power. So the practical aesthetics allow our customers to place these chargers anywhere. We created a very intuitive interface for the through the LED hallow, which changes colors based on charging status. And our chargers are always connected. Connectivity is always in our focus as it allows us to be very intuitive so the customer is always understanding what is going on. And it also gives Smart functionalities and configurations, which are controlled through our app, my wallboards. And if I want to charge, I charge. If I want to pause charging, I pause. If I want to lock the charger, I lock it, and if I want to schedule a charge, I schedule it, and thanks to connectivity we can also receive and upload all the charging sessions and send over the air updates through my wallbox. At home we push for wifi It allows our customers to have real time control and monitoring. But our chargers also have Bluetooth so that our chargers can work anywhere, even when there is no internet connection, as Wi Fi requires an infrastructure and sometimes this is expensive or it's impossible to place routers in the garages. With bluetooth, you reduce the cost of installation and you can add other features. And this is extremely powerful to have when the charting space is really isolated and in these cases, we use the phone as our communication hub. Actually, this is breaking communication barriers. The Pulsar Plus North America inherits all the family features of the Pulsar Plus going up to 48 amps and is still ultra compact. We are proud to have delivered a UL certified product in record time, and Douglas will speak more about this project later. All of our home chargers benefit from home energy management features like PowerBoost. And PowerBoost smarteners your home energy consumption and limits your charging power to prevent power outages. At the same time, make the most of the available power, which results in faster charging. Now let's focus on our business solutions. For our business customers, having a strong software is point, keeping the look and feel of our Amaywalbox brand, we again prioritize making things simple. And ChargePoint operators have an intuitive overview of the infrastructure and can manage the user thanks to some of the following tools: real time dashboards allow them to see the These statistics helps to explore reports and focus on the specific data that is important for you. User management allows CPOs to create secure payment integration and its absolute flexibility provides a wide range of tariff configuration, upfront payment with paper charge or recurrent billing with the paper month solution. Everything is quick and simple and seamlessly integrated with the platform. This is the power of having developed our proprietary protocol. Let's go to speak about the business products. With Commander 2, we have covered all business needs and we run all connectivity features with Ethernet and 4 gs. We have the biggest touchscreen of the market, so we can offer advertisements. And the charger is also fully ready for semi public environments With its ICA10 impact rating, on top, you have all identification methods, PIN access code, RFID, and my wallbox app and portal. Copper s b is here to complete the business portfolio with the same core functionalities and is our most flexible charger. Why is it so flexible? Because with a socket, you can charge regardless if you have a Type 1 or a Type 2 vehicle. And also incorporates a shutter version which is necessary in important EV markets such as France. Now let's speak about our most exciting charger, Queza. Is the world's first bidirectional DC charger designed for a home. It transforms your EV battery into an energy storage unit, allowing you to charge and discharge your electric vehicle. You can use your car battery to power your home or send energy back to the grid. We transform vehicles to assets, sustainability and self consumption at the same time. And all of this is possible thanks to applying state of the art technology to offer a cost effective solution that is a fraction of the weight of other DC chargers. No one thought of making such a small charger with these capabilities. We do this thanks to our patent pending technology, which involves a high frequency power model and appropriate thermal management and switching control. Quasar is essential to Walmart's vision for the future, but I will let Henry get into details later on. Now, Let's look at our public solution. While we saw that the large majority of charging was happening at home, we also noticed that one of the biggest barriers to the adoption was the lack of information around public charging. Public users have a problem finding chargers, and we don't want them to have to download 30 apps just to access 1. That's why we acquired Electromaps, to solve this problem. Electromaps is a public charging platform spread throughout the South of Europe. It accelerates the user engagement thanks to its community, just like the Waze or Yelp. And this community of more than €100,000 can utilize the platform to get from Charger A to charger B. They also contribute valuable information about the charges they interact with through comments, photos, and ratings within the app. The benefit of this is that drivers always know where is the best place to charge and operators increase their visibility. Strategically, it is key for Wallbox because now we can provide solutions across every charging segment, home, business, and now public. It is time to see our newest charger for this segment, Supernova. Welcome back to our lab. The R and D work happening here is helping us to become one of the top innovation hubs in Europe. And it is also home to our newest innovation, Supernova. Supernova is our Fizz high powered charger designed to easily charge an electric vehicle at 60 kilowatts of power, adding 100 kilometres of range in less than 15 minutes. We maximize uptime by leveraging our patented Quadrant technology In 6 independent power modules, they ensure charging availability even in the unlikely case of a model failure. Supernova delivers higher power with less components, Achieving up to half the total cost of ownership compared to competitors. It's more reliable and efficient, yet significantly lighter than others comparable public chargers. Its modular design allows for easy transportation, effortless installation and simple access for maintenance, as its models and main components are light, Easy to service or replace. Its ergonomic design allows a perfect integration within public spaces, while featuring the robust and durable frame, A key requirement for this segment. We will begin Precedes production at the end of this year. And I'm thrilled to announce that Iberdrola, one of the largest utilities in the world And none of our key customers and investors has already committed to purchasing the first 1,000 units. We forecast Our DC chargers, both Quasar and Supernova, to play an important role in Volvo's growth in the coming years, representing approximately 45% of the company revenue By 2025. With the launch of Supernova, Volvo completes its full offering by providing comprehensive solutions for residential, semi public and public charging and takes a step forward to realize our mission, to facilitate the adoption of electric vehicles today to use more sustainable energy tomorrow. Hi, everyone. Thanks for joining us today. My name is Masood Ravani, and I'm Chief Commercial Officer at Wallbox since February of 2019. Prior to joining Wallbox, I spent a decade working at big tech companies such as Google and Sony, where, really are focused on building up global sales organizations that can sell a fairly disruptive product. So one of the things we've been really focused on here at Wallbox, which today is one of our key advantages, is to build an organization that is capable of dealing with all types of clients anywhere in the world. So Today we have a sales team of more than 100 sales professionals globally. So we're selling in approximately 70 plus countries that is growing every day and really the needs of our customers, whatever those might be, on a global scale. So utilities and automotive clients make up about 40% of our customer base today in terms of revenue. These groups include some of the largest and most influential companies in the space such as Iberdrola, Octopus Energy, Nissan or MG Motors. Iberdrola Per Se is a really good example of not just being an exceptional partner, investor, but also a client. So we've been helping them to build their charging solution Offering throughout Europe in countries like Spain, Portugal, Italy and hopefully soon also in France as well as in the U. K. Where their partner brand Scottish Power operates. And also just recently, they just placed an agreement to purchase the first one thousand of our supernova chargers. On the other side with the OEMs, you know, Manufacturers like SEAT, Cupra, Nissan, MGR, Mercedes are putting their trust into us as a company, to bring 3 60 charging solutions to their EV drivers and their B2C customers, as well in China where we have Hongqi, who we signed a 5 year agreement with, to purchase, you know, charging solutions for all of their customers in China over the next 5 years. Another 40% of our customer base consists of what we call value add distributors, installers and also resellers. So just recently, we've been able to onboard companies like Enigillozung, which is owned by E. ON, or 55, which is owned by ENGIE, to choose our products and to resell to their B2C customers. As charges ended at mainstream, our attention to customer friendly design has proven an attractive differentiator for our distributors and for our resellers. Also for the retail world where we've been able to penetrate the consumer electronics channel with companies like MediaMark or Costco. Then last but not least, really our attention again to being customer friendly and a consumer electronic product has also allowed to generate approximately 10% of our sales through our own direct e commerce channel as well as through the Amazon marketplace. And last but not least, drive 10% of our revenues, which is also a very, very fast increasing percentage of our revenues, into the direct B2B space where we penetrate the workplace and condominium charging solutions market. To continue to be a leading player in this market, we must continually be winning market share. This really brings me to the importance of our mid market clients or devalue add distributors and resellers, as well as installers that I mentioned earlier, who play a critical role into our expansion globally. These partners, they really act as our gateway into new markets because we can leverage their local strength in terms of installation and service while also supporting their sales efforts and marketing efforts from our headquarters here in Barcelona. Once we have a foothold into into these markets and we have sort of the first couple of percentage of market share, what we're able to do is build a network with additional partners such as and OEMs that I mentioned earlier that require also that 360 solution, as well as then, you know, drive sell through with these years. But keep in mind that it's not just selling hardware. Every cell of our charger unlocks recurring revenues through our energy management Software and Service Solutions. In both business and home settings or condominium residential cases, we're able to multiply our revenues between 4 to 6 times, respectively. In short, the sell of just one charger costing about €500 can result in nearly €3,000 worth of revenue over time, Half of which comes from software and energy management services. The other comes, of course, from the hardware as well as maintenance and installation services. In building the sales organizations, we have remained committed to not just being a hardware provider to our customers, but a really trusted solutions provider. This results in a loyal customer base that is already powering our future growth. As of July of this year, 2021, we have And now I'd like to hand it over to Douglas to take a closer look at the US market. Hey, everyone. Welcome to our offices in Mountain View, California. I'm Douglas Alfaro, general manager of Wallbox North America. Before Wallbox, I started my career developing energy efficiency and renewable energy programs for governments across California. I then moved over to Tesla, where I helped deploy the 1st ever cross country network of fast chargers, before moving to Europe to deploy both fast and overnight charging throughout all of Southern Europe. I joined Wallbox almost 3 years ago with the plan to bring our breakthrough technology One thing is clear, the US market is ripe for disruption. It's one of the largest EV markets in the world, And yet we're just at the beginning. Today, fewer than 1% of cars on the road are electric. But the wave is coming fast. 30. Meanwhile, major U. S. Car manufacturers have pledged between 40% to 50% of their sales electric over the next 10 years. And highly anticipated pure EV brands, including Rivian and Lucid Motors, will be hitting the market predicts that the U. S. Will require 15,400,000 private chargers in homes by 2,030. That number more than triples to 51,000,000 by 2,040. The opportunity in the US is undeniable. I'm really excited for this market because even though it's one of the most competitive globally, We're already succeeding. We officially opened our North America headquarters in early 2020 and began preparing for the launch of our best selling charger, the Pulsar Plus. We came to market with an ultra compact and flexible 40 amp version of CoolSart Plus, which is capable of being hardwired or just connected to an outlet for easy installation. Its ease of use, tech features and sleek design make Pulsar Plus 1 of the best choices for EV drivers in the U. S. At launch, we received rave reviews from sources such as Axios, CleanTechnica, Forbes and Engadget. Forbes actually said that we offer the easiest way to charge at home, and Insight EV has listed us as one of just 3 top ranked chargers in the market from the outset. Our direct to consumer sales approach has been key for the US. We launched a nationwide installation partnership with Qumerit from the very beginning to make sure that our clients were purchasing full charging solutions and not just a charger. We knew that smart, well branded tech with a seamless customer experience would be highly successful in this market. This led Polestar Plus to become the number one best seller on Amazon within its 1st 2 months. Of course, we're also capitalizing on traditional sales channels. Some of our first clients were solar, utility and auto OEMs as well as major distributors like and CED Greentech. We're also excited to have announced a partnership with SunPower, one of the largest residential providers in the country. Together, we'll be delivering complete solar storage and We recently moved to a brand new office and testing lab in Mountview and we had the honor of hosting the Spanish Minister of Industry as one of our first guests just a few weeks ago. All in all, we've already laid a strong foundation for our growth by launching a highly acclaimed product, hiring a best in class team and making an impact in a fast moving market. We have a lot of exciting things to look forward to in the near future for Wallbox in North America. We recently introduced a 48 amp version of Pulsar Plus, which means our charger is now one of the most powerful in the market. The 48 amp Pulsar Plus has the We're also in the process of certifying both Quasar and Supernova for the North American market and anticipate their launch in 2022. Finally, I'm happy to share that we've selected the location for our North America factory in the U. S. This facility will be used to produce all of our products in the market. We're working We on the North America team are thrilled by the rapid growth of Wallbox in the market and look forward to even more expansion in the months and years ahead. Now I'll pass it to Oriol to tell you a bit more about our manufacturing and operations worldwide. Hi, everyone. My name is Oriol Riva, and I am the Chief Operations Officer at Wabots. Before joining Wabots, I spent over 20 years in operations and engineering at Ticosa, A leading Tier 1 supplier for the automotive industry. I'm speaking to you today from our manufacturing plant in San Andreso La Barca, which is about 20 minutes outside of the Barcelona City Center. This was actually Volvo's very first office when we started in 2015. When we started, we had a small office inside, and now Wall Walk occupies all 3,000 square meters The building. Today we are around 200 people working in San Andreso compared with 350 people working at our headquarters in Barcelona. Our headquarters is home to our commercial, corporate, product and software teams. Additionally, we have our innovation lab, our showroom and our brand new Wobble store. The team here in San Andres does everything from hardware and firmware engineering to the physical production of our charger. Now let's talk about how Workbox Vision becomes a reality. Around me, you can see our engineering and validation lab. Here is where we create and test the core technology that enable our industry leading performance. Our team of 70 hour engineers and These software engineers create products that sell in approximately 70 countries around the world. At Wabos, we have always done our design, engineering, and We believe that controlling the entire value chain is essential in this rapidly changing market. Why? Because every country around the world its own specific regulations, which are frequently updated. Additionally, car companies release new models every year, and the global supply chain can be unpredictable. For this reason, we have invested in machines that simulate the great conditions of the different countries around the world. So A specific example of this is the UL certification we have in the United States. We were able to go from a product prototype to fully certify in 9 months when on average it takes 2 to 3 times that long. We have also created a unique space for car validations. As we will show you, we are constantly testing the newest model and different energy scenarios to make sure that all our chargers are compatible with every vehicle on the market. And lastly, we have vertically integrated our supply chain. This allows us to make rapid interactions our products, based on what companies are available. For example, if one supplier of the Microchip cannot deliver, we can quickly find another provider, certifying them and adapt to the product so we can never stop producing. This has always been extremely important to us. But even more so recently, with all the disruption in the global supply chain. On top of bringing the supply chain and validation in house, we also designed Our own components. For example, our patented DC power electronics have transformed our charger into some of the most efficient on the with an efficiency on 97%. On that note, let's move to our production floor to see how our products are made. After a chassis is sold, it immediately hits our operation floor, we have complete all the major certification to the industry to guarantee the highest quality and more reliable products to our customers. In Santander, we have 3 main assembly lines, our AC product assembly line, our Quasar line, and more recently, our Line 4 Porsche USA. Distro City, we are in, is responsible for producing all our chargers designated to the European, North American, and Latin American markets. We have also another facility in China in which we produce a fuel cell for APAC market as well As our customized asset charge for Hon Che, one of the largest Chinese OEMs. Between these two facilities, we are able to produce over than 500,000 chargers per year. In addition to our production facilities, we have partnerships with logistics operators in Sweden, United Kingdom, and in the United States. All in all, we ship to more than 5,000 at tip the rear points. In all of our facilities, we track and review production KPIs on a daily basis ensure that we're working efficiently. For example, one of the main goal is to deliver in less than 72 hours, whereas other company may take as long as 20 weeks. Our assembly lines are extremely flexible. This means that we can achieve production to accommodate different products, mixers and easily increase the production to meet the overall market demand. All these points are key to a highly scalable operation. It's for the reason and more that even with all the current supply chain turbines we never stop producing. We're actually increasing our production capacity quarter over quarter. Now you have seen our current facilities, But let me tell you a little more about our future. To accommodate the skyrocketing demand we are seeing from the market, we are recently signing the contract for a new production in Barcelona, 10 minutes from our headquarters. This new facility that we have named D26 will be 11,000 square meters, almost 4 times the size of our facility in San Andreu. The operations in the new assembly plan will be the state of the art. We're incorporating artificial vision for quality monitoring, fully Lastly, staying consistent with our commitment to the sustainability, the interior plant will be powered by solar panels and renewable energy. As we recently announced, we will open another manufacturing plant in the United States in the second half of twenty twenty two. These plants will be dedicated to support our growing global operations. Without our current and planned facilities, we have built the groundwork for continued global scale. We believe that operations will be equally as important to the future of EV charging as technology and we feel confident in our abilities to deliver. Hi, everyone. I'm Jordi Laint, and I am the Chief Financial Officer and Corporate Director here at Woolworths. I have been leading finance teams in the automotive and manufacturing industries for the last 30 years. During this time, I have also served on both private and public company boards. Before joining Woolbox, I was actually a member of the board, and I liked the company so much that I decided to join the team full time. I'm going to review some key financial points from this presentation and explain how Woolbox has built a foundation for scalable growth. But first, let me provide a bit of context. Today, Woolworths has raised approximately 100,000,000 With these resources, we have been able to build the international company that Volvo is today. When we say that our model is capital light, we mean it as our spending reflected Some of our public or soon to be public peers have raised. Next, let me describe our globalization process and how we have achieved our international presence. We were born and our headquarters are in Barcelona, Spain, but we have been global since day 1. As you likely know, the EV market in Spain in 2016 was not the biggest or fastest growing market in Europe. As such, we adapted 1st entering countries with a more involved EV market including Norway, Germany and the Netherlands. Today, we have physically offices and subsidiaries in this market as well as others, and we have a commercial presence virtually across the entire European continent. In 2018, we expanded to China through a joint venture with Fuzan Group to focus on the Chinese OEM market. We also launched a 100% owned subsidiary in Shanghai, which supports our commercial activity through the entire APAC region. At the end of 2019, we expanded into the U. S. By launching 2 offices, commercial office in Mountain View, California, and an innovation lab in San Jose. All in all, we have built sales capabilities in almost 70 countries. And as you have already heard from our COO, Oriol, we also have the in house manufacturing capacities to support the market rapidly growing demand. As we have explained over the course of this presentation, wallbox is built for scale. This can be seen from our historical performance, having double or triplet sales in every year of the company's existence. This makes WorldVox one of, if not the fastest growing EV charging company in the space. Further, we recently disclosed our first half results of 2021, our original forecast by about 15%. Additionally, we achieved a 40% gross margin, which supports our full year 2021 forecast. These results reflect industry leading growth and are in line with the trajectory of our expected future growth, as you can see in our sales projections. Our growth and margin expectations are supported by the following factors. 1st and most obviously, continuing with our core business of sales of hardware, software and service solutions. 2nd, launching new technologies such as further penetrating the top EV markets we are currently in and also breaking into rapidly developing markets, including in Latin America, APAC Eastern Europe. Lastly, we'll continue to evaluate prime inorganic growth opportunities. This is a bit offset by 2 acquisitions we complete In 2020. In May of 2020, we acquired Intelligent Solutions, a leading distributor of charging solutions in the Nordic region, A key step in building out our geographical footprint in the region. And in September of 2020, we acquired Electromaps. With Eduard already discussed, Electron Labs is the ways of EV charging and serve as our software gateway into the public domain, which complements our launch of Supernova, our new public charger, taking place later this year. So how does this translate into numbers? First, it is critical to note that the anticipated transaction with Kensington is expected to fully fund our business plan. As previously noted, we are on track with our expectations for 2021. Today, 95% of our sales come from hardware, the rest come from software installations and accessory sales. However, every charger we put into a home serves as a platform for future revenue. As you can see, by 2025, we expect that 11% of our revenue or approximately $125,000,000 And roughly 20% of gross margin will come from software. We feel confident in our projections because of our strong sales pipeline and the potential of our sales partners, which include world class utilities, OEMs, car leaderships and tech distributors. With respect to gross margins, we are already best in class today, consistently reporting gross margins that are greater than 40%, which many of our peers only forecast in 2025 or 2026. This gives us a path profitability by the end of 2023. In summary, we are a leader in an enormous and rapidly growing market. Our estimates for WorldVox represent only approximately 1% of the total TAM for the EV charging market. So we are confident in our abilities to deliver on our expectations. Even as one of the fastest growing companies in this space, we are often asked about differentiation. What set us apart in this market? What will ensure our future success? The first of course is our technology, as Eduardo demonstrated we are breaking new ground in terms of functionality, form factor and quality every day. I could just as easily point to both our truly global presence or our high margin and recurring revenue model as shared by Masood. We are also incredibly proud of our vertically integrated manufacturing operations, which allow us to build, optimize and execute rapidly as Oriol explained. And of course, I must call out our world class executive team and board With experience spanning across technology, energy and industrial backgrounds, our Board of Directors are from some of the top utilities, OEMs and tech companies around the world. And we are extremely excited to be adding Kensington to the Wolbach family. And while all of these differentiators alone make Wolbach a truly unique leader in this category, I would like to spend a few minutes on the differentiator that gets me the most excited, and that differentiator is our vision. We know that charging an EV nearly doubles a home's energy consumption, meaning the EV represents almost 50% of all energy consumed in the home. Understanding where this energy comes from, how it's being used, the best time to use it, and so on, give users unprecedented control and insight. When paired with the right functionalities, that insight can be used to introduce entirely new ways of using, generating, storing and sharing energy. This is where Wallbox is headed. Based on our business today, the roadmap ahead and the proven success of Wazer, As well as the entire portfolio, we are perfectly positioned to play a central role in home and building energy management. Our vision is to be the provider of with the renewable energy is storage. The majority of renewable energy is produced during the day, but goes unused. Around dinner time, local and national grids are overwhelmed with demand. So electricity prices skyrocket and energy generators turn to dirty sources like coal and gas to meet the need. It is during these hours that solar energy is most needed and yet without a costly storage unit that energy is no longer available. Enter Quaser, our bidirectional charger. Quaser has an AC to DC converter built in, so it can act as a solar inverter, Meaning you can send the solar energy directly to your EV. Now your EV is the storage system. During peak hours When the grid is stressed, you can pull the same energy from your car and power your home, avoiding high prices and dirty energy. This isn't something that will happen in 5 to 10 years. This is something we are doing now. For this same functionality, you will have to buy and install parts cost nearly $15,000 yet Quasar costs just $2,500 and takes up a lot less space than traditional equipment, saving you over $10,000 in hardware cost alone, not to mention installation and maintenance. Now let's talk about the energy management piece of the equation We give users the option to only use grid energy when it's the cheapest or cleanest option. When factors change or the grid becomes overwhelmed, Quasars will automatically begin pulling energy from a We know this works because we are using this solution right here at our headquarters in Barcelona. Thanks to our energy management system Sirius. Here you will see a chart of our building's energy consumption. This red line represents the building's power limit. If we go over this line we will trip a fuse and cause a blackout in the building. The green line shows us our building's energy needs. You can see that at multiple points through the morning, our needs actually surpass our power limit. The way we prevent these company wide blackouts is with Sirius. During the morning, Sirius recognizes that we are going to exceed the building's power limit. And at that moment, it tells the 26 connected Wazers we have in our own parking lot to start discharging energy from our employee cars back into the building. This allows us to achieve the blue line, which is our actual building energy consumption or the green minus the purple line. Now later in the day solar panels kick in and there is no need to draw energy from the cars in our lot anymore. Then at night, Sirius recognizes that the energy is at its cheapest and charges all the cars that are left connected in our parking lot. Replacing the energy that was discharged early in the day saw in sum, series managing vehicle to building communications with 26 Current chargers, tying into our solar energy system and also incorporating features like time of use charging, all resulting in a sustainable, safe energy system for our headquarters. But the possibilities do not stop there. With the combination of hardware could pay for your parking by flying your EV into a Quaser, and the parking operator just takes a bit of energy from you to power their building. Thank you to everyone. We're really grateful that you joined us during this investor day. And thank you to all the team at WorldVox that make and put this together, this production, so we can tell you more about Worldworks and our vision for the future. So now is the time for the Q and A. With me is Jody Lain, Our CFO and Austin Wood, our Director of Corporate Development. So he will be our moderator. And let's start with All the questions we already have. Amazing. Thanks, Henrik. So as Henrik said, my name is Austin Wood. I'm the Director of Corporate Development and Investor Relations here at Wallbox. Over the past week, we've been collecting questions via our email, investorswallbox.com. And Then also over the course of this presentation, you all have been submitting your live questions. So, we're here today to answer those questions, and I'm going to ask a couple to to Enric and Jory. So, Enric, the first question we got was regarding our home charging strategy. So, the question came in, Why did we choose the home and how do we compare it to some others within the space? Perfect. Yeah. So when The most important thing is that first of all 80%, 70 to 80% or 90% in some countries of charging habits So you know it's really, really important to solve this. And when people buy some electric car, they tend to double their energy consumption. So when we found Nobody was focusing on that, because at home the price of the energy changes by the hour. So you need smart charging devices Charge when energy is cheaper. The power at home is limited. So if you start the air conditioning, the heating or you know Any consumption at your home, you can trip a fuse. So you need to charge when energy is cheaper and also to make sure you always can charge as fast as possible. So You save time. So everybody at that time was focused on public chargers for the street. But the key to make possible the To electric cars was to solve first of all home charging. So 6 years ago when we founded WorldBox, we We focus first in home charging. So we launch our hardware and software products. And then we focus on condominiums and enterprises, which is what we call business semi public charging, you know. People that lives in a condominium want to know how much energy each neighbor is spending and at the end of the month send an invoice. So wallbox basically is solving all the all the solutions that you you will need in a home business or or public And there's a lot of of differentiation at Bulbros, but I think what's key is that we focus on the energy, you know, and we take care. We're in the middle between the car manufacturer and the utility. We are actually physically between the car manufacturer and the utility. And we make sure, we optimize your your charging to make sure you take the most of your installation, but you also take the most of your your car. You know? So adapting to the power of installation, using your car as a battery to power your home. All these things is what our products make possible and this is possible at home where most of charging happens. Thank you. And Jordi, next question For you, it's related to the home. So the question is, can you give us some color to help us understand your strength of your margins on your at home products? So So it's asking about kind of the margins of our hardware products and software products, and how we're achieving that. Okay. Our focus Until today has been really speed to market and growth not margins. Despite that, We have been reporting historically and today gross margins higher than 40%. And basically It has been due to our in house manufacturing process, which allow us to control all supply chain, of course also our In house design that give us capabilities in changes and improvement in terms of engineering and Design, of course, we are not white leveling selling product and it means that also it help us to report these gross margins. And in fact, it give us for the future a potential space to improve it because we have not forecasted any economies of scale or cost savings Due to the increase of significant volumes that we will have in the future. Then we The first question is, have we incorporated any increase or decreases into our prices as we're doing our forecasting. And then a related question, I guess, would be, if we are incorporating any effects or anticipating any effects from inflation as we're doing our forecasting? Well, as I mentioned before, we have a significant space for this economy of scale and A huge increase of volumes that are expected in the next years in all EV space allow us to improve this and in our forecast model, in our finance model, we have not forecasted any cost savings related this and We have then enough space to absorb any potential inflation effect that we could have in the following year. I think also it's important to know that the way we are going to keep the prices is going to be first we are, we always kept the price and the way It is launching new functionalities. So we improve our software. We're actually launching pretty soon a new functionality. It's called EcoSmart that enables you to charge when you have excess or excellence of solar power. So you can charge only with solar power in your installation. But we're launching every month basically new functionalities. So that's the way we keep prices. Also we're launching new hardware. Hardware is constantly upgraded. We had the Pulsar Plus. With Pulsar now, the Pulsar Plus. And we are developing new the Commander, the copper new products are coming. That's one part, but also the brand. You know we have a strong brand equity. And as Jody say, we don't do wide leveling. So every charger we sell today is building on this brand. So we make sure people ask for our products. And in the U. S, we're also making sure the strong brand we have in Europe, a leading brand is It's happening in the US and you can see today already with the Amazon bestseller, you know, people start to recognize our products. But with the brand, with innovation and with new products, That's how we keep the price. And you would say perfectly, Jordi, there's a lot of room to improve on margin. We have focused mostly on keeping Launching as fast as possible to the market. But we are increasing volume exponentially. And our internal operations There's lots of room on the design for improved margins. And even though we're already at 40% gross margin, which is double of what happens today Thank you. And actually, that's a perfect segue into the next question we got. You're talking about EcoSmart, you're talking about solar. So recently, We were asked about, or we announced a partnership with SunPower in the USA. So one of the questions that came in was, if we could give a little bit more context on SunPower, What's our relationship with them? How did that come up? And if what the impact will be for our business? Perfect. So SunPower is a Distributor and installer of solar. And you know there's a very good relationship with the charging and solar. When people buy electric car, their home consumption doubles. So they tend 3 times more to buy solar power than All that wouldn't have bought electric car. So first comes the electric car, then comes solar. But there's also where there's solar power and there's electric car also. So we are here leveraging the 350,000 installation that SunPower has done Already, they are doing 50,000 installations a day. So it's a year, sorry, 50,000 installations a year. So you know using this network With the EcoSmart functionality that makes their solutions more interesting for EV drivers. And we to is increasing our next level market and we are going to leverage what our products through the It's also selling our DC charger that right now like Quasar, we are selling in Europe. Next year is coming Quasar to the US. And Quasar basically makes electric cars batteries for the home or batteries for the grid. So once Quaser is available in the US, I think this is the Perfect product for SunPower. You know people SunPower and customers of SunPower. People will not need to buy Batteries, they already have their car. So with their car, they will have a huge power wall for the home. Thank you. And so we talked about a couple of different products there. We talked a little bit about hardware. We talked about Quasar. We talked about software. So Jody, I'm going to come back to you now. Can you give us an idea of what the breakdown of our sales are by product today? We got a couple of questions related to, hey, what are your product? What do your sales look Today from a product level and what are they going to look like in the future? Okay. Well, today approximately 95% of our sales come from Hardware, the rest 5% comes mainly from software and also installations and accessories. And It's important that we create this base of infrastructure and as much charges we have installed, it allow us To monetize this and it allow us that what we are expecting that in 2025, 11% from Our sales will come directly from software, which represents a particularly $125,000,000 The rest will come from 34 percent we are forecasting that comes from our AC charging solutions, approximately 29% from Wazir and the rest 17% will come from public charging, supernova and ultrafast charging public chargers. Thank you. So, we talked a little bit about Quasar again. I see we have a question coming in about how something similar to what What Henrique was just talking about the kind of the intersection between Quasar and Energy Management. So, Henrique, can you maybe take a step back and talk a little bit more What does Quasar do and what exactly is that link? Yeah. So I think Eduardo explained it perfectly, but I will I will add to this. So Quasar is the 1st bidirectional charger for the home. You know, before Quasar, these products were huge fridge, Very, very heavy and very expensive products. So with Quaker, we make small product that you can put in your wall at home And it's affordable, you know, it's around $2,500 So really, really competitive with current AC charging. And we did this thanks to our technology. We have Patent pending technology with high frequency switching using silicon carbide MOSFETs. And we have patents especially in the Magnetic design. So we have lots of of patents there to make sure we can make these products compact and and affordable. And what Weser does is You have your electric car, and your electric car has a battery. And this battery, it's massive. You know? If you think this power walls that you can have At at your home, that's around 10 kilowatt hours, 10 in in the capacity they can store. And electrical, it's 60 to 100 kilowatt hours. So it's 6 to 10 times bigger than any power wall you can have at home. So imagine, it's a battery that can power your home 4 days. So Quezera, what it does is you can be charging your car, but Quezera what it also does is Discharge in your car. And from here the possibilities are limitless. You can start from saving money. You can charge When energy is cheaper, your car and discharge when energy is more expensive. You shift your consumption to ours where energy is cheaper. So you save around 1 $120 a month depending on installation, we just save money. But you can even go save more money or make a smarter usage of energy when you combine solar power. You have solar power at home. You charge your your car when you have solar and use your car as a battery at night when you don't have solar power. And also next step, which is vehicle to grid because what we were doing what I was paying now is vehicle to home. Everything happens at home. But the third one is vehicle to grid. And this is giving To delete the option to use your cars as a storage for as your car storage for the grid, no? We are doing this Equation is not something it's happening in few years. It's something we're doing already in Europe, in many countries, in the UK, in Germany and in Australia. And in that case, users can make a revenue. They sell the energy to the grid. They provide power to the grid with frequency regulation. And they in some countries, they are saving around £200 in the UK, in that case, dollars 200 a month using Quaser. So Quaser makes your car a battery for your home. And from here also we can what I explained in the video, we can use Quasar also as an inverter, you know. So not only have a charger, we can have something where you can directly connect the solar panels and they It becomes your inverter for the whole. Thank you. Actually one of the questions was related to that. So I'm gonna stay on that theme. One of the questions that just came in is, can you talk about how solar to EV is currently done? So what are the different pieces of technology that you need that maybe next generation Quasar will replace. Yep. So right now, we have our AC chargers or Quasar. And They have a communication protocol with the inverter or they are just measuring the home consumption with meters. So you have the solar panel to the solar inverter, which is AC and then comes to our chargers and then moves to the car. With Quasar, what we are With the next version of Quaser, what we are doing is removing all these components. So you will only have the Quaser and the solar panels will connect to the quasar. The car will connect to the quasar to charge or discharge, and the quasar will be connected at your home. So one product does Inverter, battery and charger. Amazing. Great. Sorry, Henrique, I'm not going to leave you alone just The next question we got was around our the other piece of our DC technology. It was about our public charging strategy. So, could you talk a little bit more about how we're entering the public market? The question is specifically around, are we just selling hardware or are we also making some money on the of that hardware from other networks? So it's a long answer. But the answer is yes. We We sell hardware and we also make sure we get revenues from using power charging but without owning our networks. Okay. So let me start first with actual Supernova strategy. Supernova solves the 2 main problems of poly charging. 1, it's air reliability. We have data that shows that at some in some countries, 50% of the fast public charging infrastructure doesn't work. So you know, this is a big problem because when you go to public charging, you expect it to work. And 2, it's the cost. Today, Easy fast chargers are very expensive. So supernova solves both. We have a modular design that has lots of quasar modules. So they are compact and affordable, which is what laser technology does. So we are able to make a product that is reliable because we have lots of modules. So if one of Those modules fail, no problem. We have the others still charging the electric car. But the other thing we have its cost savings. With the high frequency switching technology we have We are able to drop the cost to 40% of the total ownership cost. And we save it mainly In two ways, one it's the actual cost of the hardware, which is close to €12,000,000 to €12,000 which is substantially lower than our competition. That's the price for our customers. And 2, we save it with installation cost. You know, it's a which is very light. It's made of plastic with some metal reinforcement to to making sure it's strong. But you know, it's very easy to place. You don't need special equipment to And you can let install the modules which are the heavy parts. So one person or 2 people can place it in installation. So it's a very Simple, very fast installation process, and that's the hardware. But if we go to the monetization of public charging, we have Electromaps. Maybe once per per week or once per month go to a public charger. With electromaps, they can locate public chargers, then they can pay for this public charger, and we We get a 10% fee for every transaction that goes through public charging. We don't own these chargers. These chargers are owned by third party operators. We have agreement with them to make sure our users can access them. So with them to make sure our users can access them. So with one app, one app they have access to multiple operators. And Warbucks does, you know, Does not invest in installing all these chargers in industry. We just have the agreements with these operators and the date of course, we have 100 of 1000, this is a leading app in Southern Europe and we are now working a lot to expand it to at a global scale. Thank you. So talking a little bit more about, fast charging, one of the questions that we were asked during the the production was if we could Explain our relationship with Iberdrola, and, you know, talking a little bit more about they have obviously some Big plans to expand the public charger infrastructure throughout Spain, throughout Europe. So if we could touch on kind of the relationship we have with them and what it means for our future as well. Yes. So, Iberdrola is one of the biggest utilities in the world. They are actually a 170 year company and the number one world provider of wind power. So it's really focused on renewable energies. And they have a goal as you say they are planning to install 150,000 charters. They have a huge commitment with $75,000,000,000 in I know for the U. S. Dollars in renewable energy and energy transition. So they are one of the leading companies On the energy transition. And since you know, since the beginning of world was very early, they have been an investor. They have been Board member but also one of our customers. And we have been evolving together. Iberdrola today is around 5% to 10% of our sales Depends on the year and the quarter, but according to Massoud also we try to keep always our customers to be around 5%. And It's a very strategic partner. And also they already place orders for Supernova. So Supernova together in Iberdrola and other utilities in the world, we have more than 8,000 units in preorders. This amount to $130,000,000 to be delivered in the next 2 years. And actually the first Supernovas we will produce. They already have a name, Giberdrola. They have a commitment to have commitment with that. They have commitment to install them. So we will deliver to them as soon as possible. Once that's when we start production at the end of this year and that's it. And that commitment amount, it was how much of the 8,000? Iberdrola, it's around 6,000 of that. Okay. Great. So, Jody, let me turn it back over to you. We talked a little bit about the different we talked about how Iberdrolo is part Our past, so maybe let's take a step back and and look at some of our historic revenues. Can we talk can you talk a little bit about what has fueled our growth over the past couple of years and then what is driving the growth moving forward? Of course. We have been focused On user, since from the beginning and in our history and we have been growing between 2 100%, 300% on a yearly basis focused on home solutions. And of course, we will take profit of the evolution The EV market, which is expected to grow significantly in the following years, but adding other products as we have been talking as Quays are not only for countries that today we are working with that it's Germany, UK or Australia for the rest of European countries, Of course, launch of public charger that has mentioned in a week, we have more than $230,000,000 committed for the next 2 years and also expanding these products to the U. S. Market, that For next year, we will sell these products in U. S. Market as Supernova and also Quasar, the same that we are doing today with Additionally to this, we will continue with our geographical expansion to the active living markets where we are Leading in Europe and of course U. S. As I mentioned, our new markets as APAC, South America. And lastly, adding new business Recurring revenues of software, energy management systems that will allow to take profit of all infrastructure installed of charges. These are the main drivers for the future growth of the company for the next year. I'm super excited about this because right now most of the revenues come from AC charging, home and business AC But we have already these huge preorders, these new products, Quaser and Supernova that are already Quaser is already on sales and we are seeing a huge growth, but supernova is coming now. So it's a big part of the growth is coming from new things and they are really proving successful. I think this It's a great situation to be. Thank you. So Jody, I'm going to come back to you. We got a follow-up question on the geography piece. So, we're a Barcelona based company. The question is, could you give a little bit more detail on our sales split on a geographical basis. So are the majority of our sales based in Europe or how are they spread out across the country today? And then maybe we could also answer what do they look like in 5 Well, we have been an international company since day 1, because we were born in Barcelona and EV market in Spain was absolutely insignificant. This is why today, for example, on Q2, our market number 1 has been Germany, 2nd, U. K, Spain, Italy, U. S, it's in the top five, although that we began Our sales in U. S. On late February and also we have Norway, Netherlands and probably in the near This top 5 U. S. Will became top 3 and in some months I expect also in rig that it will be probably our Main country market because it's significant growing that we are experiencing there. For the future, of course, we have a significant base and we are leaders in Europe, which is probably the main region in terms of volumes. But we are expecting that on 20 5% 16% from our sales will come from North America, still 77% comes from Europe and rest of the world will be the as APAC, South America, etcetera. Thank you. So we talked a little bit about the USA market, a good amount there. One of the questions is related to a press release that we did a couple of weeks ago about the new US factory that we're going to be launching. So In the video, Douglas said that we're excited to have selected. Could you give a little bit more context on when we're announcing, and what exactly we'll be doing with that strategy in the U. S? We're excited to announce our new factory and in coming weeks we will announced the exact location, okay? We have had in last month 3 finalists, excellent ones. And We have decided it and it will announce it in coming weeks. It will be really important for us because it will begin We say that we are a global company and it is, but we need to improve the order experience of our customers to have a factory Closer and of course due to logistic purposes we need to produce our fast charger as a supernova near of the market that it's sold. Then in this factory that will be inaugurated on second half of next year when We will produce not only the actual pulsary well that we are producing here in Europe for North American market, also Quasar for U. S. And Supernova. And we will hire in the short term more than 2 50 workers, direct labor, okay? And of course, we will improve as we grow on sales, we will implan there the same technology that we are doing here in Europe, Industry 4.0, circular economy in solar panels in all the factory that will allow not only to produce there also to have best in class factory for EV chargers in North America? I think this is a critical point. The factories In general, the vertical integration has had the right suppliers in each country. It's critical not only to maintain the good And the nice gross margins we have, it's also now with all the situation of scarcity of components, I was just going to ask about that. There's 3 or 4 questions. So you know there's a lot of scarcity Chips. So owning the supply chain, owning, making sure you control that part and you take care of the whole process, not the design, development, the certification. This is allowing us to not stop delivering. You know, we are able to deliver our products in less than 72 We haven't stopped delivering when many of our peers have stopped or they have delays Long lead times to deliver. And this is key, thanks to owning the supply chain and making sure in case you don't have a component, you can redesign slightly your product and look for a substitute component. And being Having local supply chains, having a presence in every country, it's important for logistics. It's a big it's a part of the So it helps us also to keep gross margins but also is very important to make sure we can keep growing and delivering without hiccups in every market. Thanks. So the next question we got is related to our DC products again. The question is asking if we could elaborate a little bit more about the the traction We have with Quasar. So maybe we talk about some of the partners that we currently have. And then also the go to market strategy for Supernova. What does that look like? And I'll have a couple of follow on questions about D. C. Related questions. So We launched Quasar more than a year ago. And the main focus for Quasar has been partnering with Exclusive or not exclusive, but, you know, preferred partners in different countries. So for by external charging, you need special certifications in each country. Today, we have them all in Europe and even in Australia. So we started working in the UK with bagel to breed projects with Octopus Energy, also with Crowcharge. So these are bagel to breed. You know, they take care The aggregation part of the of of the communicating with the DSO and the TSO, and we, you know, we provide the technology, hardware and the software or with Nissan in Australia, Mitsubishi in Germany. So we are doing Specific projects, but in few months and actually during this second half, what we've done is 2 things. 1 is drop the price of the To make it more attractive for retail and for B2C projects, so for anybody at home. And we are Launching the vehicle to home functionality. And I think this is this is huge because vehicle to grid is great. There's a lot of projects, and we sold thousands of these products already. But I we see a huge potential with vehicle to home, and that that's serious. When I when we explain when I explain, you know, that in this building right now, right now here, we are not consuming energy from the grid. Everything is coming from solar power or from the cars we have in our parking lot. Imagine doing this at home. Imagine that at home, you just spend energy when it's at its at its cheapest or you spend energy from from your solar power. So this is something we're already doing at home, but we are launching new functionalities that will make it more accessible to For pre orders in the U. S? I don't know for pre orders. I know for orders, it's going to be at the second half of next year. Second half of next year. Pre orders, to see that orders second half for next year. So actually deliveries. Yes, yes, yes. Deliveries. Supernova, Our fast charger is 60 to 120 kilohertz. And we believe that this is the sweet spot for fast charging because Fast chargers sound like something important. Like, they're they're 1 in location in a in a city, there's not many. And 60 kilowatts or 100 kilowatts is something that we need every day in enterprises, In in restaurants, in hotels, you know, charging in 1 hour and charging in in 2 hours. You know, it's that for that, you need 60 100 kilowatts. And to that, we need reliable and and big volumes. You know? And we made supernova a product that can be produced by 100 of 1000. It's made like a car, you know, it's injected plastic. It's there's not you you don't need a specialized installer. Not installer technician, you know. Anybody can do this is making putting connectors. You don't need you don't have a cabinet with electrical equipment. It's very easy to build supernova, so it's very scalable. And We are focusing on charge point operators and utilities. These special utilities and charge providers are the ones that investing in public charging. So we are making sure companies like Iberdrola, Jet Charge in Australia, Quebec, in America, Quebec is one of the biggest energy companies in South America, and it's also one of our customers, not only for for AC charging or EGAD in Thailand, these are companies that are have huge plans of investing in in fast charging around 60 to 100 kilowatts. And that's Where Warbucks is delivering the solution and that's why all these customers that verify our product, they place these preorders. And so, we talked a lot about the 61 to 100 kilowatt chargers. How do you feel about the ultrafast chargers? One of the questions was, What about ultrafast charging needs? Where does that play a role in the market? A number of companies are offering up 3 50 kilowatt chargers, for example. Yes. So The big volume is at 6 to 120 kilowatt and we need a solution, which is supernova. So at the end of this year, we will be producing big volumes and we are solving this part where most of the revenues coming. But we are working also in that part, in the 350 kilowatts because will need in highways. It's going to be less volumes. So also the cost optimization is going But not as important as supernova. But yeah, so it's something we're working on. Yeah. I hope we can give you good news. Soon. Soon. Yeah, I think that really resonates. You know, I I remember reading a fact one time that was said, over 90% of trips are between 0 30 Kilometers, so it definitely makes sense, the volume piece, what you were just saying. Yeah. 80% at home. Don't forget that. And that's where WorldVox is global leader. And then 6 to 100 kilowatts is going to be with enterprises, semi public locations and some public Perfect. And and how about the split between AC and DC level 2 fast charging? How do you see kind of these 60 100 kilowatt chargers, you know, will will they will they be AC? Will they be DC? Will DC? And maybe will DC start to enter the home? Or you think? AC charging has a limitation on the onboard charger inside the car. So normally, onboard chargers now are being made that they cannot charge more than 11 kilowatts AC. So if you want more than 11 kilowatts, there's some cars that can 22 or all Renault Zoys that can do 43 kilowatts, but most of the cars are 11 kilowatts. So Above 11, you need DC charging. And the key here is that we think that in general, in the future, everything will be this even home charging because carbon manufacturers have this big onboard chargers inside the car that you only use when you are stopped. So it doesn't make sense to carry around a big, you know, box which is an onboard charger. So we believe that eventually this is gonna get Just for emergencies and the infrastructure is gonna be at the home or at work. And Quaser is a is a perfect technology for that. You know, we will have DC charger, so you don't need it on board charger that, you know, we are saving space for batteries, weight, cost. So we believe that eventually chargers will not be inside cars. Thank you. So, now we've talked a little bit about the hardware, our AC chargers, DC charger, Supernova, even, an ultrafast charger. Maybe we could take a second. We've received a handful of questions that have about our software. So, can you talk a little bit about how that's set up and how it may develop in the future? So, on the home, Business and public side. Yeah. So public side already explained Electro Maps. With Electro Maps, we enable public charging to people. It's an app and Free for home users. So if you have a charger at home, it's free for you. My wallbox. So you You can access all the energy management, visual IDs of my walls. But if you are at work or condominium, Generally, if you have more than 1 or more than 2 chargers, you know, because actually, we have lots of customers that start to have 2 electric cars. So that's not That's home still. But if you if you are not a single user, then my wallbox cost you €5 or $5 a month. What enables you is to make a business for your charging infrastructure. You can sell the You can do energy management functionalities, manage thousands of users, thousands of chargers through my wall. So you know, but that's important. For home, we do it for free. Of course, we get lots of data that we are seeing how we actually have projects to make revenues from that. But the main revenues come from the semi public and business charging. Great. Thank you. So the next question is around a theme that kind of encompasses all of this, which is our IP. So, our IP and kind of our technological lead. Henrik, I'll turn to you again. Jordi, I'm coming for you next. And so, Henry, could you talk a little bit about what is the hardest part of our business to replicate And how do we retain our technological leap? This, of Of course, the technology, you know, it's it's the key and what what makes you charge as fast as possible, what makes you do the bidirectional charging. So as I said before, we have patents in the DC side. So for supernova, for quasar, we have A time advantage at the end versus the competition. You know, we have a product that is much more affordable, much more compact. And and, you know, I would say We have at least 2 years of technological abundance versus the competition. But the the the key is, you know, keep keep innovating. And that's why 40% Of our headcount excluding operations, excluding what's the factory workers, 40% So we have a huge commitment and that's a big part of the proceeds from this transaction are going to new product development. So keeping the development and the investment in R and D, it's key. And I think it's also very important not only the technology, it's the gross margins. We are able to do everything in house and make sure we gross margins. And that's thanks again to our design. Our design, it's built for manufacturing. I already explained how Supernova is built but making one of our AC chargers like Pulsar, it's super fast. It requires it's actually the the personal cost is less than percent. You know, it's very, very, very fast and very quick to to produce. But also, I think what's key also is the time to market, you know? And I would say it's not the most important because this is a race where the winners of tomorrow are decided today. And the fact that Volvo That's everything. And I also really explained, we're able to do things, launch products in few months. This enables us to increase our market share, Launch to new markets and that brings me to the last point, which is being global. We are a truly global company. We have presence in more than 70 countries. And being a new country is not just opening an office or having a website. It's having the certifications to sell on those countries. That's hard. And actually, I think it's one of a huge barrier of entry, you know, having these certifications. If you go to France and many Tesla stores, if you ask For a charger, they will not sell you a Tesla charger. They will sell you a Volvo charger because there's different relations that that apply to France. And the same happens different countries. In the UK, you have different grounding requirements. US certification in the US, every country has specific requirements. So having those certifications, making sure Can deliver. It's key. So having a fast time to market enables us to have all these certifications have been global today. So it's the global, it's the margin, it's the technology, it's If they pee, there's a lot of things. Great. Thank you. So, Jordi, coming back to you. Thank you. Enric touched a little bit about our margin and some of the costs that go into making one of our chargers. So maybe I could ask you, can you elaborate a little bit more on the a little bit more on the input costs that are required to make a wallbox product? Well, it depends on the charger and on the model of course. But as an average, I could say that electronic board is around Between 50%, 60% electronic components is approximately between 10%, 15% and of course the Cable, which goes from 10% to 40%. And also it's important to remark that the direct labor on As an average on our charge offs cost, it's less than 5%. This is due our manufacturing which mainly it's an assembly line and it allow us not only to maintain this strong gross margin also to produce here in Europe and also where we are going to produce next year in U. S. And give us the possibility We're not going to produce to low cost countries, that give us more complicated process, delay our time to market, delay our In house design or validation or certification process, I think that this is a great advantage for us. We still do it. We have China, we have a factory in China because for higher bigger volumes and products that don't require much faster time to market. We can produce things outside, but yes, time to market is the key right now. Today, I think it's Thank you. So, a little bit unrelated, but a question that we received a lot over the course of last week is is going back to our bidirectional charging. And so, Henrik, this one will be for you. But it's, the question is, how do you ensure that bidirectional charging does not cause Greater than average battery degradation or have we seen any impact on the battery health when we do bidirectional Yeah. So that's another barrier of entry at the end, which is the certifications we have to do with factors and I believe we are leaders here. We have the certification with the carbon factors that enable bidirectional charging. We have an agreement Nissan, for example, we certify to them and they tell us which is the maximum percentage of the battery you can discharge, which power, the the current ripple. You know, all the parameters they tell us what to follow. So to make sure, 1, I think it's more important that the relation is to keep the warranty of the battery. So we need these certification when we have them. And 2, it's, you know, make sure we don't affect the life of the battery. So we will follow their Recommendation to get the certification, we ensure minimum impact on battery life. And just to give you an idea, when You press accelerator in your electric car, you are consuming 50 to well, some cars use 200 kilowatts. It's a lot of power. When we are doing bidirectional charging, we are just consuming 7 to 10 kilowatts. So it's a really, really little power. So it's not put So the question here is, going to you, Henrik. How do we think about Future products and maybe some of the more innovative or or some of the different products that are out there right now, maybe like wireless charging, battery swapping. How does kind of Wallbox fit into the ecosystem of these different types of charging products? So, credit wireless charging, our technology For Quasar, it's a big part of wireless charging department which is the converters. We are in projects internally, are on the in this moment working on that. But this challenge with the efficiency in general wireless charging when you are not perfectly So I think it's eventually will come but not in all situations because efficiency. I think it's very important. We are trying to make the All more sustainable and it will lose a lot of inefficiency. I think this is a challenge. But definitely we have the technology and we're working on that actually to make it more efficient. And To I think battery swap, it's compatible with charging. At the end, 80% of charging happens at home. So you We'll still charge 80%. But sometimes maybe it will make sense to when you're in a long trip to make a battery swap instead of charging. But this is going to be challenging the standardization that all the carbon manufacturers have the same battery. The business model to make sure Who's going to be paying for the battery that is somewhere in the highway? So this was a challenge to overcome, but perfectly compatible Thanks. So we've talked a lot about how we kind of conduct relationships with Different automobile manufacturers around the world. So this question comes in and is asking about, can you elaborate a little bit more on the relationship with the manufacturers that we have at the different levels, around the world. So, Henrique, I'll give this one to you. Yes. So, we We work with the top automotive companies in the world, companies like Nissan, where we have an agreement in for 30 8 countries, you know, with a global agreement. And for them, what was key was again the certifications, you know, the and and the global presence, you know, being a carbon manufacturers want companies that support them in our countries. And because Worldbox has presence in the US, in Europe, in China, in the whole APAC region, we are the ideal company for factors because they want these partners globally. So we have these global agreements also with companies like SEAD Cupra, which is a Volkswagen Group Company where we also serve in almost every country, they sell the products or we have local agreements also. For In China, we have an agreement with Honchi. It's a Chinese car manufacturer. They were really, really interested on the Bluetooth technology of our products. You know, whether Eduardo was Explaining, you know, that without WiFi, you can access your charger. That was the interest of of Hoangi. So we work with Carbonofacitors at a Global level, we also have agreements at the country level, which, you know, for example, Mercedes in some countries. And then the car dealerships. And the car dealerships, we let Do it to our distribution partners. Mid markets, they are the ones going to the to the car dealerships. But I think it's key, you know, the global presence, as I said, because, you know, also we have companies from China going to the US, going to presence, as I said, because also we have companies from China going to the US, coming to Europe. They are doing a part like us that can support them in both continents. So This is critical for them. Thank you. Jordy, turning it back over to you. So the question that came We've got a couple of questions regarding this topic over the past week. What is the timeline to complete the merger with KCAC? And can you give us a quick update On where we are within the transaction process? Well, here we are moving quickly and we have already submitted our F-four to the SEC, since we announced the deal mid June. As you know, KCIC, today it's a listed company in the New York Stock change and we expect to close our business combination with Kensington at the end of the Q3, where then The ticker from KCIC will change to WVX and then at the moment, WorldVox will be listed on New York Perfect. And last question we have here today is going back to the theme of Kensington and is just asking, can you please help us understand your decision to go public via merger with Kensington Capital Acquisition Corp? So, Henrik, I'll give this one to you to finish this off today. Perfect. So, well, we decided to go poly first of all because what's Bringing us the funds is $330,000,000 almost $330,000,000 on proceeds to make possible our business plan, which is a fully funded business plan. With this we're able to become profitable and free cash flow positive, but also because the long term investors that Kensington was bringing to the table. We had a pipe participated by Janus Henderson, Luxor Capital, Cathay, so companies that are here for the long term. So have the proceeds, we have the long term investors and then The 3rd part is the team on Kensington. It has been really exciting exciting to meet them and start working with them because as Barbara said, they have over 300 together of experience in the automotive industry. We have the former CEO of Chrysler, former CEO of Thule, Anders Petasander, Who's going to be one of our board members, Justin Miro. This is led by Justin Miro, a huge experience in banking and automotive. So Or also Nicole Mason, you know, former head of the Federal Aviation Administration, which we expect that also she can help us to the US administration. So with the Kensington team, we're starting to see huge benefits with this agreement because they are helping us to enter the U. S. OEM or carbon factory market. And this is something we have not included in our business plan. Everything that Kensington is helping accelerate our growth globally in the U. S, but also our growth industrially. These are guys also that are helping us to improve our operations, this is not in the business plan. And that's what excites me the most, you know, because We have a plan, but with this team, we expect that we can even make it better and accelerate it, thanks to the conservatism. Thank you. And so, that wraps it up today. Thank you very much for everyone for tuning in. Again, if you have any questions that you'd like to submit over the next couple of weeks, we'd be more than happy to answer them. You can submit them to investors at wallbox.com, And we'll get back to you as soon as we can. I have to give a big thank you to our management teams, to our production teams, to our design team and to everybody that tuned in today. So, thank you all for joining us and we hope that you enjoyed Wallbox's story. Thank you. Thank you.