Iberdrola remains slightly below 10% in Wallbox after the last capital increase that it carried out at the end of last year. The president of Gestamp, Francisco Riberas, clearly ups the ante and doubles his position to exceed 4.5% of the titles. The Spanish investor Manuel Lao, founder of Cirsa and today in charge of Nortia Capital, enters the scene, although with a discreet purchase. The manufacturer of chargers for electric vehicles, which has just carried out a job cut of almost 100 employees, today accumulates a relevant loss in value since the beginning of 2022.
The energy company confirms in its annual report recently presented to the National Securities Market Commission (CNMV) that the position it maintains in Wallbox is 9.95% after the different adjustments in the enlargement to which it attended and with which the group Founded by Enric Asunción, it raised more than 43 million dollars (about 40 million euros in exchange). Today, the group chaired by Ignacio Sánchez Galán has 17.07 million shares of the Barcelona-based company, that is, 375,000 more shares than those declared in February 2022.
Despite a certain reduction in the position compared to the end of 2021 by Iberdrola in the Spanish manufacturer, energy has a guaranteed seat on the board of directors. The chief executive of the technology company, Enric Asunción, promised to keep the representative of the venture capital arm of the Spanish group in the highest decision-making body as long as he holds more than 3% of the total capital. Today the representative is César Ruipérez, the director of Corporate Development.
There is another counselor who came to the aid of the manufacturer in the capital increase: Francisco Riberas. The executive president of Gestamp and one of the largest Spanish fortunes was appointed in mid-2021, when he revealed a 1.5% stake. In 2022 he reached 2.6% of the titles. The capital increase left him with 4.68% through his investment company Orilla Asset Management. He practically doubled his position by acquiring 3.75 million shares, which is almost half of all new issuance.
The operation ended with an entry of a proper name in this enlargement: that of Manuel Lao Hernández. The founder of Cirsa and today the visible head of the investment group Nortia Capital acquired 657,000 titles, as reflected in the official documents presented by Wallbox before the US SEC. It is a testimonial shareholding position of the entire group, well below 1%. Together with him they also went to buy already existing partners such as the Puig family (939,000 titles), Joan Manuel Soler Pujol (375,000), businessman who owns the Quadis dealer network and one of the great Catalan fortunes; AM Gestió (751,000), vehicle of billionaire Pedro Alonso Agüera, or the Santacana family (375,000).
Investors who attended the increase, with a price per share of 5.32 dollars, accumulate relevant losses due to the fall in the stock market
Seaya Ventures, the Spanish venture capital fund, does not appear in this increase documentation. As he has confirmed to the shareholders of his second fund, which is the one with which he invests in Wallbox, the vehicle was divested last year with 6.7% of the funds, explain well-known sources. In total, since the first round of financing was made as a non-listed company, the manager led by Beatriz González has invested almost 13.5 million euros. At the manufacturer’s current value, the investment firm has adjusted the multiple down to about three times the out-of-pocket. Contrary to what she has done with Delivery Hero -where she has sold a third of the titles-, at the end of the 2022 financial year, no ‘paper’ had been discovered.
All investors who attended the capital increase, which as reflected in the brochure had a price per share of $5.32, accumulate losses on these titles. Today they are trading below the 4 dollar barrier (70% less in twelve months). Its rivals have also suffered on the floor, although with different intensities: ChargePoint is left almost 50% in the same period, while Blink Charging exceeds 72%.
The charger manufacturer closed last year with 147 million euros in revenue, which is double compared to the previous year, after selling 230,000 units. But that also triggered the losses to 88 million. These figures disappointed the market. The semiconductor crisis has taken its toll on its supplies. Added to this is the slowdown in demand, especially on the European continent. This is what has led to the execution of an Employment Regulation File (ERE) in Spain that has involved the departure of 96 employees. The consensus of the analysts maintains the potential for revaluation in the company, but always with a profitability horizon of one year.
Beyond Wallbox, Iberdrola has given an account of its shareholding positions in the different bets it makes in the startup and venture capital sector. In his annual report, precisely that today he holds 16% of the Andromeda fund specializing in climate technologies, promoted by Seaya and in which Nortia Capital (Manuel Lao) is present. It intends to raise up to 300 million, together with the Official Credit Institute (ICO). In addition, today it has 8.35% in Aquí Tu Reforma, where a million euros was injected just a year ago. It also controls 10.5% of Barbara IOT, specialized in smart networks and cybersecurity, where it landed together with Caixa Capital Risc in a round of 2.5 million.