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Wallbox Appoints Beatriz González to Board of Directors

AMPX.WS | October 1, 2021

BARCELONA, Spain and WESTBURY, N.Y., Oct. 1, 2021 /PRNewswire/ -- Wallbox, a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced the appointment of Beatriz González to the Company's Board of Directors upon completion of Wallbox's business combination with Kensington Capital Acquisition Corp. II ("Kensington") (NYSE: KCAC).

A financial and investment industry veteran, González brings extensive experience in advising and amplifying the growth trajectory of leading startups within transportation and broader technology sectors, and has served as a board member for almost all of Spain's Unicorn Startups to date -- including Wallbox, Cabify and Glovo. In addition to board positions with other cutting-edge organizations including Spotahome, Filmin, and Idealista, González is the Founder and Managing Partner of Seaya Ventures, a leading European & Latin-American Venture Capital firm focused on accelerating startup growth - counting over $350 million of assets under management.

"Beatriz González has a proven track record with aiding and advising some of the most promising transportation and technology companies in the world, and we are thrilled to expand her role in our organization," said Enric Asunción, Co-Founder and Chief Executive Officer of Wallbox. "Her experience strategizing with organizations to help them achieve and maintain a global presence will play a vital role in helping us continue to scale our business and expand into new markets and territories."

"Wallbox has remained on the forefront of innovation in the energy sector since its inception, and I've been a believer in the company for many years," said González. "As a long-standing member of the company's board, it's an honor to elevate my role as a member of Wallbox's team and to draw upon my professional experiences to help the company achieve its goals and establish itself as a sustainable, global technology leader while delivering the future of energy solutions worldwide."

Through this latest appointment, Wallbox's Board of Directors following the business combination with Kensington now includes Enric Asunción, Anders Pettersson, Francisco Riberas, Diego Diaz, Pol Soler, and Beatriz González.

"The addition of Beatriz González to Wallbox's Board of Directors is a testament to the promise of Wallbox's market dominance and continued growth potential," said Justin Mirro, Chairman and Chief Executive Officer of Kensington. "Her seasoned background in investments, corporate strategy and business development will play a crucial role in our expansion as Wallbox continues its growth trajectory and prepares to enter the public markets."

Transaction with Kensington

In June, Wallbox and Kensington Capital Acquisition Corp. II ("Kensington") (NYSE: KCAC) announced a business combination that is expected to result in Wallbox becoming a publicly traded company on the NYSE under the ticker symbol "WBX". For additional information, please visit www.wallbox.com.

About Wallbox

Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably.

Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries.

Founded in 2015 and headquartered in Barcelona, the company now employs over 700 people in its offices in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

About Kensington

Kensington Capital Acquisition Corp. II (NYSE: KCAC) is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with a business in the automotive and automotive-related sector. The company is sponsored by Kensington Capital Partners ("KCP") and the management team of Justin Mirro, Bob Remenar, Simon Boag and Dan Huber. The company is also supported by a board of independent directors including Tom LaSorda, Nicole Nason, Anders Pettersson, Mitch Quain, Don Runkle and Matt Simoncini. The Kensington team has completed over 70 automotive transactions and has over 300 years of combined experience leading some of the largest automotive companies in the world.

For additional information, please visit www.autospac.com.

Seaya Ventures

Seaya Ventures is a leading European & Latin-American Venture Capital firm based in Spain, investing in value-driven founders who are building global technology companies with a sustainable approach. Since raising its first fund in 2013, Seaya manages $350M across three early-stage funds. Seaya Ventures accelerates startup growth by working with the founders to enhance their strategic vision, putting at their disposal its global platform, its strong network of founders, investors and corporates, as well as Seaya's experience in scaling leading companies such as Glovo, Cabify, Wallbox, Spotahome, Clarity AI, Clicars and Savana.

Additional Information

This communication is being made in respect of the proposed transaction involving Wallbox Chargers, S.L. ("Wallbox"), Wallbox B.V. and Kensington Capital Acquisition Corp. II ("Kensington"). This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In connection with the proposed transaction, Wallbox B.V. has filed with the Securities and Exchange Commission ("SEC") a registration statement on Form F-4 that includes a proxy statement of Kensington in connection with Kensington's solicitation of proxies for the vote by Kensington's shareholders with respect to the proposed transaction and other matters as may be described in the registration statement. Wallbox and Kensington also file other documents with the SEC regarding the proposed transaction and a proxy statement/prospectus has been mailed to holders of shares of Kensington's Class A ordinary shares. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE FORM F-4 AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The proxy statement/prospectus, as well as other filings containing information about Wallbox and Kensington are available without charge at the SEC's Internet site (www.sec.gov). Copies of the proxy statement/prospectus can also be obtained, without charge, from Wallbox's website at www.wallbox.com. Copies of the proxy statement/prospectus can be obtained, without charge, from Kensington's website at www.autospac.com.

Participants in the Solicitations

Wallbox, Wallbox B.V., Kensington and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from Kensington's shareholders in connection with the proposed transaction. You can find more information about Kensington's directors and executive officers in Kensington's final prospectus dated February 25, 2021 and filed with the SEC on February 26, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests is included in the proxy statement/prospectus. Shareholders, potential investors and other interested persons should read the proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act, or an exemption therefrom.

Caution About Forward-Looking Statements

The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Kensington's proposed business combination with Wallbox, Kensington's ability to consummate the transaction, the development and performance of Wallbox's products (including the timeframe for development of such products), the benefits of the transaction and the combined company's future financial performance, as well as the combined company's strategy, future operations, estimated financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words "are designed to," "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Wallbox disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Wallbox cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of either Kensington or Wallbox. In addition, Wallbox cautions you that the forward-looking statements contained herein are subject to the following uncertainties and risk factors that could affect Wallbox's and Kensington's future performance and cause results to differ from the forward-looking statements herein: Wallbox's ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of Wallbox to grow and manage growth profitably following the business combination; risks relating to the outcome and timing of the Company's development of its charging and energy management technology and related manufacturing processes; intense competition in the electric vehicle charging space; risks related to health pandemics, including the COVID-19 pandemic; the possibility that Wallbox may be adversely affected by other economic, business, and/or competitive factors; the possibility that the expected timeframe for, and other expectations regarding the development and performance of, Wallbox products will differ from current assumptions; the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination; the outcome of any legal proceedings that may be instituted against Kensington or Wallbox, the combined company or others following the announcement of the business combination; the inability to complete the business combination due to the failure to obtain approval of the shareholders of Kensington or to satisfy other conditions to closing; changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations; the ability to meet stock exchange listing standards following the consummation of the business combination; the risk that the business combination disrupts current plans and operations of Kensington or Wallbox as a result of the announcement and consummation of the business combination; costs related to the business combination; changes in applicable laws or regulations; and underlying assumptions with respect to shareholder redemptions. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Kensington's periodic filings with the SEC, and the proxy statement/prospectus of Wallbox B.V. in the registration statement on Form F-4 filed with the SEC. Kensington's and Wallbox B.V.'s SEC filings are available publicly on the SEC's website at www.sec.gov.

Contacts:

For Wallbox

Investors

ICR, Inc.

investors@wallbox.com

Media

ICR, Inc.

WallboxPR@icrinc.com

For Kensington

Dan Huber

dan@kensington-cap.com

703-674-6514