Sustainability driver Wallbox NV is listed on the NYSE
Wallbox won’t forget 4 October 2021 anytime soon. That’s when Wallbox, a world leader in electric vehicle charging and energy management solutions, was officially listed on the New York Stock Exchange (NYSE). BDO Belgium guided the enterprise through the accompanying mandatory Public Company Accounting Oversight Board (PCAOB) audit. A fruitful collaboration for both parties, as BDO Belgium stays on board as their recurring auditor.
Wallbox was founded in 2015 with the goal to accelerate the adoption of electric vehicle and the transition to more renewable energy consumption. “A couple of years back, the electric vehicle industry was still in its infancy. Besides a couple of public charging stations, there wasn’t really a good solution for charging electric vehicles at home. Yet as most of us spend the majority of our time at home – and definitely now with COVID-19 -, it only makes sense to have one at home, too,” CFO Jordi Lainz explains.
Fast-forward to 2021 and Wallbox hasn’t lost the tiniest bit of its innovative spirit: today, Wallbox is still one of the only companies commercialising bidirectional home chargers. Now, the company has been awarded for its efforts with a listing on the New York Stock Exchange (NYSE). “The listing was a tough, but also unifying process. Unlike any other project, it required all levels and departments to work together. We set this goal in January 2021, and achieved it in record time,” Jordi explains. “We expect this listing to add to the development of more and better products.”
“BDO’s experienced team fulfilled its commitment with great flexibility and a thorough understanding of our business environment.” – Jordi Lainz, CFO at Wallbox NV.
Start-up looking for experienced auditor
BDO’s role throughout the entire process: guiding Wallbox through the mandatory Public Company Accounting Oversight Board (PCAOB) audit. During this process, the figures of the company are audited according to US standards. It is required for all entities on the stock exchange and must be repeated every year.
The choice to rely on BDO as their auditor was relatively straightforward. Jordi Lainz explains: “The number of PCAOB auditors is relatively limited, so we had about 4-5 candidates to choose from. We then looked at the independence matter to further reduce our options. As a last step, we investigated certain characteristics such as experience and the team.”
“Ellen Lombaerts and her team not only have extensive PCAOB experience, they also understand how to move along in a scale-up environment. The disadvantage of having to work almost exclusively remotely didn’t weigh down their incredible efforts throughout the process – quite the opposite even. Their flexibility to be available at all times – even late at night or on weekends - and their readiness to patiently answer all of our questions and manage processes was astonishing,” Jordi continues. “The days may have been long and tough at times, but we felt safe and secure in the hands of BDO.”
“Despite working from different countries, BDO’s experts are always easy to contact and swift to answer any questions.” – Jordi Lainz, CFO at Wallbox NV.
Not just the biggest, but the best
“At Wallbox, we like to say ‘We don’t want to be the biggest, we want to be the best’. To achieve that, we need the best professionals by our side. For us, BDO is just that. Aside from our excellent collaboration, the team taught us so many other things such as the importance of planning and preparing. When you can plan in advance, you gain so much more strategic insight into your next steps. And eventually, become the best,” Jordi Lainz looks back with satisfaction.
He’s also excited about what lies ahead. In the following years, Wallbox aims to grow its international network and finetune its services and products. “The next year will be challenging for all our stakeholders. We will have our hands full, but we’re lucky to able to count on BDO’s constant availability. We expect to have BDO aboard for quite a while. And if I could choose, they’d never leave!” Jordi Lainz concludes.
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