Wallbox, the EV charging and energy management specialist, said it would acquire ABL for EUR15m.

The combined companies would have around 1m EV chargers installed worldwide.

Wallbox would acquire the majority of ABL’s operating assets including a factory in Germany and a component facility in Morocco.

Enric Asuncion, co-founder and CEO of Wallbox said in a statement: "We are excited to welcome and invest in the continuation of ABL, an early pioneer in electric mobility."

ABL will maintain its operational structure, production facilities and headquarters under its own brand.

Ferdinand Schlutius, co-CEO of ABL said: "Together, we will proceed with our planned strategic steps and successfully launch our next generation EV charger, the eM4 and our new Schuko programme.”

Wallbox and ABL customers will gain access to a range of AC and DC EV charging and energy management products plus a larger domestic servicing network.

The product line also includes charging packages which comply with German calibration regulations.

The transaction is expected to close in Q4 2023.