Wallbox, a Barcelona-based company specializing in smart electric vehicle charging and energy management solutions, has secured $45 million (approximately €41.72 million) in a new funding round. This capital injection will be utilized to expand their global manufacturing and sales, particularly targeting the North American market. The funding round includes investments from both existing and new stakeholders, highlighting the continued confidence in Wallbox’s growth and technological advancements.
Wallbox has previously garnered attention for its innovative solutions in the electric vehicle sector. Their partnership with Generac Power Systems, which also participated in this latest funding round with a $35 million investment, underscores a strategic alignment aimed at advancing energy technology solutions. This collaboration has previously seen the integration of Wallbox’s EV chargers into Generac’s residential and commercial energy ecosystems, enhancing their product offerings and market reach.
Strategic Investment Details
The latest funding round involves the sale of 36,334,277 Class A ordinary shares in a private placement, expected to close on August 5, 2024. Generac Power Systems, known for its energy tech solutions, plays a significant role in this investment, marking its second minority stake in Wallbox. Generac’s involvement includes appointing Paolo Campinoti to Wallbox’s board, further solidifying their commitment to a shared vision.
Aaron Jagdfeld, President and CEO of Generac, stated, “This additional investment and expanded relationship with Wallbox further accelerates our Powering A Smarter World enterprise strategy.”
By strengthening their alliance, Generac and Wallbox aim to leverage their combined expertise to foster innovation in energy management and electric vehicle charging technologies. This collaboration not only boosts Wallbox’s financial stability but also enhances their strategic positioning in the market.
Utilization of Funds
The $45 million investment will reinforce Wallbox’s balance sheet and accelerate the global rollout of their advanced EV chargers. Emphasis will be placed on expanding their market presence in North America, leveraging Generac’s network of over 8,000 authorized installers. The integration with Generac’s energy management systems is expected to provide significant synergy, facilitating seamless energy solutions for both residential and commercial applications.
Enric Asuncion, CEO and co-founder of Wallbox, remarked, “This investment is a testament to our shareholders’ trust in the ongoing success of the company.”
Founded in 2015 by Enric Asunción and Eduard Castañeda, Wallbox operates globally, with a presence in over 100 countries. The company offers a comprehensive range of EV charging and energy management solutions, designed to enhance user control, reduce energy costs, and promote sustainability.
The strategic investment from Generac and other stakeholders not only provides Wallbox with the necessary capital to advance their manufacturing and sales operations but also reaffirms the market’s confidence in their innovative technologies. As the demand for electric vehicles continues to grow, Wallbox’s ability to deliver cutting-edge charging solutions positions them as a key player in the evolving energy landscape.
