Wallbox Receives $45 Million Investment to Expand EV Charging Solutions In North America

Wallbox has announced a major $45 million investment to fuel its growth and expansion on smart electric vehicle (EV) charging and energy management solutions in the North American market.

Particularly, the investment round was led by Generac Power Systems, a global leader in energy technology solutions, which contributed $35 million of the total funding. This strategic investment marks Generac’s second minority stake in Wallbox, reinforcing the partnership between the two companies that was initially announced in December 2023.

Enric Asuncion, CEO and co-founder of Wallbox, expressed enthusiasm about the investment stating, “This strategic investment further strengthens our balance sheet and positions the company for long-term capital appreciation. It’s a testament to our shareholders’ trust in the ongoing success of the company.”

The partnership with Generac is notably valuable for Wallbox’s expansion strategy in North America. Generac’s network of over 8,000 authorized installers and its capability to integrate Wallbox’s EV chargers into its existing energy management systems are expected to strongly boost Wallbox’s market presence.

Furthermore, as part of this strengthened collaboration, Paolo Campinoti, Executive Vice President at Generac International, has joined Wallbox’s board of directors, further aligning the interests of both companies.

With the addition of this investment, Wallbox will be more confident ramping up its product offerings. Previously, the company announced the launch of its next-generation Supernova 220 DC fast charging station in European markets, featuring a 220 kW output capacity. Earlier this year, Wallbox also began production of the UL-certified Supernova 180 DC fast charging station for the North American market.

Read More: Wallbox Launches Powerful New DC Fast Charger: Supernova 220

As the $45 million investment is structured as a private placement with Wallbox set to sell 36,334,277 Class A ordinary shares to existing investors, the transaction is projected to close on August 5, 2024. In addition, Wallbox plans to provide further details about the investment and its commercial activities with Generac during its upcoming Q2 earnings call on August 1, 2024.

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