Barcelona-based Wallbox, a leader in smart electric vehicle charging and energy management, has raised €41.7 million ($45 million) in new funding. The investment will be facilitated through the sale of 36,334,277 Class A ordinary shares in a private placement, set to close on August 5, 2024, pending customary closing conditions.
The funding round includes a substantial €32.45 million ($35 million) investment from Generac Power Systems, a prominent energy technology solutions provider. This strategic investment reinforces the partnership between Wallbox and Generac, following the recent appointment of Generac’s Paolo Campinoti to Wallbox’s board. Aaron Jagdfeld, President and CEO of Generac, remarked, “This additional investment and expanded relationship with the company further accelerates our Powering A Smarter World enterprise strategy.”
Advertisement
Utilization of Funds
The new capital will bolster the firm’s balance sheet and accelerate the global manufacturing and sales of its chargers, particularly targeting the North American market. The partnership with Generac will leverage its extensive network of over 8,000 authorized installers and integrate the EV chargers into Generac’s energy management systems.
Enric Asuncion, CEO and Co-Founder stated, “We’re excited to announce this strategic investment in Wallbox, further strengthening our balance sheet, and positioning the company for long-term capital appreciation. This investment is a testament to our shareholders’ trust in the ongoing success of the company.”
About the Startup
Founded in 2015 by Enric Asunción and Eduard Castañeda, Wallbox is dedicated to transforming energy use through advanced electric vehicle charging and energy management systems. The company’s solutions enhance user control over energy consumption, reduce costs, and promote sustainability. Wallbox operates in over 100 countries, providing solutions for residential, semi-public, and public use, with offices across Europe, Asia, and the Americas.
With this significant investment, the spanish startup is set to further its mission of advancing sustainable energy solutions and expanding its reach in the EV charging market.
