Wallbox has carried out a capital increase valued at USD 31.7 million. The operation has been led by the US company Generac. Other investors who were already present in the company's capital also participated. Among them, Iberdrola, co-founder Enric Asunción, and also Orilla Asset Management and Skabholmen Invest AB.
In particular, Generac Power Systems, Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and other power products, today announced it has made a minority investment in Wallbox (NYSE: WBX), a global leader in smart electric vehicle (EV) charging and energy management solutions. The minority investment includes adding a Generac seat on Wallbox’s board of directors and a global commercial agreement to provide Generac’s residential and commercial customers with the next generation of energy management systems.
Through the execution of the commercial relationship, Generac will offer its customers Wallbox’s full suite of EV charging solutions, including L2 AC chargers and its bidirectional charger, Quasar 2. Generac’s 60+ years of experience distributing energy resilience devices and its extensive network of over 8,700 dealers will be a strategic addition to Wallbox’s distribution network in the U.S. Generac’s distribution of Wallbox’s technology, including its DC fast charger, Supernova, and installation services through COIL, will accelerate the development of energy ecosystems for businesses with public access such as supermarkets, shopping centers, and restaurants by providing access to reliable DC fast chargers that can add up to 100 miles to an EV in ten minutes.**
As consumers and businesses continue to electrify legacy systems and EV adoption accelerates, power consumption is projected to more than double by 2050*. Additionally, the share of renewables in the power mix is projected to more than double in the next 20 years. With that, the need for sophisticated technology that can manage energy generation, storage, and distribution between the current grid and next generation EVs is critical in order to accelerate the adoption of renewable energy.
“This commercial relationship supports our Powering A Smarter World enterprise strategy and the continued build out of our residential, commercial and industrial energy ecosystems,” said Aaron Jagdfeld, president and CEO of Generac. “Our first joint effort will accelerate Generac’s entrance into EV charging with leading technology including a dual branded home bidirectional EV charger. We plan to continue to integrate across Wallbox and Generac technologies and leverage our collective brand strength to extend a broader line of residential and business solutions.”
“We believe the commercial relationship between Wallbox and Generac supports our joint vision of accelerating the energy transition through innovative and accessible energy solutions,” said Enric Asunción, co-founder and CEO of Wallbox. “Adding Generac, the market leader in U.S. residential standby power, to our growing distribution network will provide a level of accessibility that does not exist in the marketplace today. We’re excited to welcome them as a collaborator and investor, and look forward to delivering increased value to customers and shareholders.”
About Generac
Generac Power Systems, Inc. (NYSE: GNRC) is a leading energy technology company that provides advanced power grid software solutions, backup and prime power systems for home and industrial applications, solar + battery storage solutions, virtual power plant platforms and engine- and battery-powered tools and equipment. Founded in 1959, Generac introduced the first affordable backup generator and later created the category of automatic home standby generator. The company is committed to sustainable, cleaner energy products poised to revolutionize the 21st century electrical grid.
About Wallbox Chargers
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 100 countries around the world. Founded in 2015 in Barcelona where the company's headquarters are located, Wallbox currently has offices across Europe, Asia, and the Americas.
For more information visit www.wallbox.com.
*Source: McKinsey & Company - Global Energy Perspective 2023. **Calculations are approximations based on the average consumption of 29 kWh per 100 miles. Actual consumption depends on the vehicle, battery size and driving conditions.
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