Barcelona-based Wallbox, a company that designs, develops, and manufactures intelligent energy solutions, has raised €33M in a fresh round of funding to expand into new markets including the US, Europe, and China.
With this investment, the company wants to support its mission to reduce the world’s dependence on fossil fuels.
Investors in this round
The latest investment round was led by new investors Cathay Innovation and WIND Ventures. Besides, existing investors also participated in this round, including Seaya Ventures, Spanish utility company Iberdrola, and others.
Use of the capital
The raised funds will help the company to finance strategic growth initiatives, including the opening of new offices globally, expansion of manufacturing and R&D facilities, and the hiring of more than 400 new employees.
Enric Asuncion, CEO of Wallbox says, “Our technology and distinctive industrial design have been embraced by the marketplace, and this funding will allow us to scale our distribution of Wallbox products both globally and into new categories. It will also enable us to continue developing new technologies and break into new segments. This is a significant milestone in our mission to reduce the world’s dependence on fossil fuels.”
“Our success in 2020 was driven by our aggressive expansion strategy and record sales of EV in many of our markets. Our innovations underpin the global shift in attitudes towards smarter energy usage, and we are perfectly positioned to seize the market opportunity, with the full support of our investors,” says Wallbox’s CFO Jordi Lainz,
Founded in 2015 by Eduard Castaneda Mane and Enric Asuncion, Wallbox is an energy management company that manufactures smart charging solutions for electric vehicles.
Wallbox’s mission is to facilitate the adoption of electric vehicles in order to make more use of sustainable energy. The company offers four types of chargers, including Quasar, which, according to the company, is the world’s smallest and lightest bidirectional charger for home use with two-way charging technology.
It currently sells to more than 50 countries and has 350 staff spread across offices in Europe, Asia, and America, as well as two factories of its own.
Growth and development
Wallbox has bold expansion plans for its public charging solutions as it introduced Supernova – its first fast public charger. It delivers 65 kW of charging power at half the cost of similar chargers and supports its existing residential and semi-public charging solutions.
The company acquired Electromaps in September 2020 to expand into the public electric charging space and accelerate the adoption of EV and more sustainable uses of energy. A portion of the funds will go towards product development and manufacturing capacity globally to secure greater market share.
Also in 2020, the company acquired Intelligent Solutions, a distributor for electric charging solutions in the Nordics. The aim of the acquisition was to expand Wallbox’s business in Northern Europe.
“Wallbox is addressing an urgent need in the transition to a sustainable economy by building an integrated ecosystem around EV charging. As a global investment platform, partnering with industry leaders such as Total, Valeo and Michelin as committed investors and LPs in our fund, we are dedicated to backing impactful startups that are pushing this transition forward,” said Jacky Abitbol, Partner at Cathay Innovation.