Spain’s Wallbox charges up €41.7M strategic investment

Barcelona-based Wallbox, a smart electric vehicle charging and energy management provider, announced that it has secured $45M (approximately €41.72M) in funding.

Wallbox will sell 36,334,277 Class A ordinary shares in a private placement, raising $45M from certain existing investors. The transaction is expected to close on August 5, 2024, pending the fulfillment of customary closing conditions.

The investment also includes additional funding from existing investors.

Investment overview

Wallbox’s latest round includes a $35M (approximately €32.45M) investment from Generac Power Systems, Inc., a designer and manufacturer of energy tech solutions and other power products. 

This strategic investment strengthens the Wallbox-Generac partnership. It marks Generac’s second minority investment in Wallbox, aligning with their ongoing commercial relationship and the recent appointment of Generac’s Paolo Campinoti to the Wallbox board.

Aaron Jagdfeld, President and CEO of Generac, says, “This additional investment and expanded relationship with Wallbox further accelerates our Powering A Smarter World enterprise strategy.”

“Our strategic alliance provides Generac and our distribution partners deeper access to Wallbox’s best-in-class technology and will enable deeper integration of Wallbox EV chargers into our residential and C&I energy ecosystem.”

Capital utilisation

The investment boosts Wallbox’s balance sheet and accelerates global manufacturing and sales of its chargers, with a focus on the North American market. 

The partnership with Generac supports this strategy through its network of over 8,000 authorised installers and integration with Generac’s energy management systems.

Enric Asuncion, CEO and co-founder of Wallbox, says, “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. As we continue to expand our commercial relationship with Generac, we are glad to see their ongoing commitment to continued collaboration and growth.”

Brief about Wallbox

Founded in 2015 by Enric Asunción and Eduard Castañeda, Wallbox is a global technology company focused on transforming energy use.

The company develops advanced electric vehicle charging and energy management systems that enhance user control over consumption, reduce costs, and promote sustainability.

Offering a complete range of solutions for residential, semi-public, and public use, Wallbox operates in over 100 countries and has offices across Europe, Asia, and the Americas.