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Wallbox has secured a $45 million investment led by Generac Power Systems, strengthening its market position and expanding its reach in the North American market. The investment, including contributions from existing shareholders, underscores Wallbox’s prominence in the EV charging industry.
Key Highlights:
- $45 million investment: Includes $35 million from Generac Power Systems.
- Strengthened market position: Reinforces Wallbox’s strategic partnership with Generac.
- Expanded capabilities: Accelerates production and sales of Wallbox’s award-winning chargers.
- Enhanced integration: Leverages Generac’s extensive installer network and energy management systems.
- Continued collaboration: Aligns with Generac’s enterprise strategy and previous investments.
- Leadership involvement: Paolo Campinoti from Generac joins Wallbox’s board of directors.
This funding injection significantly strengthens Wallbox’s financial position, enabling the company to accelerate the manufacturing and distribution of its award-winning chargers globally, with a particular focus on the burgeoning North American market. The partnership with Generac, enhanced by their network of over 8,000 authorized installers and the capability to integrate with Generac’s other energy management systems, is poised to drive Wallbox’s growth strategy effectively.
Generac’s second minority investment in Wallbox aligns with the companies’ previously announced commercial relationship. This relationship, first disclosed in December last year, is further solidified by the inclusion of Paolo Campinoti, Executive Vice President at Generac International, on Wallbox’s board of directors. Alongside Generac, the investment features additional funding from several long-standing shareholders.
Enric Asuncion, CEO and co-founder of Wallbox, 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. As we continue to expand our commercial relationship with Generac, we are glad to see their ongoing commitment to continued collaboration and growth.”
Aaron Jagdfeld, President and CEO of Generac, commented, “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.”
Further details about the investment and commercial activities with Generac will be shared during Wallbox’s Q2 earnings call on August 1 at 8:00 AM ET (2:00 PM CET). Interested parties can register for the webcast and access the accompanying presentation materials through Wallbox’s investor relations website.
The private placement involves the sale of 36,334,277 Class A ordinary shares, generating gross proceeds of $45 million from existing investors. This private placement is expected to close on August 5, 2024, subject to customary closing conditions.
About Wallbox Chargers
Wallbox is a global technology company dedicated to revolutionizing energy usage. They create advanced electric vehicle charging and energy management systems that redefine user-network relationships. Wallbox’s solutions empower users to control energy consumption, save money, and live sustainably. Operating in over 100 countries, Wallbox offers a comprehensive portfolio of charging and energy management solutions for residential, semi-public, and public use. Founded in 2015 in Barcelona, Wallbox has offices across Europe, Asia, and the Americas. For more information, visit www.wallbox.com.
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