Wallbox today announced the closing of a €33 million financing round to help propel the company’s expansion into new markets and meet global demand for its award-winning Electric Vehicle charging solutions.
The investment is the latest endorsement of Wallbox’s proprietary technology and support for its mission to reduce the world’s dependence on fossil fuels. The round was led by new investors Cathay Innovation and WIND Ventures with participation from existing investors Seaya Ventures and Iberdrola, and others. The new funds will 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.
“This financing is proof of the trust our investors have in our strategy,” said Wallbox’s Chief Executive Officer Enric Asunción. “Our award-winning 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.”
“We believe that pioneers like Wallbox have a key role in reshaping the mobility sector in the future, laying the charging infrastructure today to transform energy systems tomorrow. Our commitment to companies that are leading the way towards more sustainable technologies, such as electric transportation, is stronger than ever,” said Beatriz González, Founder and Managing Partner of Seaya.
Wallbox has bold expansion plans for its public charging solutions following the acquisition of the public EV charging platform Electromaps and the launch of Supernova. A significant portion of the funds will go towards product development and manufacturing capacity globally to secure greater market share.
Supernova is Wallbox’s first fast public charger. It delivers 65 kW of charging power at half the cost of similar chargers and complements its existing residential and semi-public charging solutions. Wallbox acquired Electromaps in September 2020 to expand into the public electric charging space and spur the adoption of EV and more sustainable uses of energy.
“Wallbox is rapidly gaining momentum and this investment will only help us expedite the global transition towards e-mobility,” said Wallbox’s Chief Financial Officer Jordi Lainz. “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.”
The investment is both Cathay Innovation’s and WIND Ventures’ first in an EV charging business and complements both firm’s existing portfolio of smart energy solution startups.
“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. We believe that Wallbox is not only an emerging leader in mobility, but is well positioned to be a prominent energy player worldwide,” said Jacky Abitbol, Partner at Cathay Innovation, a global venture capital firm, spanning North America, Europe, Asia and Africa, investing in startups positively impacting the world through technology.
“Wallbox has established itself as a leader in the European residential EV charging market,” said Brian Walsh, Head of WIND Ventures, the strategic venture capital arm of COPEC which is focused on accelerating the growth of global startups into the US and Latin America. “We look forward to working with the team to support the company’s exciting growth efforts into the public charging market and into new geographies, including Latin America. This investment aligns with our perspective that the energy transition will occur faster than many people think and that the intersection of mobility and energy is a ripe opportunity for innovative new entrants.”