Wallbox, the smart EV charging company, today announced the closing of a $13 million USD (€12 million) second tranche of Series A investment in early March, bringing the total Series A round to $25 million USD (€23 million). The round was led by Seaya Ventures, a Spanish venture fund focused on technology companies, with additional investment from Endeavor Catalyst and existing investors such as Iberdrola (IBDSF), a Spanish multinational electric utility company.
The company believes that innovators like Wallbox have an important role in reshaping the mobility sector in the coming years. Their commitment to companies that are leading the way towards more sustainable technologies, such as electric transportation, are stronger than ever, commented Beatriz González, founder and managing partner of Seaya.
Luis Buil, global lead for Smart Mobility at Iberdrola, commented on the importance of this milestone. He stated that the funding round shows their confidence that sustainable mobility will be one of the key sectors during the post-COVID-19 recovery, in which they would take the opportunity to advance towards a low-carbon economy. With our support and commitment to Wallbox, they also moved forward on their own strategy to launch a charging infrastructure to continue to propel zero-emission transportation.
Impressed Allen Taylor, Silicon Valley-based Managing Director of Endeavor Catalyst stated that the company has been working with Enric and the Wallbox team for over a year now, and how they have been impressed by the vision created for the company and the speed in which they are turning it into reality. He added that, Innovators like Enric are creating the technologies — and jobs — of the future, and that’s what the world needs today more than ever.
The funds raised will be used to drive Wallbox’s international growth in China and North America, and to continue to expand its technology innovation and R&D efforts. Wallbox began its expansion into the Chinese and North American markets in 2019. With its Chinese company Wallbox FAWSN Charging Systems Co Ltd., a joint venture with Changchun FAWSN of China, Wallbox manufactures EV chargers for the Chinese market in Suzhou, 100 km west of Shanghai. The initial capacity in Suzhou is 100,000 chargers per year.
In the U.S., Wallbox opened its Silicon Valley office last year to distribute its EV chargers to the U.S., Canada, and Mexico. At this year’s Consumer Electronics Show in Las Vegas, the company presented its Pulsar Plus and Quasar chargers ahead of the forthcoming U.S. launch this fall and won four “Best of CES” awards from Engadget, Robb Report, Electrek and Newsweek. Wallbox’s Quasar was also selected as a finalist for Fast Company’s 2020 World Changing Ideas Awards in the energy category and received an honorable mention in the general excellence and consumer products categories.
Enric Asunción, CEO of Wallbox mentioned that the company over the last year, had made significant strides both in growing distribution and development of advanced charging technologies. He also added that, the continued support of their investors and the addition of new shareholders into the Wallbox family have enabled them to further their global growth. They are excited to start a new chapter in their mission to reduce the world’s dependency of fossil fuels.