BARCELONA, Spain, May 13, 2020 /PRNewswire/ -- 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.
"We believe that innovators like Wallbox have an important role in reshaping the mobility sector in the coming years. 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.
Luis Buil, global lead for Smart Mobility at Iberdrola, comments on the importance of this milestone: "This funding round shows our confidence that sustainable mobility will be one of the key sectors during the post-COVID-19 recovery, in which we must take the opportunity to advance towards a low-carbon economy. With our support and commitment to Wallbox, we also move forward on our own strategy to launch a charging infrastructure to continue to propel zero-emission transportation," he explains.
"We have been working with Enric and the Wallbox team for over a year now, and we've been impressed by the vision he has created for the company and the speed in which they are turning it into reality," adds Allen Taylor, Silicon Valley-based Managing Director of Endeavor Catalyst. "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.
"Over the last year, we have made significant strides both in growing our distribution and the development of advanced charging technologies," said Enric Asunción, CEO of Wallbox. "The continued support of our investors and the addition of new shareholders into the Wallbox family will enable us to further our global growth. We are excited to start this new chapter in our mission to reduce the world's dependency of fossil fuels."
Wallbox was founded in 2015 by Enric Asunción and Eduard Castañeda. Wallbox designs, develops and manufactures intelligent charging solutions for electric vehicles and plug-in hybrids for both domestic and business use. Its customers include major automobile manufacturers and large electric utilities. The areas of research, technical development, product testing and manufacturing are carried out at the Barcelona plant, where Wallbox has a large engineering team and a production capacity of 500,000 chargers per year. The development of the charging management platform, myWallbox and the after-sales and installation customer service area are based in Madrid. Wallbox currently has subsidiaries in Germany, United Kingdom, The Netherlands, France, United States (California) and China. Its joint venture in China, Wallbox FAWSN Charging Systems Co Ltd. has a production plant, exclusively for the sale of Wallbox products in the Chinese market.