Wallbox Completes €33 Million Financing Round to Support Global Growth
February 1, 2021
Leader in EV Charging Solutions to Expand to New Markets and Geographies
Barcelona, Feb 1st, 2021 – 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 Iberdrola and Seaya Ventures, 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 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.”
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.”
Wallbox is a leading energy management company that manufactures smart charging solutions for electric vehicles. Combining state-of-the-art technology with exceptional design, Wallbox creates a smart ecosystem that improves the way we manage, use, and store energy. Created in 2015 and with its headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. Envisioning a world free of fossil fuels, Wallbox™’s technology enables people to create, use, and share renewable energy in ways they never imagined. It currently sells to more than 50 countries and has 350 staff spread across offices in Europe, Asia, and America, as well as two factories of its own. Wallbox offers four types of chargers, including Quasar, the world’s smallest and lightest bidirectional charger for home use with advanced two-way charging technology. It was recognized with the highest distinction by CES, the world’s leading technology trade show for the industry.
About Cathay Innovation
Cathay Innovation is a global venture capital partnership, created in affiliation with Cathay Capital, investing in startups at the center of digital revolution across North America, Latin America, Europe, Asia and Africa. Its global platform unifies technology investment across continents, investors, entrepreneurs and leading corporations to accelerate startup growth with access to new markets, invaluable industry knowledge and introductions to potential partners from the start. As a multistage fund with over $1.5 billion assets under management and offices across San Francisco, New York, Paris, Shanghai, Beijing and Singapore, Cathay Innovation partners with visionary entrepreneurs and startups positively impacting the world through technology. To learn more, please visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov.
About WIND Ventures
Based in San Francisco, WIND Ventures is the corporate venture capital (CVC) arm of Copec, one of the leading energy, mobility and retail companies in Central and South America and one of the most valued brands throughout Latin America. WIND Ventures leverages Copec’s significant resources to accelerate growth, primarily within Latin America, for startups and scaleups across the world within the new mobility, energy and retail sectors. Visit windventures.vc or follow us on Linkedin and Twitter.