Wallbox 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 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.
Wallbox in US
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.
Wallbox designs, develops and manufactures intelligent charging solutions for electric vehicles and plug-in hybrids for both domestic and business use.