Wallbox (NYSE: WBX), a global leader in smart electric vehicle (EV) charging and energy management solutions announced that it had received a $45 million investment, which includes $35 million from lead investor, Generac Power Systems, Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions and other power products. The strategic investment reinforces the partnership with Generac and highlights Wallbox’s strong position in the market.
This investment strengthens Wallbox’s balance sheet and provides capital to accelerate the company’s ability to manufacture and sell more of their award-winning chargers throughout the world, particularly in the fast-growing North American market. The partnership with Generac further enhances this strategy given their 8,000+ authorised installers and ability to integrate with other Generac energy management systems.
This is the second minority investment Generac has made in Wallbox, and aligns with the companies’ commercial relationship, announced December last year along with the recent addition of Paolo Campinoti, Executive Vice President at Generac International to the Wallbox board of directors. Aside from Generac, the investment includes additional funding from a number of long-standing shareholders.
“We’re excited to announce this strategic investment in Wallbox, further strengthening our balance sheet, and positioning the company for long-term capital appreciation,” said Enric Asuncion, CEO and cofounder of Wallbox. “This investment is testament to our shareholders' trust in the ongoing success of the company. As we continue to expand our commercial relationship with Generac, we are glad to see their ongoing commitment to continued collaboration and growth.”
“This additional investment and expanded relationship with Wallbox further accelerates our Powering A Smarter World enterprise strategy,” said Aaron Jagdfeld, President and CEO of Generac. “Our strategic alliance provides Generac and our distribution partners deeper access to Wallbox’s best in class technology and will enable deeper integration of Wallbox EV chargers into our residential and C&I energy ecosystem.”
More details regarding the investment and the commercial activity with Generac will be shared during Wallbox’s Q2 earnings call on August 1 at 8:00 AM ET (2:00 PM CET). Please visit this link, which is also accessible on the ‘Events & Presentations’ section of the Company’s investor relations website, investors.wallbox.com, to register for and join the webcast and access the accompanying presentation materials.
The private placement of its Class A ordinary shares pursuant to which Wallbox will sell 36,334,277 Class A ordinary shares for aggregate gross proceeds of $45 million to certain existing investors. The private placement is expected to close on the 5th of August 2024, subject to the satisfaction of customary closing conditions.
