Iberdrola invests in Wallbox

Spanish electric vehicle charging equipment manufacturer Wallbox has completed a €15 million (£13m US$17m) funding round after Iberdrola acquired a stake in the company.

Wallbox is one of Europe’s leading EV charging solutions developers, producing chargers for public use as well as units that can be fitted in the home. The company has also recently announced its intention to launch in the US market.

Spanish utility Iberdrola opted to invest in the company via its start-up programme Perseo.

The Perseo programme aims to support emerging companies and start-ups in their development of technologies key to the future of electric vehicles.

The programme has so far invested €70 million (£63m US$78m) in a string of projects including Stem, a Californian company that markets energy storage solutions and Houston-based Innowatts, which offers software solutions based on AI and big data to help digitise and automate the renewables sector.

Iberdrola’s investment in Wallbox is in line with its own electric mobility plan, which involves the installation of thousands of fast charging points across Spain.

The company is aiming to place chargers at 60-mile intervals along all of Spain’s arterial motorways and highways, a project that is already underway and Iberdrola hopes to complete them before the end of this year (2019).

Iberdrola has cemented its ambitions by setting a target  of installing 25,000 EV chargers across the Spanish road network, in public spaces and in homes before the end of 2021.

 

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