Spain’s Wallbox Completes Second Tranche Of €23M Series A Investment with Participation from Endeavor Catalyst
Wallbox, the smart EV charging company led by Endeavor Entrepreneur Enric Asuncion, announced the closing of a €12 million second tranche of Series A investment in early March, bringing the total Series A round to €23 million. The round was led by venture capital fund Seaya Ventures, with additional investment from Endeavor Catalyst and existing investors such as Iberdrola.
“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, commented 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, 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 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 North America, 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 electricity 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 100,000 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.
About Seaya Ventures
Based in Madrid, Seaya Ventures has been backing the best entrepreneurs and teams from Spain and Latin America since 2013. Seaya focuses on supporting founders in scaling their businesses enabling them to become global leaders.
About Endeavor Catalyst
Endeavor Catalyst is an innovative co-investment vehicle designed to support Endeavor Entrepreneurs with their equity financing rounds and contribute to the long-term sustainability of Endeavor. Launched in 2012, Endeavor Catalyst has $110MM+ in capital under management. To date, Endeavor Catalyst has made over 130 investments across 25+ local offices.
Iberdrola is a global energy leader, one of the main global producers of wind power, and one of the world’s biggest electricity utilities by market capitalization. The group is present in numerous countries and supplies energy to over 100 million people mainly in Spain, the United Kingdom (Scottish Power), the USA (AVANGRID), Brazil (Neoenergia) and Mexico. With a workforce of 34,000 and assets in excess of €113 billion, it achieved a turnover of €35.076 billion and a net profit of €3.014 billion in 2018. Iberdrola is leading the transition towards a sustainable energy model through its investments in renewable energy, smart grids, large-scale energy storage and digital transformation, to offer the most advanced products and services to its customers. Iberdrola has made transport electrification one of the priorities of its strategy to transition toward a decarbonized economy based on renewable energy and smart networks. In March, Iberdrola decided to ramp up its sustainable mobility plan, with more investment – a total of 150 million euros – to provide an even larger number of electric vehicle charging stations within the next five years