Spanish energy giant Iberdrola has acquired a stake in electric vehicle charging company Wallbox.
Wallbox completed a €15m funding round led by Iberdrola, with further capital provided by a mix of new investors and existing partners, which will allow the company to strengthen its position in Europe and prepare for global expansion.
The investment by Iberdrola is part of its Sustainable Mobility Plan and innovation strategy to continue adopting technologies that are shaping the future of energy.
Iberdrola already offers Wallbox technology as part of its domestic electric vehicle customer packages in Spain and the UK.
With the potential for electric vehicle products in other retail markets, such as France, Portugal, Italy and Ireland, there is scope for the partnership to grow, Iberdrola said.
Wallbox plans to launch of a home DC charger in the second half of the year.
Iberdrola head of new ventures and technology prospects Diego Díaz Pilas said: “Wallbox has quickly established itself in the home charging market for electric vehicles in Europe and is well positioned to replicate this success in further markets around the world.
“As Iberdrola continues to invest in customer solutions for electric vehicles, as well as the smart grids and green energy needed to support them, we envisage a range of new partnerships being created in the coming years.”
Wallbox chief executive Enric Asuncion said: “This capital increase allows us to continue the development of our ambitious product roadmap, accelerate the company’s growth and become the leading global brand in charging solutions for electric vehicles and energy.”
Iberdrola´s Sustainable Mobility Plan will also see 25,000 electric vehicle charging points installed in homes, companies and public spaces by 2021 in Spain.
The company is currently deploying super-fast and ultra-fast charging stations at least every 100km on Spain´s main motorways and highways, making it possible to drive across country in an electric vehicle.
In the UK, Iberdrola subsidiary ScottishPower has an agreement with national car dealer Arnold Clark that offers customers an end-to-end electric vehicle package.
As part of leasing or buying a vehicle, customers can also arrange a home charging point to receive a 100% green electricity tariff and access ScottishPower´s smart charging EV app.
In the US, Avangrid has recently expanded its partnership with Nissan North America to provide 3.2 million customers and employees across New York, New England and Oregon with a $5000 discount on the purchase of a Nissan LEAF EV.
The company announced plans to increase its own EV fleet by 75%, and is delivering a $34m investment programme to expand EV charging infrastructure across Maine and New York.