Iberdrola invests in Wallbox in a 9.5 million round

Wallbox continues to mobilize more resources to advance on its path to profitability. With the aim of consolidating its position in the electric vehicle charging industry, the multinational has raised 9.5 million euros (10 million dollars) in financing. With the operation, Iberdrola has injected capital into the company through its subsidiary Inversiones Financieras Perseo. Along with the energy group, the Madrid-based Orilla Asset Management, a firm of Francisco Riberas' family (Gestamp), and Wallbox's CEO and co-founder, Enric Asunción, as well as investors already present in the company, have participated.

The company, which is listed on the New York Stock Exchange, will allocate the resources obtained from the operation to strengthen its financial position after years with losses and to continue expanding its global presence in the electric vehicle charging sector.

"This investment round reinforces our mission to make EV charging more accessible worldwide, while driving operational efficiency and financial sustainability," defended Wallbox's founder, a company that became a unicorn in 2021 after exceeding a valuation of 1 billion euros.

Thus, the operation "will strengthen Wallbox's liquidity position to execute its business plan, reinforcing its commitment to accelerate the global transition to clean energy and sustainable mobility," as defended by Iberdrola's Head of Corporate Development and Strategic Partnerships, David Mesonero. To complete the operation, Wallbox closed the issuance of ordinary shares worth 9.5 million euros.

The operation in favor of Wallbox comes at a time of crisis for electric vehicles, in a context where their growth is being more moderate than initially predicted. This slow pace in sales also affects Wallbox, which recorded losses of more than 100 million in 2023. Now, both Europe in general and Catalonia in particular, and from the public and private spheres, it has been decided to step on the accelerator to boost the electric car and, with it, the charging infrastructure on which Wallbox focuses.