New injection of resources into Wallbox, this time, with the Government included. The electric car charger manufacturer has closed a capital increase of 13 million euros led by the state-owned Spanish Society for Technological Transformation (SETT). The so-called digital Sepi, which enters Wallbox's capital, has allocated nearly eight million euros to the company.
The operation is part of a financing round initiated in February, and is complemented by a second round that raises the amount raised to these 13 million euros. The additional five million have been contributed by company shareholders, including Iberdrola's subsidiary Inversiones Financieras Perseo; Orilla Asset Management, and Wallbox CEO and co-founder, Enric Asunción.
The SETT's backing "demonstrates its confidence in our long-term vision and highlights Spain's strategic role in the global energy transition," Asunción defended. In this way, the public body's investment and the reinforced commitment of the company's current investors "drives the development of advanced charging and energy management solutions, while boosting Wallbox's long-term growth."
The capital increase comes at a time when the company has seen its shares fall on the New York Stock Exchange and is advancing in its restructuring. Faced with this situation, Wallbox assures that this capital injection "strengthens the company's balance sheet" and provides it with the necessary resources to accelerate the adoption of charging solutions, as well as to advance in the digitalization of its products and the development of cutting-edge technologies. Thus, the operation gives Wallbox oxygen to continue developing its solutions, ready for when the deployment of electric cars accelerates.