Global EV charging company Wallbox continues building momentum as the company reveals solid Q2 numbers and two new acquisitions in the quarter. With several tailwinds boosting the EV charging industry, Wallbox believes its success will continue.
Founded in 2015, Wallbox is turning into a global smart EV charging and energy management leader. The company is assisting the mass adoption of EVs by providing faster, simpler charging solutions.
According to the company’s annual report, Wallbox was a first-mover with its Quasar model, a bi-directional home DC charger. Since it’s bi-directional, you can charge your EV and use the car battery’s energy to power your home or other property.
If you heard the story of the Ford F-150 Lightning saving the day in Kentucky by providing portable power, it’s a similar concept. Though not portable, Wallboxes Quasar 2 can use energy from any compatible EV.
Wallbox’s other products include level 2 AC chargers (for home and business) and DC fast chargers for public use. You can use the company’s public EV charging platform, Electromaps, to find local charging stations.
Companies can opt to use myWallbox, the Wallbox’s software, to manage chargers. Taken together, these products put Wallbox closer to its goal of creating a public/private EV charging network for a sustainable future.
Wallbox partners with top OEMs (Ford, BYD, Mercedes, etc.), retailers (Lowe’s, Best Buy, Walmart), and distributors such as Svea Solar, the solar provider for Ikea.
Meanwhile, Wallbox’s Q2 earnings show the company is having success as EV adoption hits a tipping point. Take a look at the highlights below.
Takeaways from Wallbox’s 2022 Q2 earnings report
Wallbox is rolling along with another exciting quarter in Q2 as the company continues supporting the rising demand for EVs. The company had a slew of positive announcements:
- A new partnership with Nissan for its all-new Nissan EV Ariya
- Two significant acquisitions, Coil and ARES Electronics (more on this below)
- The Arlington, TX, location is on track with 250,000 capacity by the end of 2022.
- Recent climate initiatives are expected to bring billions into the EV industry between investments and subsidies.
During Q2, Wallbox made two big acquisitions. The first company, Coil, is a fast-growing installations provider for energy management services. Coil will be facilitating the installation services for its new Nissan partnership.
Buyers of the new Nissan EV Ariya will be sent to a co-branded website, where they can choose a charger (for a reduced price) and installation.
ARES Electronics, on the other hand, manufactures printed circuit boards (PCBs) for tech companies. Wallbox was their biggest customer, so bringing this ability in-house will be critical for securing a consistent supply.
Lastly, new climate initiatives, such as the NEVI program and Inflation Reduction Act (IRA), are expected to turbocharge the EV industry and, in turn, EV charging.
The NEVI program funds around $5 billion to help states create a national EV charging network over the next five years. All states have already submitted their plans, with most programs expecting to begin in 2023. Wallbox is speaking with states to take advantage of the program.
Meanwhile, the massive Inflation Reduction Act is the largest of its kind, investing $379 billion in climate initiatives. The bill provides a $7,500 tax credit (with many exclusions) for new EVs and up to $4,000 for used EVs.
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