Wallbox launches virtual power plants in California and New York

NEW YORK/BARCELONA - Wallbox (NYSE:WBX), a $102 million market cap company with annual revenues of $171.5 million, has introduced virtual power plants (VPPs) in California and New York through a partnership with Leap, the company announced in a press release. InvestingPro analysis shows the company is currently operating with significant debt while pursuing growth initiatives.

The initiative, part of the newly launched Wallbox Rewards program, enables residential EV charger owners to earn incentives by allowing their devices to contribute to grid flexibility.

The VPPs aggregate energy capacity from residential chargers and connect to local energy programs using Leap’s platform. By coordinating when chargers draw power, the system helps utilities manage demand peaks and improve grid stability.

Participating users allow their chargers to shift charging to times when electricity is cleaner and in lower demand. In return, they receive in-app charging insights, feature upgrades, and potential financial incentives.

"Launching our first virtual power plants in California and New York marks a major step in scaling the role of EV chargers as flexible grid assets," said Esteve Dolsa, General Manager North America at Wallbox.

The program began this month in California and New York, with expansion into additional markets, including Texas, expected later in 2025.

Christie Dodge, Head of Partner Success at Leap, noted that "EV chargers are uniquely well-suited to serve as flexible grid resources."

Participants will receive notifications via the Wallbox app when their chargers are contributing to grid events, with more consistent participation potentially leading to greater rewards.

According to the press release, the Wallbox Rewards program is part of the company’s broader effort to develop smart energy solutions beyond EV charging. While currently trading below its InvestingPro Fair Value, the company’s expansion into VPP technology could present growth opportunities. Discover 13 additional key insights about Wallbox and access comprehensive analysis through the Pro Research Report, available exclusively on InvestingPro.

In other recent news, Wallbox has secured $15 million through private placements, with significant contributions from the Spanish Society for Technological Transformation and existing shareholders. This funding is part of Spain’s Recovery, Transformation, and Resilience Plan, aiming to enhance the country’s technological business ecosystem. Additionally, Wallbox announced a 20-for-1 reverse stock split to comply with the New York Stock Exchange’s minimum bid price requirement, with trading on a split-adjusted basis expected to begin in July 2025. The company is also expanding its partnership with ENSOL EV to deploy Supernova DC fast chargers in Texas, Florida, and Georgia, marking their first venture into DC fast charging together.

Furthermore, Wallbox has partnered with Francis Energy to deploy fast charging stations across the United States, utilizing its CTEP-certified Supernova chargers. This collaboration aims to meet the growing demand for high-performance charging in expanding EV markets. In another development, Wallbox and Liberty Plugins, Inc. have launched the Liberty CodeConnect Wallbox Charger, an EV charging solution with offline payment capabilities. This new product is available in different versions and comes with a promotional discount for early buyers.

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