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Wallbox (NYSE:WBX), known for its smart electric vehicle (EV) charging and energy management solutions, has secured a $45 million investment to fuel global expansion, particularly in North America. Generac Power Systems, Inc. (NYSE: GNRC), a prominent player in energy technology solutions, led the investment with $35 million.
The investment marks the second time Generac has taken a minority stake in Wallbox and strengthens their existing commercial ties, which were highlighted last December with the appointment of Generac's Executive Vice President Paolo Campinoti to the Wallbox board.
The funding round also saw contributions from several long-term shareholders.
Enric Asuncion, CEO and co-founder of Wallbox, expressed enthusiasm about the investment, interpreting it as a sign of shareholder confidence and a strategic move to solidify the company's market position. Aaron Jagdfeld, President and CEO of Generac, echoed this sentiment, noting the alliance's alignment with Generac's enterprise strategy and its potential to deepen integration of Wallbox's technology within Generac's energy ecosystem.
The investment is expected to close by August 5, 2024, subject to standard closing conditions. Wallbox plans to issue 36,334,277 Class A ordinary shares in a private placement to raise the funds.
Wallbox, established in 2015, operates globally, offering a range of charging and energy management solutions in over 100 countries. The company's main office is in Barcelona, with additional locations across Europe, Asia, and the Americas.
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