Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging solutions, today announced that it has been allocated a $5.2 million tax credit under the highly competitive 48C Qualifying Advanced Energy Tax Credit Program by the U.S. Department of Energy (DOE). The credit will support the expansion of Wallbox's flagship U.S. EV supply equipment (EVSE) manufacturing facility in Arlington, Texas.
The 48C tax credit, expanded as a part of the Inflation Reduction Act, is designed to shore up investment and address critical needs across the clean energy economy, including grid components, electric vehicle components and chargers, solar components, and other critical clean energy materials. The credit provides up to 30% in tax credits for eligible equipment in clean energy manufacturing projects provided they meet prevailing wage and apprenticeship requirements. Wallbox's award includes 30% of qualified investments for the second phase of its Arlington factory buildout to support increased manufacturing capacity.
"We are honored to be selected for the highly competitive 48C tax credit, which will enable us to make further investments in our U.S. manufacturing capabilities and deliver Wallbox’s best-in-class EV charging solutions which underpin the transition to electrified transportation," said Enric Asunción, CEO and cofounder of Wallbox. "This support from the Department of Energy and IRS affirms Wallbox's commitment to expanding our American presence, fostering clean manufacturing jobs, and advancing our collective clean energy future.”
Included in the tax credit for Wallbox’s 150,000-square-foot factory in Arlington, Texas are multiple new EVSE assembly lines and a state-of-the-art validation lab. Completion of the project will allow Wallbox to produce its full suite of charging solutions designed for the North American market, including the award-winning Quasar 2 bidirectional charger and Buy America-compliant DC fast chargers, such as the newly launched high-powered Supernova 180 DC fast chargers.
The Arlington factory is expected to have a maximum production capacity of over 1 million chargers per year by 2030, supporting U.S. clean energy and transportation goals.
The 48C tax credit was highly competitive, with more applications submitted than the total available funding. The DOE reviewed the applications and recommended Wallbox's project to the IRS for the award.