Wallbox and Bidirectional Energy Awarded Funding from the California Energy Commission

Rhea-AI Summary

Wallbox (WBX) and Bidirectional Energy announce Phase 1 of Bidirectional Residential V2X Demonstration Project, securing $2.2M funding from CEC. The project aims to install Quasar 2 bidirectional chargers in 120 California homes, managed by Bidirectional Energy's VPP platform. Users could potentially earn over $1,000 yearly through utility bill reduction and Demand Response programs. The project targets enhancing V2X technology impact, promoting renewable energy uptake, and reducing grid reliance.

Positive

• Phase 1 of Bidirectional Residential V2X Demonstration Project awarded $2.2M funding from CEC.
• Quasar 2 bidirectional chargers to be installed in 120 California homes, managed by Bidirectional Energy's VPP platform.
• Users could earn over $1,000 yearly through utility bill reduction and Demand Response programs.
• Project aims to enhance V2X technology impact, promote renewable energy uptake, and reduce grid reliance.
• Wallbox and Bidirectional Energy working to democratize the transition to electric vehicles in the US.

Negative

• None.

Insights

Energy Economist

The $2.2M funding from the California Energy Commission for the Bidirectional Residential V2X Demonstration Project represents a strategic investment in the integration of electric vehicles (EVs) into the energy grid, which could have significant implications for energy markets and infrastructure. The project's focus on utilizing EVs for energy storage and grid services through Vehicle-to-Everything (V2X) technology underlines a shift towards more flexible and sustainable energy systems.

By allowing EV owners to participate in Demand Response programs and leverage time-of-use rates, there's an opportunity to enhance grid stability while providing financial incentives to consumers. This could lead to increased EV adoption, influencing the demand for electricity and potentially altering peak load profiles. In the long term, widespread use of V2X could mitigate the need for additional power generation capacity, thus impacting the investment landscape for utilities and energy providers.

Renewable Energy Analyst

The deployment of Wallbox’s Quasar 2 bidirectional chargers, coupled with Bidirectional Energy's VPP platform, is a notable development in the renewable energy sector. The ability of these chargers to integrate with solar panel systems to store and manage energy aligns with the broader trend of increasing renewable energy penetration into the grid.

From an energy management perspective, the project could serve as a model for optimizing the use of distributed energy resources, reducing reliance on traditional fossil fuels and facilitating the transition to a more decentralized energy network. The potential reduction in grid reliance and the acceleration of renewable energy uptake could influence renewable energy credit markets and investment in related technologies.

Environmental Policy Analyst

The endorsement by the California Energy Commission is indicative of the growing policy support for technologies that can contribute to state and federal clean energy goals. The environmental impact of such projects is dual: reducing emissions from transportation and enhancing the use of renewable energy.

Long-term, policy-driven projects like this one could shape regulatory trends and incentivize further innovation in the EV and energy storage space. The environmental benefits of V2X technology, such as lower carbon emissions and improved energy efficiency, align with global efforts to combat climate change, potentially influencing future legislation and market dynamics within the clean energy sector.

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Wallbox (NYSE:WBX), a global leader in electric vehicle (EV) charging and energy management solutions, and Bidirectional Energy, a bidirectional EV energy management startup, today announced Phase 1 of their Bidirectional Residential V2X Demonstration Project had been awarded $2.2M in funding from the California Energy Commission (CEC) REDWDS grant. The project will install and operate Wallbox’s bidirectional charger, Quasar 2, in 120 residential locations across California.

The bidirectional chargers will be managed by Bidirectional Energy’s virtual power plant (VPP) platform to provide home energy backup, utility bill reduction, and additional financial rewards. Bidirectional Energy and Wallbox estimate that Quasar 2 together with the Bidirectional Energy VPP platform can potentially earn users over $1,000* every year when combined with utility Demand Response programs and time-of-use utility rates. By taking advantage of time-of-use utility rates in the U.S., users can enhance the impact of V2X technology by scheduling charging sessions when energy prices are low and discharging their cars to power their homes when prices are high. Users with solar panel installations can also store excess solar energy in their EV during low usage periods and then harness this energy at another time, including usage peak periods, to reduce their reliance on the grid and accelerate the uptake of renewable energy.

These bidirectional chargers will be installed by COIL, a Wallbox company and leading electric vehicle charging infrastructure installer targeting metropolitan areas with high EV adoption rates such as the San Francisco Bay Area, Sacramento, Los Angeles, and San Diego.

“Vehicle-to-grid innovations can play a critical role in helping California reach its clean energy goals, while also reducing emissions from transportation. The CEC is proud to fund projects and companies like Wallbox and Bidirectional Energy that are using vehicle-to-grid technology to provide long-term benefits to the grid while also helping customers save money by scheduling vehicle charging during off-peak hours when energy prices are low," said Patty Monahan, CEC’s Lead Commissioner for Transportation.

“We’re excited to work with Bidirectional Energy and the CEC to accelerate the development and deployment of bidirectional charging, and to do important work to help democratize the transition to electric vehicles in the US. Bidirectional charging can offer long-term benefits to all users, grid operators, and utilities and will accelerate the transition to California renewable energy sources,” said Erik Folgeberg, General Manager of Wallbox North America.

“Bidirectional EVs are critical to solving the massive scalability challenges facing the US electric grid. We are excited to partner with Wallbox and the CEC to get bidirectional chargers installed in people’s homes, and help EV owners earn passive income by selling energy from their idle EV batteries. Together, we’ll leverage EVs to make our power grid more reliable and reduce total carbon emissions on the grid,” said Angela Zhang, CEO of Bidirectional Energy.

Quasar 2 is a next-generation 11.5kW bidirectional charger that will enable EV owners to charge and discharge their electric vehicle to power their home, vehicle-to-home (“V2H”) or send energy back to the grid, vehicle-to-grid (“V2G”). On average EVs can hold between 76 and 100kWh of energy, over 5x the amount of energy of a standard 13.5kWh home storage system, and power a typical household’s energy consumption for up to four days, removing the need for expensive home energy storage systems.

Quasar 2’s cutting edge innovation extends to its Power Recovery feature, which was designed specifically for the acute need for backup power, allowing users to transform their EV into a powerful generator in the event of a power outage or blackout. With the use of the Power Recovery Unit, Quasar 2 automatically switches the user’s power source from the grid to their vehicle, providing a critical load to a home during a potential emergency.

Quasar 2 uses ISO 15118-20, making it compatible with all bidirectional EVs that utilize this protocol, including the Kia EV9. Wallbox is currently undergoing the certification process for UL 1741 SB and UL 9741 at Underwriter Laboratories.

*Any estimates of potential savings provided within this document are subject to variations based on geographical locations, local utility rates, and energy consumption rates. Actual savings may vary and are influenced by specific regional factors. Please note that the estimates are provided for informational purposes only and should not be construed as guaranteed outcomes.

About Wallbox

Wallbox is a global technology company, dedicated to changing how the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 100 countries around the world. Founded in 2015 in Barcelona, where the company’s headquarters are located, Wallbox currently has offices across Europe, Asia, and America. For more information, visit www.wallbox.com

About Bidirectional Energy

Bidirectional Energy is a San Francisco-based company whose mission is to turn EVs into distributed batteries for the U.S. electric grid. Their mobile app intelligently manages EV charging and discharging, in order to meet 100% of the EV owners’ driving needs while earning passive income for the EV owners by selling energy from their idle EV batteries. Bidirectional Energy’s Virtual Power Plant (VPP) helps utilities and grid operators achieve both their grid reliability and their 24/7 renewability goals. Learn more at www.bidirectional.energy

About REDWDS:

The CEC Clean Transportation Program provides up to $100 million in annual funding to support innovation and accelerate the development and deployment of advanced transportation and fuel technologies throughout the state. The REDWDS (Responsive, Easy Charging Products with Dynamic Signals) grant accelerates the development and deployment of easy-to-use charging products, which helps customers manage electric vehicle (EV) charging and respond to dynamic grid signals.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the private placement. The words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “”target,” will,” “would” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; impacts resulting from the conflict between Russia and Ukraine; risks related to macro-economic conditions and inflation; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; as well as the other important factors discussed and incorporated by reference under the heading “Risk Factors” in Wallbox’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022, and as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com. Any such forward-looking statements represent management’s estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240321497781/en/

Wallbox PR Contact:

Elyce Behrsin

Global Head of Public Relations

elyce.behrsin@wallbox.com

Wallbox Investor Contact:

Matt Tractenberg

VP, Investor Relations

Matt.Tractenberg@wallbox.com

+1 404-574-1504

Source: Wallbox

FAQ

What is the purpose of the Bidirectional Residential V2X Demonstration Project announced by Wallbox (WBX) and Bidirectional Energy?

The project aims to install Quasar 2 bidirectional chargers in 120 California homes to provide home energy backup, utility bill reduction, and additional financial rewards.

How much funding was awarded to the project from the California Energy Commission (CEC)?

The project secured $2.2M in funding from the California Energy Commission (CEC) REDWDS grant.

What are the potential benefits for users of the Quasar 2 bidirectional chargers in the project?

Users could potentially earn over $1,000 yearly through utility bill reduction and Demand Response programs.

Which areas in California will the bidirectional chargers be installed in by COIL, a Wallbox company?

The bidirectional chargers will be installed in metropolitan areas with high EV adoption rates such as the San Francisco Bay Area, Sacramento, Los Angeles, and San Diego.

What technology does Quasar 2 use to enable bidirectional charging?

Quasar 2 uses ISO 15118-20, making it compatible with all bidirectional EVs that utilize this protocol, including the Kia EV9.