Wallbox and Bidirectional Energy Selected by California Energy Commission for Proposed Awards to Deploy V2X Chargers Across California
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The California Energy Commission’s (CEC) Clean Transportation Program provides up to
In a highly competitive process, Bidirectional Energy and Wallbox have been proposed recipients for awards of
“We’re excited to work with Bidirectional Energy and the CEC to accelerate the development and deployment of bidirectional charging to quickly respond to dynamic grid signals. Bidirectional charging can offer long-term benefits to users, grid operators, and utilities and will accelerate the transition to
“Bidirectional EVs are critical to solving the massive scalability challenges facing the US electric grid. We are excited to partner with Wallbox 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.
This project builds on Wallbox’s leadership in the bidirectional charging space. In July this year, Wallbox was selected to join the United States Department of Energy’s (DOE) Vehicle-to-Everything (“V2X”) Memorandum of Understanding as part of its latest round of signatories. The collaboration brings together cutting-edge resources from the DOE, DOE national labs, state and local governments, utilities and private entities to evaluate and accelerate technical and economic feasibility of vehicle-grid integration (VGI), including bidirectional charging, into energy infrastructure.
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”). The partnership between Bidirectional Energy and Wallbox unlocks access to the V2G programs, providing additional revenue streams to EV owners. 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.
This type of backup service is becoming not only increasingly important, but crucial, given the sheer volume and duration of power outages in the US. Last year,
Wallbox estimates that Quasar 2 together with the Bidirectional Energy platform can potentially earn users yearly energy bill savings of over
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
About Bidirectional Energy
Bidirectional Energy is a
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
*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.
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Wallbox PR Contact:
Elyce Behrsin
Global Head of Public Relations
press@wallbox.com
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VP, Investor Relations
Matt.Tractenberg@wallbox.com
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Source: Wallbox
FAQ
What is the partnership between Wallbox and Bidirectional Energy about?
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