Wallbox and Partners Awarded $25.6 Million to Deploy EV Chargers at 148 Multifamily Properties Across the State of Washington

Rhea-AI Summary

Wallbox (WBX) secures $25.6 million in awards to deploy Pulsar Pro AC Level 2 chargers in Washington multifamily housing properties, emphasizing environmental justice. The project aims to enhance EV charging accessibility and promote electric vehicle adoption in challenging use cases.

Insights

Energy Economist

The allocation of $25.6 million by the Washington Department of Commerce to deploy Wallbox Pulsar Pro AC Level 2 chargers is a strategic investment in the infrastructure required to support the growing electric vehicle (EV) market. This initiative is particularly significant as it targets multifamily housing properties, a sector that has historically faced challenges in charger installation due to space and resource constraints. The focus on environmental justice communities also aligns with broader state and federal goals to ensure equitable access to clean energy technologies.

From an economic standpoint, the investment is likely to stimulate local job growth in the EV charging installation sector and could serve as a catalyst for further private investments in the area. The dynamic power sharing feature of the Pulsar Pro charger is a notable innovation that optimizes existing electrical infrastructure, potentially reducing installation costs and accelerating the project's return on investment. This could set a precedent for similar infrastructure projects, influencing the scalability and financial viability of EV charging networks.

Environmental Policy Analyst

The Washington Electric Vehicle Charging Program's emphasis on installations in high-pollution and charger-scarce areas is a targeted approach to mitigating environmental disparities. By prioritizing vulnerable communities, the program not only aims to improve air quality but also addresses the 'charging deserts' that can hinder the transition to electric vehicles. This policy initiative could serve as a model for other states looking to balance economic development with environmental justice.

Furthermore, the collaboration between public, private and non-profit sectors in this project demonstrates a comprehensive strategy to tackle the multifaceted challenges of transportation electrification. The program's success could provide valuable insights into effective partnership models for achieving sustainability goals while also addressing the social determinants of health linked to pollution.

Market Research Analyst

The deployment of Wallbox Pulsar Pro AC Level 2 chargers across Greystar properties represents a significant advancement in the EV charging infrastructure market. The decision to install these chargers in multifamily housing developments is indicative of a growing recognition of the diverse needs of EV consumers. As the EV market continues to expand, the demand for accessible and convenient charging options will likely increase, particularly among urban residents without access to private garages.

Market trends suggest that consumer education is critical to the adoption of new technologies. The partnership with Adopt a Charger to provide consumer education is a strategic move that could enhance user experience and foster consumer confidence in EV technology. This project's focus on multifamily housing could potentially influence future market demand for EVs among apartment dwellers, a demographic that has been less targeted by EV manufacturers and infrastructure providers.

The $25.6 million of proposed awards to nonprofit partners will be used to deploy Wallbox Pulsar Pro AC Level 2 chargers across Greystar multifamily housing properties throughout the state of Washington with a strong focus on environmental justice communities

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Wallbox (NYSE: WBX), a global leader in electric vehicle (EV) charging and energy management solutions, and COIL, a leading EV charging installation service and Wallbox subsidiary, announced today that, in conjunction with partners Clean and Prosperous Institute and Adopt a Charger, they have secured proposed awards of $25.6 million from the Washington Department of Commerce’s Electric Vehicle Charging Program. The awards, announced as part of the Department’s first round of the program, will be used to deploy Wallbox’s latest AC Level 2 charger, the Pulsar Pro, across 148 multifamily housing properties throughout the state of Washington.

Wallbox's newest EV charger, Pulsar Pro, installed in multifamily housing. (Photo: Business Wire)

“One of the most commonly cited concerns for prospective EV drivers is access to EV charging, especially for those who do not live in detached houses. Wallbox and the State of Washington have a shared commitment of ensuring that chargers are deployed across all use cases, including multifamily housing, to ensure that benefits of going electric are accessible to all,” said Erik Fogelberg, General Manager of Wallbox North America. “We are excited to partner alongside the Department, and our partners, to deliver best in class charging solutions, including installation through COIL, across the state of Washington.”

The project will utilize Pulsar Pro AC Level 2 chargers, Wallbox’s latest EV charger, designed specifically for commercial and multifamily residential use in the North American market. Pulsar Pro is equipped with RFID integration and ISO 15118 readiness, ensuring secure and future-ready charging capabilities. The Pulsar Pro stands out for its dynamic power sharing feature, which monitors the building’s power and automatically allocates power to connected EVs, reducing the need for costly upfront electrical infrastructure upgrades and realizing the full value of Washington’s public investments in charging infrastructure.

The projects will be designed and installed by COIL in partnership with Resound Energy, a Washington-based energy efficiency contractor, at 148 multifamily housing properties, including 146 Greystar properties. While multifamily housing traditionally represents a more challenging use case for charging infrastructure deployment, this program showcases the importance of coordinated efforts in delivering EV charging access at scale. Adopt A Charger will also provide consumer education to respective projects for the chargers installed and benefits of electrification for the multifamily properties in order to support electric vehicle adoption and easy access to charging.

This award is part of a larger $85 million dollars initially announced in February by Washington Governor Jay Inslee and the Washington Department of Commerce, representing the first of two announced rounds of funding dedicated to supporting clean transportation, improving air quality, and ensuring EV charging access for all Washington drivers by addressing key gaps in the state’s light duty charging infrastructure, including multifamily housing, public parking, and fleet and workplace charging. Allocations were made to applicants through a competitive scoring process that prioritized installations in areas experiencing higher levels of pollution and a scarcity of existing charging access, along with other criteria.

"Washington is at the forefront of transportation electrification, and we will continue to invest in strategies and programs that decarbonize our economy, generate clean jobs, and promote electric vehicle adoption,” said Michael Furze, Assistant Director, Energy Division of the Washington State Department of Commerce. “The Washington Electric Vehicle Charging Program is a prime example of utilizing public-private partnerships to deliver access to charging infrastructure while prioritizing installations in communities that are most vulnerable to health impacts of air pollution.”

“We are excited that our Charging Forward Together program has been awarded funding for 1,375 charging ports to multifamily buildings across the state. Our partnership with Wallbox, COIL and Greystar links the public, non-profit and private sector into a strong force for the decarbonization of our transportation sector,” said Michael Mann, Executive Director of Clean and Prosperous Institute.

"At Adopt a Charger, we are particularly grateful to be partnering with Wallbox on multifamily charging because it has been a difficult use case to enable. Adopt a Charger has used the Wallbox solution in previous projects, and it has proven to be a cost effective, reliable, and accessible solution." said Kitty Adams Hoksbergen, Executive Director of Adopt a Charger. "Providing access to low cost power, where renters park their cars at night, is a game changer for the adoption of electric vehicles."

“We are thrilled to be the electrical contracting partner with Wallbox and Greystar Properties to bring our extensive experience in EVSE installation to support this effort,” said Jason Steiner, VP of Sales for Resound Energy states. “Our network of electrical and civil staff specialize in the design and build of electrical charging projects for commercial facilities in the Pacific Northwest.”

About Wallbox Chargers

Wallbox is a global technology company, dedicated to changing the way 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 the Americas.

For more information visit www.wallbox.com.

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 expected consummation of the acquisition of ABL’s operations and assets, the financial and operational benefits expected from the acquisition and Wallbox’s financial outlook. 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/20240307858646/en/

Wallbox PR Contact:

Elyce Behrsin

Global Head of PR

elyce.behrsin@wallbox.com



Wallbox Investor Contact:

Matt Tractenberg

VP, Investor Relations

Matt.Tractenberg@wallbox.com

Source: Wallbox

FAQ

What is the purpose of the $25.6 million awards secured by Wallbox (WBX)?

The awards are intended to deploy Wallbox's Pulsar Pro AC Level 2 chargers in 148 multifamily housing properties across Washington.

Who are the partners involved in securing the proposed awards for Wallbox (WBX)?

The partners involved are Clean and Prosperous Institute and Adopt a Charger, in conjunction with COIL.

What distinguishes Wallbox's Pulsar Pro AC Level 2 charger for commercial and multifamily use?

The charger features RFID integration, ISO 15118 readiness, dynamic power sharing, and is designed for commercial and multifamily residential use in the North American market.

How many multifamily housing properties will benefit from the deployment of Wallbox's Pulsar Pro AC Level 2 chargers?

A total of 148 multifamily housing properties, including 146 Greystar properties, will benefit from this deployment.

What is the significance of the awards in the context of Washington's clean transportation initiatives?

The awards support clean transportation, improve air quality, and ensure EV charging access for all Washington drivers, addressing key gaps in the state's light duty charging infrastructure.