Wallbox Expands North American Presence to Support Growing Customer Demand

Rhea-AI Summary

Wallbox, a global leader in electric vehicle charging and energy management solutions, has announced its strategic expansion in North America, particularly in Canada and the U.S. The company is strengthening its partnerships, notably with Uber, to facilitate EV adoption among rideshare drivers. New facilities, including a warehouse in Burlington, NC, and a logistics center in Mississauga, Ontario, are set to optimize delivery and reduce costs. Wallbox also plans to start production in its Arlington, TX manufacturing plant, aiming for over 250,000 units in 2022 and increasing to 500,000 by 2025.

Positive

• Formation of partnerships with Uber in Canada, providing discounted EV charging for rideshare drivers.
• Expansion into Best Buy’s online platform in Canada, increasing market access.
• Opening of a logistics facility in Mississauga, Ontario, enhancing operational capabilities.
• New warehouse in Burlington, NC, improving distribution efficiency across North America.
• Planned Arlington, TX manufacturing facility expected to produce over 250,000 units in 2022, rising to 500,000 by 2025.

Negative

• Operating losses as an early-stage company may impact financial stability.
• Risks related to reliance on third-party supply and manufacturing partners.
• Dependence on market adoption of electric vehicles and potential changes in government incentives.

New facilities and strategic partnerships across the U.S. and Canada to enhance operational excellence

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced continued expansion in the North American market through strategic partnerships and the opening of new facilities across the region.

Canadian Expansion

After successfully launching in Canada earlier this year, Wallbox is forming key relationships with multinational companies within the region and building out its operations in Ontario.

Wallbox recently announced the expansion of its existing partnership with Uber to simplify the transition to EVs for rideshare drivers using Uber in Canada. Uber drivers across Canada will soon have access to Wallbox’s discounted EV charging package which includes a Pulsar Plus, Wallbox’s worldwide best-selling charger, and installation service.

Wallbox has begun selling on Best Buy’s online retail platform in Canada, offering smart EV home chargers to meet the growing demands of their customers looking to make the transition to a more electric lifestyle. The retailer is expected to sell the 40 Amp and 48 Amp version of Wallbox’s best-selling charger worldwide, Pulsar Plus.

Wallbox also announced the opening of a new warehouse in Mississauga, Ontario. The Canadian facility is expected to provide full logistics services, including warehousing, inventory management and transportation services.

New U.S. Warehouse Facility

Wallbox announced the addition of a new warehouse facility in Burlington, NC. The facility on the East Coast is expected to support the Company's existing facility in Bloomington, CA on the West Coast. These two facilities have been strategically chosen so that Wallbox can be well positioned to reduce transit times and freight costs for customers across North America.

“This facility will be even more important once our new factory in Arlington is operational, which is expected to happen later this year. With a warehouse in North Carolina, a warehouse in California and a facility in Texas, we believe we will be in a great position to service the continental U.S. territory in under 72 hours,” said Oriol Riba, chief operations officer at Wallbox.

The opening of the Burlington facility comes on the heels of Wallbox’s recent announcement of its first U.S.-based EV charger manufacturing facility in Arlington, TX. The 130,000 square-foot high-tech plant is expected to have enough capacity to fully support Wallbox's expansion plans in North America over the next decade. Wallbox is expecting to begin production within the facility by early fall 2022. Initial construction is planned to allow the EV charger and energy management company to manufacture over 250,000 units in 2022, and over 500,000 by 2025.

“Our North American expansion is reflective of our ambitious global growth strategy,” said Douglas Alfaro, General Manager of Wallbox, North America. “With the growth of our warehouse network, we believe we will be able to optimize fulfillment and service customers more quickly and efficiently. The new warehouse facilities, coupled with our Uber and Best Buy partnerships, further strengthen our footprint across the region.”

About Wallbox Chargers

Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 100 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs approximately 1,000 people in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

Wallbox Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the partnerships with Uber and Best Buy and Wallbox’s expected production capabilities, expansion plans and expected delivery times and costs. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s 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 electronic 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; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption "Risk Factors" in Wallbox’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, as such factors may be updated from time to time in its other filings with 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.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in 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.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220526005034/en/

Wallbox Public Relations Contact:

Elyce Behrsin

Public Relations

elyce.behrsin@wallbox.com

+34 622 513 358

Source: Wallbox

FAQ

What recent expansion has Wallbox (WBX) announced?

Wallbox has announced its expansion in North America with new facilities and partnerships, including collaborations with Uber and Best Buy.

How will the new warehouse in Burlington, NC benefit Wallbox (WBX)?

The new Burlington warehouse will support logistics, reduce transit times, and lower freight costs for customers across North America.

What production targets has Wallbox (WBX) set for its Arlington, TX facility?

Wallbox aims to manufacture over 250,000 units in 2022 and increase that to 500,000 by 2025 in its Arlington facility.

What type of products will Wallbox (WBX) offer on Best Buy's online platform?

Wallbox will sell smart EV home chargers, specifically the Pulsar Plus models, through Best Buy's online platform in Canada.

When is Wallbox (WBX) expected to start production at its Arlington, TX facility?

Wallbox is expected to begin production at the Arlington facility by early fall 2022.