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Wallbox, a leading provider of EV charging solutions, secures a $5.2 million tax credit under the 48C Program by the U.S. DOE and IRS for its Arlington factory expansion. The credit supports clean energy investments and manufacturing capacity growth, reinforcing Wallbox's commitment to the U.S. market.
Wallbox, un leader nella fornitura di soluzioni di ricarica per veicoli elettrici, ha ottenuto un credito fiscale di 5,2 milioni di dollari nell'ambito del Programma 48C dagli enti DOE e IRS degli Stati Uniti per l'ampliamento della sua fabbrica di Arlington. Il credito sostiene gli investimenti in energia pulita e l'aumento della capacità produttiva, rafforzando l'impegno di Wallbox nel mercato statunitense.
Wallbox, un proveedor líder de soluciones de carga para vehículos eléctricos, ha asegurado un crédito fiscal de $5.2 millones bajo el Programa 48C por parte del DOE y el IRS de EE. UU. para la expansión de su fábrica en Arlington. El crédito apoya las inversiones en energía limpia y el crecimiento de la capacidad de fabricación, reforzando el compromiso de Wallbox con el mercado estadounidense.
전기차 충전 솔루션을 제공하는 선도 기업인 Wallbox가 미국의 DOE 및 IRS가 시행하는 48C 프로그램 하에 알링턴 공장 확장을 위해 520만 달러의 세금 크레딧을 확보했습니다. 이 크레딧은 청정 에너지 투자와 제조 능력의 성장을 지원하며, Wallbox의 미국 시장에 대한 헌신을 강화합니다.
Wallbox, un fournisseur leader de solutions de recharge pour véhicules électriques, a obtenu un crédit d'impôt de 5,2 millions de dollars dans le cadre du Programme 48C par le DOE et l'IRS des États-Unis pour l'expansion de son usine à Arlington. Ce crédit soutient les investissements dans l'énergie propre et la croissance de la capacité de production, renforçant l'engagement de Wallbox sur le marché américain.
Wallbox, ein führender Anbieter von Lösungen für das Laden von Elektrofahrzeugen, sichert sich einen Steuergutschrift von 5,2 Millionen Dollar im Rahmen des 48C-Programms des US-DOE und IRS für die Erweiterung seines Werks in Arlington. Die Gutschrift unterstützt Investitionen in saubere Energie und das Wachstum der Produktionskapazität, was das Engagement von Wallbox auf dem US-Markt verstärkt.
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Insights
The allocation of a $5.2 million tax credit to Wallbox under the 48C tax credit program can have substantial financial benefits for the company. This program, part of the Inflation Reduction Act, is instrumental in reducing the capital expenditure burden for companies investing in clean energy infrastructure. With Wallbox's planned expansion of its Arlington factory, the tax credit effectively reduces their cost base, improving the project's overall financial viability. Considering the company's statement regarding the increase in manufacturing capacity, this could translate to higher output and sales in the medium to long term. It's important to note that the market for EV charging solutions is rapidly expanding. In the context of this growth, Wallbox's move to bolster production capabilities could help in capturing a larger market share, which in turn could positively influence its stock price. Furthermore, investors should keep an eye out for the company's future financial disclosures to assess how these tax credits impact their earnings and cash flows. The effectiveness of these fiscal incentives will be pivotal in gauging Wallbox's operational efficiency and competitive edge within the clean energy sector.
Wallbox's tax credit award is a significant endorsement from the U.S. government, spotlighting the company's role in advancing clean energy initiatives. The 48C program targets critical areas of the clean energy economy, aiming to bolster grid resilience, support the transition to electric vehicles and create domestic manufacturing jobs. By meeting the program's requirements, Wallbox has positioned itself as a compliant and proactive player within the policy framework. This not only strengthens its reputation but also aligns with the broad governmental goals of reducing carbon emissions and promoting energy independence. For investors with an interest in environmentally and socially responsible companies, this development could enhance Wallbox's appeal. The policy environment for clean energy is increasingly favorable and firms like Wallbox that leverage these opportunities can benefit from both the material incentives and the intangible value of being part of a critical societal transition.
The planned expansion and build-out of Wallbox's Arlington factory, underpinned by the 48C tax credit, is a strategic move that could have operational advantages. By increasing the facility's manufacturing capacity to potentially over 1 million chargers per year by 2030, Wallbox is making a clear statement about its commitment to scale and efficiency. The addition of new assembly lines and a validation lab signals an improvement in both the quantity and quality of the EV charging solutions it can offer. For investors, the operational aspect is crucial; it signifies that Wallbox not only intends to capitalize on the current EV market growth but also aims to enhance its product reliability and reduce manufacturing defects. Such improvements can lead to cost savings and better customer satisfaction over time. This development may translate into a stronger brand and increased customer loyalty, which are vital components for sustained growth and can positively influence investor confidence.
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--
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.
Wallbox's 150,000-square-foot factory in Arlington, Texas (Photo: Business Wire)
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.
About Wallbox
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 America. 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 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.
What is the purpose of the $5.2 million tax credit allocated to Wallbox (WBX)?
The tax credit aims to support the expansion of Wallbox's flagship U.S. EV supply equipment manufacturing facility in Arlington, Texas.
Under which program was Wallbox selected for the $5.2 million tax credit?
Wallbox was allocated the tax credit under the 48C Qualifying Advanced Energy Tax Credit Program by the U.S. Department of Energy (DOE).
What is the percentage of tax credits provided under the 48C tax credit program?
The 48C tax credit offers up to 30% in tax credits for eligible equipment in clean energy manufacturing projects.
What are some of the clean energy materials supported by the 48C tax credit program?
The 48C tax credit program supports grid components, electric vehicle components and chargers, solar components, and other critical clean energy materials.
What are some of the EV charging solutions that Wallbox will produce at its Arlington factory?
Wallbox will produce its full suite of charging solutions for the North American market, including the Quasar 2 bidirectional charger and Buy America-compliant DC fast chargers like the Supernova 180 DC fast chargers.
