WeaveGrid and Wallbox Partner to Give Customers Access to Wind-Powered EV Charging at Xcel Energy

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Wallbox (WBX) and WeaveGrid Partner to Expand Access to Utility Managed Charging Programs for North American EV Owners

Positive

• Partnership with WeaveGrid expands access to utility managed charging programs for Wallbox owners in Colorado
• Wallbox charger owners can now register to enroll in the Xcel Energy Charging Perks pilot program
• Program optimizes residential EV charging to align with times of high renewable energy availability
• Wallbox owners can take advantage of incentives and ongoing managed charging to save money and support EV growth
• Partnership aims to expand capabilities to Wallbox charger owners around the country
• WeaveGrid's software optimizes electric vehicle charging to align with periods of high renewable energy availability or to ensure ongoing electric grid reliability

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• None.

New Partnership Between Wallbox & WeaveGrid Unlocks EV Driver Benefits and Grid Flexibility

SAN FRANCISCO & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- WeaveGrid, a software company that enables rapid electric vehicle (EV) adoption on the electric grid, and Wallbox (NYSE: WBX), a leading provider of electric vehicle charging solutions, today announced a partnership that will expand access to utility managed charging programs for North American Wallbox owners, beginning with Xcel Energy’s Charging Perks Program in Colorado, where Xcel Energy currently serve around 1.3M residential customers.

Thanks to the collaboration with WeaveGrid, Wallbox charger owners in Colorado can now register to enroll in the Xcel Energy Charging Perks pilot program. The program optimizes residential EV charging to align with times of high renewable energy availability, which predominantly consists of wind-power in Colorado. Wallbox charger owners can also take advantage of the program's other benefits, which include:

• A $100 sign up incentive and an annual participation incentive at the end of every year
• Ongoing managed charging that allows drivers to save money by charging at low cost times
• The ability to support continued EV growth by charging at the best times for the electric grid and while utilizing renewable wind power

Through the partnership, WeaveGrid and Wallbox plan to expand these capabilities to Wallbox charger owners around the country. Power consumption is projected to triple by 2050 and the mix of renewables is likely to double in the next 15 years. As electricity demands increase and we push to integrate renewable sources which cannot be turned on and off like traditional energy sources, integrations like the one between Wallbox and WeaveGrid become increasingly crucial. WeaveGrid’s software optimizes electric vehicle charging to align with periods of high renewable energy availability or to ensure ongoing electric grid reliability, while keeping preferences and controls at a driver’s fingertips.

"We’re excited to announce our partnership with Wallbox in Xcel Energy's Charging Perks program," said WeaveGrid Director of Automotive and Charging Partnerships, Yakov Berenshteyn. "Wallbox’s smart home chargers allow load-balancing, making them an ideal partner to expand access to utility managed charging programs. Our goal is to remove barriers to EV adoption, and this partnership helps make EV charging more affordable, reliable, and clean for Wallbox owners."

"We are committed to making smart EV charging as easy and accessible as possible for our customers," said Brett Graessle, VP of Global Partnerships and Business Development at Wallbox. "Our partnership with WeaveGrid is already making it easier for Colorado-based Pulsar Plus owners to save money on EV charging while helping support the grid through managed EV charging. We are excited for the ongoing benefits this partnership will give our customers. "

To enroll in the Xcel Energy Charging Perks program, Wallbox owners can simply register and enroll their Wallbox charger through the Charging Perks website.

Once enrolled, Wallbox owners will automatically receive the benefits of the Charging Perks program, including monetary incentives and ongoing charging at low cost times. EV drivers simply plug in their vehicle and WeaveGrid’s software will optimize when charging occurs to align with times of low grid stress and high renewable energy availability, helping to reduce the impact on the electric grid and the environment, while saving money.

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 WeaveGrid

WeaveGrid is a software company building data products to enable the electric transportation transition. The SaaS company’s platform connects a growing wave of electric vehicles to an electric grid that was not designed to support the high-power needs of widespread charging. WeaveGrid uses cutting-edge data science and optimization to bring value to all stakeholders in this transition, including utilities, charging companies, automakers, and drivers. WeaveGrid's mission is to make EV adoption as easy and affordable as possible for everyone. For more information, visit www.weavegrid.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231218887976/en/

Wallbox Media Contact:

Elyce Behrsin

Global Head of PR

press@wallbox.com



Wallbox Investor Contact:

Matt Tractenberg

VP, Investor Relations

Matt.Tractenberg@wallbox.com

+1 404-574-1504

Source: Wallbox

FAQ

What is the partnership between Wallbox and WeaveGrid about?

The partnership between Wallbox (WBX) and WeaveGrid aims to expand access to utility managed charging programs for North American Wallbox owners, starting with Xcel Energy’s Charging Perks Program in Colorado.

What benefits do Wallbox charger owners in Colorado get from the program?

Wallbox charger owners in Colorado can register to enroll in the Xcel Energy Charging Perks pilot program, which optimizes residential EV charging to align with times of high renewable energy availability. They can also take advantage of a $100 sign up incentive, an annual participation incentive, and ongoing managed charging to save money.

How does WeaveGrid's software optimize electric vehicle charging?

WeaveGrid's software optimizes electric vehicle charging to align with periods of high renewable energy availability or to ensure ongoing electric grid reliability, while keeping preferences and controls at a driver’s fingertips.

How can Wallbox owners enroll in the Xcel Energy Charging Perks program?

Wallbox owners can simply register and enroll their Wallbox charger through the Charging Perks website to automatically receive the benefits of the program, including monetary incentives and ongoing charging at low cost times.