Two larger names in energy systems management have come together in a new deal that entails industry veteran Generac making a minority investment in Wallbox – a global yet growing supplier of EV chargers. Through the agreement, Generac will offer US customer’s Wallbox’s full lineup of charging solutions, including its bidirectional home DC unit.
Wallbox ($WBX) Spanish developer of “advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network.” During its nearly nine-year tenure, the company has developed and delivered a suite of residential, commercial, and public EV charging solutions available in over 100 different countries.
In addition to EV chargers, Wallbox offers its customers energy management solutions, including its Power Boost dynamic load balancing system and Eco Smart, which enables solar EV charging at home.
As consumers and commercial fleets alike transition into electric mobility, the need to bolster and electrify existing infrastructure has never been more crucial. Generac agrees. While Wallbox is a seasoned developer in EV chargers, Generac Power Systems, Inc. ($GNRC) is approaching 65 years in energy technology, having introduced the first affordable backup generator in the 1960s.
Looking ahead, the industry veteran is committed to revolutionizing energy and grid management using more sustainable products and has taken a minority stake in Wallbox to share its EV chargers with its customer base.
Generac joins Wallbox board and will sell its EV chargers
Per Wallbox, Generac has made a minority investment in the company, which includes a seat on Wallbox’s board of directors.
Furthermore, the two companies have signed a global commercial agreement in which Generac will offer Wallbox’s EV chargers to its residential and commercial customers. This includes Wallbox’s Quasar 2 bidirectional home charger seen above.
Generac’s investment in Wallbox is part of its “Powering a Smarter World” strategy that includes adding new products, customers, and markets to reduce costs and promote sustainability. The company has acquired 15 different energy companies since 2017 to help transition into the new age of clean energy and EV chargers. With its minority stake, Generac adds Wallbox as the latest to the family. Per Generac president and CEO Aaron Jagdfeld:
This commercial relationship supports our Powering A Smarter World enterprise strategy and the continued build out of our residential, commercial and industrial energy ecosystems. Our first joint effort will accelerate Generac’s entrance into EV charging with leading technology including a dual branded home bidirectional EV charger. We plan to continue to integrate across Wallbox and Generac technologies and leverage our collective brand strength to extend a broader line of residential and business solutions.
Generac is currently responsible for a network of over 8,700 dealers across the US alone and will now help distribute Wallbox EV chargers and its adjacent technologies, as well as installation services through COIL. Wallbox co-founder and CEO Enric Asunción also spoke:
We believe the commercial relationship between Wallbox and Generac supports our joint vision of accelerating the energy transition through innovative and accessible energy solutions. Adding Generac, the market leader in U.S. residential standby power, to our growing distribution network will provide a level of accessibility that does not exist in the marketplace today. We’re excited to welcome them as a collaborator and investor, and look forward to delivering increased value to customers and shareholders.
The companies will initially target businesses that offer public access, such as supermarkets, shopping centers, and restaurants to provide them with EV fast chargers.
Author: Scooter Doll