Town of Genesee-based Generac Power Systems has made a minority investment in Barcelona-based Wallbox, a manufacturer of electric vehicle charging systems and energy management systems.
An SEC filing shows Wallbox agreed to sell $31.6 million worth of Class A shares, which were split between several companies. Along with Generac, four other organizations purchased a portion of the total 10,360,657 shares at a price point of $3.05 per share.
Following the company’s investment, Generac will maintain a seat on Wallbox’s board of directors. Both companies have also entered into a global commercial agreement in which Wallbox will provide Generac’s residential and commercial customers with the company’s next generation of energy management systems.
“Our first joint effort will accelerate Generac’s entrance into EV charging with leading technology including a dual branded home bidirectional EV charger,” said Aaron Jagdfeld, president and chief executive officer of Generac. “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’s shift into clean energy began five years ago, starting with the acquisition of Canadian company Neurio Technology Inc. in March of 2019.
Wallbox will benefit from Generac’s network of approximately 8,700 dealers while selling its energy management systems, according to a Monday statement from the companies. Generac will offer its customers Wallbox’s full suite of EV charging solutions, including its DC fast charger, called Supernova.
The partnership aims to accelerate the development of energy ecosystems for businesses by increasing public access to next generation energy management technologies.
“We believe the commercial relationship between Wallbox and Generac supports our joint vision of accelerating the energy transition through innovative and accessible energy solutions,” said Enric Asunción, co-founder and CEO of Wallbox. “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.”
