Iberdrola invests in the electric vehicle charging market

Wallbox has completed a €15 million funding round led by Iberdrola through its Perseo start-up program which will enable it to consolidate its leadership in EV charging solutions in Europe and expand globally.

The funding round was led by Iberdrola, another two coinvestors, and other Wallbox partners in Iberdrola’s Sustainable Mobility Plan. In detail, its goal is to install 25,000 EV charging points in Spain by 2021, as well as in other international markets where it operates.

Iberdrola made this investment through start-up program Perseo. With this program, the company provides support for emerging companies that develop key technologies to design the energy of the future.

Iberdrola stated on Tuesday that the operation combines two of its main strategies to continue to be at the lead of the energy transition to a decarbonized economy. Firstly, the innovation to identify and develop new technologies that enable to improve the sustainability of the energy model. And secondly, its commitment to electrifying transport as a means to fight against climate change.

Iberdrola in pursuit of global leadership

It added that Wallbox’s capital increase enables the company to carry forward the development of its ambitious product roadmap, accelerating its growth and becoming a leader in EV charging and energy solutions.

Currently, Iberdrola is developing its Sustainable Mobility Plan, through which it plans to install 25,000 EV charging points in Spain. The program is designed for households and businesses in public access urban and interurban areas. Iberdrola’s plan with Wallbox includes the installation of quick, super-quick, and ultra-quick chargers at least every 100 km along the country’s main roads.

Iberdrola’s Perseo

Iberdrola has been collaborating with startups for over ten years through its Perseo Program, investing €70 million. Perseo facilitates the company’s access to future technologies and fosters the development of a global and dynamic ecosystem of technology companies and entrepreneurs to improve the sustainability of the energy model.

Through Perseo, Iberdrola has incorporated more than 2,000 emerging companies to its ecosystem and has developed pilot projects with over 30 of them over the past two years. Similarly, it has invested in a total of 15 startups in areas like energy storage, drones, robotics, and artificial intelligence.

Change of paradigm

In its project to become a global provider of EV charging solutions (smart chargers and myWallbox platform), Wallbox continues to lead the sector. It is set to launch a DC domestic charger during the second semester.

This initiative will be the first in its category in terms of performance and the use of bidirectional capacity. It has been assessed by the market, as the company signed contracts with large vehicle manufacturers and major energy companies. This new DC charger will entail a disruptive shift in electric vehicle charging systems worldwide.

For more information, check Energía16

See also: Iberdrola reports net profits of over €3 billion

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