Global energy giant Iberdrola has taken a stake in Wallbox as part of the EV charging manufacturer’s €15 million (£13.2 million) fundraise.
Iberdrola led the round of capital injections, which also saw numerous other co-investors and Wallbox partners participate, with the proceeds set to fuel a global expansion.
Iberdrola made the investment through its Perseo start-up programme, established to support emerging companies with technologies considered key to the future energy landscape.
Iberdrola also said the investment fits into its Sustainable Mobility Plan, which sets the target of installing some 25,000 EV charging stations throughout Spain by 2021 and other markets the firm operates in.
ScottishPower, which Iberdrola owns, launched an end-to-end EV proposition last year and has placed EC charging firmly in its crosshairs for the years ahead, aiming to equip its customers with both home EV chargers and clean power supply.
Wallbox meanwhile will also use the proceeds to fuel the development of what chief executive Enric Asunción described as an “ambitious product roadmap”.
Wallbox has a number of partnerships in the UK’s supplier space, least of all with clean energy supplier Octopus, with Wallbox’s V2G technology forming a crucial element of Octopus’ Powerloop offering.
Luis Buil, smart mobility manager at Iberdrola, said: “The operation is one of our main strategies for continuing to lead the energy transition to a low-carbon economy: innovation to identify and develop new technologies that will enable us to improve the energy sustainability model; and our commitment to electrifying transportation, as a way to combat climate change.”