Cathay Innovation invests in €33m round for Wallbox

The round was co-led by Cathay Innovation and Wind Ventures, the venture capital arm of South American energy company Copec. Previous investors, including Spanish utility company Iberdrola and Seaya Ventures, also took part in the funding.

Wallbox plans to use the fresh capital to finance strategic growth initiatives, including opening new offices globally and hiring 400 new employees. A significant portion of the funds will also go towards product development, and expansion of manufacturing and R&D facilities to expand its market share.

Previous funding
Wallbox raised €15m from Iberdrola in June 2019 and €2m from Seaya in December 2019.

Subsequently, Seaya led a €12m series-A round for the company in May 2020. Endeavor Catalyst and Iberdrola also took part in the investment.

Company
Established in 2015, Wallbox specialises in manufacturing smart charging systems for electric vehicles.

The company offers four types of chargers, including Quasar, a small bi-directional charger for home use with advanced two-way charging technology. To complement its residential and semi-public charging solutions, Wallbox has recently launched Supernova, a fast public charger that delivers 65 kW of power.

Wallbox is headquartered in Barcelona, with additional offices located across Europe, Asia and the Americas.

Employing 350 staff, the company operates two production facilities and sells its products in more than 50 countries worldwide.

People
Wallbox – Enric Asunción (CEO).
Cathay Innovation – Jacky Abitbol (partner).
Wind Ventures – Brian Walsh (head).

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