Wallbox

In 2023 COFIDES participated in a sustainable syndicated loan to facilitate the internationalisation of Wallbox, one of the leading providers of charging and energy management solutions worldwide. Along with COFIDES, EBN Banco, the Official Credit Institute (ICO), the Instituto Catalán de Finanzas (ICF), the Compañía Española de Seguros de Crédito a la Exportación (CESCE) and MoraBanc Grup participated in this financing, providing a total amount of Euros 35 million.

“The purpose of this loan is to invest in our US subsidiary, especially in research and development, to expand our presence in new markets and to create the necessary manufacturing capacity in our factory”, explains Jordi Lainz.

“Wallbox is on track to consolidate its position as one of the world’s leading charger manufacturers. We create advanced electric vehicle chargers to speed up adoption of electric vehicles and energy management systems that redefine the relationship between users and the grid”

Jordi Lainz, former CFO and member of the board of Wallbox

Financed exclusively by COFIDES through a joint venture loan of Euros 5 million from the Fund for Foreign Investment (FIEX), the green tranche for internationalisation targeted the expansion of Wallbox’s plant in the country.

Wallbox has a strong position in the United States, one of the largest and fastest growing electric vehicle markets in the world. A clear example of Wallbox’s international footprint is the concession it obtained in the state of Washington for the electrification of more than 148 condominiums. “The fact that a Spanish company is winning this type of contract at the national level is an example of how internationalisation is proving to be a success for Wallbox,” says the executive.

Jordi Lainz points out that Wallbox is a global company working on different international projects with major partners. “One of the most prominent projects we are working on is the agreement with Kia America to bring bidirectional charging to Kia’s EV9 customers”. In addition, “Wallbox has developed the world’s first bidirectional DC home charger, Quasar, which allows drivers of electric vehicles not only to charge their car, but also to discharge the power from their car back to their home or to the grid”.

“Wallbox’s core strategy and charging solutions are intrinsically linked to reducing carbon emissions and accelerating renewable energy consumption for a more sustainable world,” says Jordi Lainz. 

COFIDES Impact 

This project was supported by the COFIDES Impact programme, which looks to help investment projects that have a positive impact on the SDGs. 

“A discount on the price of the financing was provided on the condition of an annual increase of at least 17% of the tonnes of CO2 e avoided by the chargers connected to MyWallbox. With milestones like this, COFIDES continues its efforts in the fight against climate change”.

Daniel Sanz, analyst in the Sustainability and Impact Division at COFIDES

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