Entering US market was a big factor

According to its blog, Wallbox, a Spanish EV charger maker, realized strong growth in 2021. Enric Asunción, CEO and co-founder of Wallbox, explained the situation in more detail like below.

In fact, the company expanded its geographic footprint, strengthened its technology offering, and further diversifying its business. As a result, Wallbox could deliver strong results and of the several notable highlights in the first half of 2021,

The numbers are incredible. In the period ended June 30, 2021, Wallbox achieved $32 million in revenues. This result exceeded company’s budgeted projections by approximately 15% and was 30% greater than full-year 2020 revenue. A variety of factors led to its growth. Geographic expansion into seven new countries and most notably its entry into the U.S. market in February was huge.

Over 300% YoY revenue growth

Some key EV markets have grown even faster, such as in Germany, UK, France and Italy. This is another reason why Wallbox achieved quadrupled global sales in the first half of 2021 versus the prior year.

The company expects U.S. sales will continue. What’s more, the company recently announced strategic alliance with SunPower. This partnership will allow SunPower customers to opt to install a Wallbox home EV charger at the same time. As a result, customers will be able to charge their EVs using the renewable energy. The new U.S. factory is expected to open in the second half of 2022. Thus, it will be key to support the company’s growth in the North American market in residential, business and public segments.

Europe market and go public

In Europe, we expect Quasar, the world’s first bi-directional charger for the home, to provide further tailwinds. This is because Wallbox wants to roll it out in additional countries across the continent. Furthermore, it is planning to enter into public charging on the hardware front in the second half of the year. In fact, Iberdrola, one of the world’s leading utility companies, acquired the first 1,000 units from Wallbox.

Wallbox completed the transaction with Kensington Capital Acquisition Corp. II, which will result in Wallbox becoming a publicly traded company.

Who is SunPower?

SunPower designs all-in-one residential and commercial solutions backed by personal customer service and the industry’s most comprehensive warranty. This is because the company thinks that clean energy and storage should be accessible to everybody.

Its head office is in Silicon Valley and founders established the company in 1985. SunPower can diversify portfolio including residential, commercial and solar storage solutions. In fact, the company is ranked #1 in commercial solar since 2017. The company is the industry leader in solar sustainability and social responsibility, thanks to more than 1,000 patents.

More EV batteries

Our media think that 2020 was the year to raise our awareness on climate change. Even though governments, companies and people have taken actions, the climate report explains its seriousness. Therefore, everyone in the world must take further steps to prevent the worst scenario.

In fact, the number of EV sales in Europe was about 750K in 2020. This number was increased by more than doubled compared to 2019, but it is not enough. Therefore, we can easily expect that more EVs are needed in the decade. It also means that more EV chargers are needed and Wallbox can seek further opportunities in the market.