June 25 (Renewables Now) - Wallbox, a Spanish developer of smart electric vehicle (EV) charging stations, has completed a funding round securing EUR 15 million (USD 17.1m) which it will use to cement its position in Europe and expand globally.
The fundraising was led by Iberdrola SA (BME:IBE), which said Tuesday it backed Wallbox through its Perseo start-up programme.
With the acquisition of a stake in Wallbox, Iberdrola is pursuing its own EV market ambitions. The Spanish energy multinational plans to install a fast-charging point at least every 100 kilometres (62.1 miles) along Spain’s main motorways and highways during 2019. Iberdrola says its ambition is to roll out 25,000 charging stations in homes, companies and urban public areas across Spain by 2021.
The injection of fresh capital comes on the heels of Wallbox’s recent announcement to launch its business in the US market. The developer is set to make a US debut in New York on July 12 during the electric car-racing championship Formula E.
(EUR 1.0 = USD 1.14)