Friday, February 23, 2024

Generac invests $31.6 million Spanish EV charging company

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Generac partners with Spanish company to develop EV charger network.

Waukesha-based Generac Power Systems has made a minority investment in Wallbox, a Spanish company involved in electric vehicle charging and energy management systems.

An SEC filing indicated the investment was $31.6 million. Under it, Generac will gain a seat on Wallbox’s board of directors.

Generac says it will offer its customers Wallbox’s full suite of EV charging systems including L2 AC chargers.

“Our first joint effort will accelerate Generac’s entrance into EV charging with leading technology including a dual-branded home bidirectional EV charger,” Generac president and CEO Aaron Jagdfeld said in a news release.

One of the goals is to provide access to fast DC chargers which can add up to 100 miles to an electric vehicle in 10 minutes, according to the companies.

Generac said its network of approximately 8,700 dealerships will be a strategic addition to Wallbox’s distribution network in the United States.

Wallbox, founded in 2015 in Barcelona, has charging and energy management systems for residential and public use in more than 100 countries.

Generac, founded in 1959, introduced the first affordable backup generator and later created the category of automatic home standby generators.

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