Wallbox (NYSE:WBX) a global leader in electric vehicle (EV)
charging and energy management solutions, today announced a
partnership with Bidirectional Energy, a bidirectional EV energy
management software platform, that has culminated in both companies
being selected to receive significant funding from the highly
competitive CEC REDWDS grant. The companies plan to offer Wallbox’s
second-generation DC bidirectional charger, Quasar 2, with the
Bidirectional Energy EV charger management platform, starting in
the first half of 2024.
The California Energy Commission’s (CEC) Clean Transportation
Program provides up to $100 million in annual funding to support
innovation and accelerate the development and deployment of
advanced transportation and fuel technologies throughout the state.
The REDWDS (Responsive, Easy Charging Products with Dynamic
Signals) grant accelerates the development and deployment of
easy-to-use charging products, which helps customers manage
electric vehicle (EV) charging and respond to dynamic grid
signals.
In a highly competitive process, Bidirectional Energy and
Wallbox have been proposed recipients for awards of $2.2M in Phase
1 funding by the CEC Clean Transportation Program. When the awards
are confirmed, the partnership between Bidirectional Energy and
Wallbox will be able to deploy Quasar 2 bidirectional chargers in
California residential homes, as well as offer installation
solutions via COIL, a Wallbox company. Through the Bidirectional
Energy platform, EV owners can potentially save money on their
monthly utility bill as well as benefit from various utilities’
vehicle-to-grid programs, all while their EV is parked at home. The
V2X (vehicle-to-everything) system can also keep the lights on when
the grid goes down, providing extra resilience to homeowners. If
the project is successful, additional funding will be made
available through a second phase to continue deploying
bidirectional chargers across California for an additional three
years.
“We’re excited to work with Bidirectional Energy and the CEC to
accelerate the development and deployment of bidirectional charging
to quickly respond to dynamic grid signals. Bidirectional charging
can offer long-term benefits to users, grid operators, and
utilities and will accelerate the transition to California
renewable energy sources,” said Brett Graessle, Wallbox VP of
Global Partnerships and Business Development.
“Bidirectional EVs are critical to solving the massive
scalability challenges facing the US electric grid. We are excited
to partner with Wallbox to get bidirectional chargers installed in
people’s homes, and help EV owners earn passive income by selling
energy from their idle EV batteries. Together, we’ll leverage EVs
to make our power grid more reliable and reduce total carbon
emissions on the grid,” said Angela Zhang, CEO of Bidirectional
Energy.
This project builds on Wallbox’s leadership in the bidirectional
charging space. In July this year, Wallbox was selected to join the
United States Department of Energy’s (DOE) Vehicle-to-Everything
(“V2X”) Memorandum of Understanding as part of its latest round of
signatories. The collaboration brings together cutting-edge
resources from the DOE, DOE national labs, state and local
governments, utilities and private entities to evaluate and
accelerate technical and economic feasibility of vehicle-grid
integration (VGI), including bidirectional charging, into energy
infrastructure.
Quasar 2 is a next-generation 11.5kW bidirectional charger that
will enable EV owners to charge and discharge their electric
vehicle to power their home, vehicle-to-home (“V2H”) or send energy
back to the grid, vehicle-to-grid (“V2G”). The partnership between
Bidirectional Energy and Wallbox unlocks access to the V2G
programs, providing additional revenue streams to EV owners. On
average EVs can hold between 76 and 100kWh of energy, over 5x the
amount of energy of a standard 13.5kWh home storage system, and
power a typical household’s energy consumption for up to four days,
removing the need for expensive home energy storage systems.
Quasar 2’s cutting edge innovation extends to its Power Recovery
feature, which was designed specifically for the acute need for
backup power, allowing users to transform their EV into a powerful
generator in the event of a power outage or blackout. With the use
of the Power Recovery Unit Quasar 2 automatically switches the
user’s power source from the grid to their vehicle, providing a
critical load to a home during a potential emergency.
This type of backup service is becoming not only increasingly
important, but crucial, given the sheer volume and duration of
power outages in the US. Last year, California alone witnessed 39
power outages and more than 414 hours of total outage time. Across
the U.S., unforeseen power outages cost the U.S. economy $150
billion annually. This feature also illustrates that EV chargers
can go beyond energy efficiency and grid services.
Wallbox estimates that Quasar 2 together with the Bidirectional
Energy platform can potentially earn users yearly energy bill
savings of over $1,000* when combined with utility Demand Response
programs and time-of-use utility rates. By taking advantage of
time-of-use utility rates in the U.S., users can enhance the impact
of V2X technology by scheduling charging sessions when energy
prices are low and discharging their cars to power their homes when
prices are high. Users with solar panel installations can also
store excess solar energy in their EV during low usage periods and
then harness this energy at another time, including peak periods,
to reduce their reliance on the grid and accelerate the uptake of
renewable energy.
About Wallbox
Wallbox is a global technology company, dedicated to changing
how the world uses energy. Wallbox creates advanced electric
vehicle charging and energy management systems that redefine the
relationship between users and the network. Wallbox goes beyond
charging electric vehicles to give users the power to control their
consumption, save money and live more sustainably. Wallbox offers a
complete portfolio of charging and energy management solutions for
residential, semi-public, and public use in more than 100 countries
around the world. Founded in 2015 in Barcelona, where the company’s
headquarters are located, Wallbox currently has offices across
Europe, Asia, and America. For more information, visit
www.wallbox.com.
About Bidirectional Energy
Bidirectional Energy is a San Francisco-based company with a
mission to turn EVs into distributed batteries for the U.S.
electric grid. Their end-to-end software platform intelligently
manages EV charging and discharging, in order to meet 100% of the
EV owners’ driving needs while earning passive income for the EV
owners by selling energy from their idle EV batteries.
Bidirectional Energy's Virtual Power Plant (VPP) helps utilities
and grid operators achieve both their grid reliability and their
24/7 renewability goals. Learn more at
www.bidirectional.energy.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
in Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”) and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”). All statements contained in
this press release other than statements of historical fact should
be considered forward-looking statements, including, without
limitation, statements regarding the private placement. The words
“anticipate,” “believe,” “can,” “continue,” “could,” “estimate,”
“expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “”target,” will,”
“would” and similar expressions are intended to identify
forward-looking statements, though not all forward-looking
statements use these words or expressions. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including,
but not limited to: Wallbox’s history of operating losses as an
early stage company; the adoption and demand for electric vehicles
including the success of alternative fuels, changes to rebates, tax
credits and the impact of government incentives; Wallbox’s ability
to successfully manage its growth; the accuracy of Wallbox’s
forecasts and projections including those regarding its market
opportunity; competition; risks related to health pandemics
including those of COVID-19; losses or disruptions in Wallbox’s
supply or manufacturing partners; impacts resulting from the
conflict between Russia and Ukraine; risks related to
macro-economic conditions and inflation; Wallbox’s reliance on the
third-parties outside of its control; risks related to Wallbox’s
technology, intellectual property and infrastructure; as well as
the other important factors discussed and incorporated by reference
under the heading “Risk Factors” in Wallbox’s Annual Report on Form
20-F for the fiscal year ended December 31, 2022, and as such
factors may be updated from time to time in its other filings with
the Securities and Exchange Commission (the “SEC”), accessible on
the SEC’s website at www.sec.gov and the Investors Relations
section of Wallbox’s website at investors.wallbox.com. Any such
forward-looking statements represent management’s estimates as of
the date of this press release. Any forward-looking statement that
Wallbox makes in this press release speaks only as of the date of
such statement. Except as required by law, Wallbox disclaims any
obligation to update or revise, or to publicly announce any update
or revision to, any of the forward-looking statements, whether as a
result of new information, future events or otherwise.
*Any estimates of potential savings provided within this
document are subject to variations based on geographical locations,
local utility rates, and energy consumption rates. Actual savings
may vary and are influenced by specific regional factors. Please
note that the estimates are provided for informational purposes
only and should not be construed as guaranteed outcomes.
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version on businesswire.com: https://www.businesswire.com/news/home/20231102975197/en/
Wallbox PR Contact: Elyce Behrsin Global Head of Public
Relations press@wallbox.com Wallbox Investor Contact: Matt
Tractenberg VP, Investor Relations Matt.Tractenberg@wallbox.com +1
404-574-1504
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