Wallbox (NYSE:WBX), a global leader in electric vehicle (EV)
charging and energy management solutions, and Bidirectional
Energy, a bidirectional EV energy
management startup, today announced Phase 1 of their Bidirectional
Residential V2X Demonstration Project had been awarded $2.2M in
funding from the California Energy Commission (CEC) REDWDS grant.
The project will install and operate Wallbox’s bidirectional
charger, Quasar 2, in 120 residential locations across
California.
The bidirectional chargers will be managed by Bidirectional
Energy’s virtual power plant (VPP) platform to provide home energy
backup, utility bill reduction, and additional financial rewards.
Bidirectional Energy and Wallbox estimate that Quasar 2 together
with the Bidirectional Energy VPP platform can potentially earn
users over $1,000* every year 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 usage peak periods, to reduce their reliance on the grid
and accelerate the uptake of renewable energy.
These bidirectional chargers will be installed by COIL, a
Wallbox company and leading electric vehicle charging
infrastructure installer targeting metropolitan areas with high EV
adoption rates such as the San Francisco Bay Area, Sacramento, Los
Angeles, and San Diego.
“Vehicle-to-grid innovations can play a critical role in helping
California reach its clean energy goals, while also reducing
emissions from transportation. The CEC is proud to fund projects
and companies like Wallbox and Bidirectional Energy that are using
vehicle-to-grid technology to provide long-term benefits to the
grid while also helping customers save money by scheduling vehicle
charging during off-peak hours when energy prices are low," said
Patty Monahan, CEC’s Lead Commissioner for Transportation.
“We’re excited to work with Bidirectional Energy and the CEC to
accelerate the development and deployment of bidirectional
charging, and to do important work to help democratize the
transition to electric vehicles in the US. Bidirectional charging
can offer long-term benefits to all users, grid operators, and
utilities and will accelerate the transition to California
renewable energy sources,” said Erik Folgeberg, General Manager of
Wallbox North America.
“Bidirectional EVs are critical to solving the massive
scalability challenges facing the US electric grid. We are excited
to partner with Wallbox and the CEC 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.
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”). 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.
Quasar 2 uses ISO 15118-20, making it compatible with all
bidirectional EVs that utilize this protocol, including the Kia
EV9. Wallbox is currently undergoing the certification process for
UL 1741 SB and UL 9741 at Underwriter Laboratories.
*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.
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 whose
mission is to turn EVs into distributed batteries for the U.S.
electric grid. Their mobile app 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
About REDWDS:
The 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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240321497781/en/
Wallbox PR Contact: Elyce Behrsin Global Head of Public
Relations elyce.behrsin@wallbox.com
Wallbox Investor Contact: Matt Tractenberg VP, Investor
Relations Matt.Tractenberg@wallbox.com +1 404-574-1504
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