Wallbox (NYSE: WBX), a leading provider of electric vehicle (EV) charging solutions, today announced that it has been allocated a $5.2 million tax credit under the highly competitive 48C Qualifying Advanced Energy Tax Credit Program by the U.S. Department of Energy (DOE). The credit will support the expansion of Wallbox's flagship U.S. EV supply equipment (EVSE) manufacturing facility in Arlington, Texas.
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Wallbox's 150,000-square-foot factory in Arlington, Texas (Photo: Business Wire)
The 48C tax credit, expanded as a part of the Inflation Reduction Act, is designed to shore up investment and address critical needs across the clean energy economy, including grid components, electric vehicle components and chargers, solar components, and other critical clean energy materials. The credit provides up to 30% in tax credits for eligible equipment in clean energy manufacturing projects provided they meet prevailing wage and apprenticeship requirements. Wallbox's award includes 30% of qualified investments for the second phase of its Arlington factory buildout to support increased manufacturing capacity.
"We are honored to be selected for the highly competitive 48C tax credit, which will enable us to make further investments in our U.S. manufacturing capabilities and deliver Wallbox’s best-in-class EV charging solutions which underpin the transition to electrified transportation," said Enric Asunción, CEO and cofounder of Wallbox. "This support from the Department of Energy and IRS affirms Wallbox's commitment to expanding our American presence, fostering clean manufacturing jobs, and advancing our collective clean energy future.”
Included in the tax credit for Wallbox’s 150,000-square-foot factory in Arlington, Texas are multiple new EVSE assembly lines and a state-of-the-art validation lab. Completion of the project will allow Wallbox to produce its full suite of charging solutions designed for the North American market, including the award-winning Quasar 2 bidirectional charger and Buy America-compliant DC fast chargers, such as the newly launched high-powered Supernova 180 DC fast chargers.
The Arlington factory is expected to have a maximum production capacity of over 1 million chargers per year by 2030, supporting U.S. clean energy and transportation goals.
The 48C tax credit was highly competitive, with more applications submitted than the total available funding. The DOE reviewed the applications and recommended Wallbox's project to the IRS for the award.
About Wallbox
Wallbox is a global technology company, dedicated to changing the way 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
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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Contacts
Wallbox Media Contact:
Elyce Behrsin
Head of Public Relations
elyce.behrsin@wallbox.com
