The companies expect to offer Quasar 2, the
first complete solution CCS bidirectional charger, to Kia EV9
customers in 2024
Wallbox, (NYSE:WBX) a global leader in electric vehicle (“EV”)
charging and energy management solutions, today announced it is
working with Kia America to bring bidirectional charging to Kia’s
EV9 customers. The companies plan to offer Wallbox’s second
generation DC bidirectional charger, Quasar 2, to Kia EV9 customers
starting in the first half of 2024. Wallbox expects Quasar 2 to be
the first EV charger allowing bidirectional charging with the Kia
EV9.
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Wallbox's next generation DC
bidirectional charger, Quasar 2, and Kia's EV9 electric SUV.
(Photo: Business Wire)
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”). A Kia EV9 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
energy consumption for up to four days, removing the need for
expensive home energy storage systems.
In case of a power outage, Quasar 2’s Power Recovery Mode
automatically switches the user’s power source from the grid to
their vehicle to allow a homeowner to use their EV battery as an
emergency generator. 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.
“We’re excited to work with Kia America toward our shared vision
for accelerating electrification and transforming how we harness
and interact with energy,” said Enric Asunción, CEO and co-founder
of Wallbox. “Bidirectional charging can offer long term benefits to
users, grid operators, utilities and will accelerate the transition
to renewable energy sources. When combined with an EV capable of
bidirectional charging, such as Kia's advanced EV9, Quasar 2 offers
one of the most functional and affordable home energy management
solutions on the market.”
Wallbox estimates that Quasar 2 can offer 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 V2H technology by scheduling charging
sessions at times when energy prices are low and discharging their
car to power their home when prices are high. Users who have 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
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 115 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
*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.
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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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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