Electric Vehicle Charging and Energy Management Supplier Makes Strategic Acquisition to Expand Services
The acquisition of COIL will position Wallbox closer to key partners through an expanded offering of installation and maintenance services for EV charging stations.
Making news recently, California passed legislation banning new sales of traditional gasoline-powered vehicles beginning in 2035. Other states will likely follow, further accelerating electric vehicle (EV) adoption.
State, Federal Governments Commit to EVs and Charging Accessibility
Recognizing the strategic importance of charger accessibility to EV adoption, the US Federal government recently earmarked $5 billion over 5 years through the Bipartisan Infrastructure Law to create a network of EV charging stations along the Interstate highway system. With funding available, competition within the EV charging space is picking up with Tesla recently announcing plans, through licensing agreements, to open-up some of their proprietary network of supercharger stations to other EV manufacturers.
COIL Acquisition Expands EV Charging Products, Services
Wallbox reported strong results during its recent Q2 financial update. The company reported 64,000 chargers sold during the quarter ending June 30, 2021 (a 95% increase compared with 2020) and revenues of €39.5 million in the period (a 124% increase from Q2 2021). Wallbox also announced its acquisition of COIL, Inc., a leading installer of EV charging solutions for the U.S. market. The acquisition will allow Wallbox to offer key partners such as Auto OEMs, Utilities and Dealerships within the US a comprehensive package of installation and maintenance services, along with its EV charging products.
Founded relatively recently in 2019, San Francisco-based COIL manages a network of certified installers for commercial and residential EV charging stations. Since its founding, COIL has developed a business around EV charging installation and services, primarily focused on the North America market.
EV charging services include Level 2 EV charger installations at home or at multi-unit buildings. The company also offers Level 3 EV charger installations for large multi-use & commercial properties. In addition to managing a network of installers, COIL is also deploying a software platform (COIL iQ) that helps service installers streamline their workflow processes, enhance the installation experience for customers and promote EV technology adoption.
COIL iQ software streamlines EV installation workflows. Image used courtesy of COIL
Executives from both companies expressed their enthusiasm for the deal:
“We are thrilled to bring the COIL team, their industry expertise and leading installation services into the Wallbox family,” said Douglas Alfaro, General Manager North America at Wallbox. “This acquisition allows us to further enhance our service offerings to our customers in residential and commercial settings, while also expanding into the rapidly growing DC Fast Charging installation market.”
“This is an exciting time for COIL and we are looking forward to expanding our presence across North America with Wallbox,” said Bobby Penn, Founder and General Manager of COIL Inc. “We have been working with Wallbox on special projects for the last year but this combination will allow us to expand our breadth and footprint to better support our customers and the accelerating EV market in North America.”
Innovating Solutions for EV Charging
With the adoption of electric vehicles (EV) picking up pace, Wallbox (NYSE: WBX) offers a strategic portfolio of charging solutions that enables owners and operators to power their EVs. Within its charging solutions portfolio, the Barcelona-based company offers both home and public use products.
The Pulsar Plus is a compact, 40A or 48A charging box and plug that is installed in private residences, all with a companion smart phone app for control and monitoring. The Pulsar Plus is compatible with all EVs.
Pulsar Plus charging station for home use. Image used courtesy Wallbox
Supernova is the public EV charging solution, targeted for the electric charging stations that will replace gas stations for gasoline-powered ICE (internal combustion engine) vehicles in the coming years. Designed for the North America market, Supernova is a fast-charging solution rated to 130 kW that can add up to 120 miles of range to an EV in 15 minutes.
Public EV charging solution. Image used courtesy of Wallbox
The Hypernova model (planned for release in 2023) will be an ultra-fast charger capable of delivering 350 W and fully charging a typical EV in 15 minutes. With the higher capacity, Hypernova will be targeted for long range use cases like interstate highways.
Feature image used courtesy of Wallbox