The State enters the capital of Wallbox

BarcelonaPublic investment in Wallbox, a Catalan manufacturer of electric car chargers. The Spanish Society for Technological Transformation (SETT) has invested $9.5 million (€8.3 million at the current exchange rate). With this transaction, SETT, a public entity attached to the Ministry for Digital Transformation and Civil Service, has become a shareholder in Wallbox.

The entry of SETT, dedicated to the financing of advanced digital technologies, comes after the difficulties the company experienced due to the slowdown in electric car sales last year, both in Europe, especially in Spain, and in the United States. In fact, Wallbox laid off around 300 workers in 2024. A slowdown in the sector that is expected to recover in 2025, With a 60% increase in electric car registrations in Catalonia in the first five months of the year.

The funds invested by SETT are in addition to a new contribution made by Wallbox's current investors. Specifically, Financieras Perseo—a subsidiary of Iberdrola—, Orilla Asset Management, and the company's CEO and co-founder, Enric Asunción, have allocated an additional $5.6 million (€4.9 million). The closing price was $5.6 million (€4.9 million) this February. a financing round worth around $10 million (around €9.5 million), subscribed by the shareholders themselves.

Founded in Barcelona, ​​the company will use the new financing to strengthen its balance sheet. Revenues reached €163.9 million last year, when it also reached the goal of selling one million chargers since the start of operations in 2015. Currently, the workforce consists of 900 employees and the company has factories in the Barcelona Free Trade Zone, the United States, and Germany.