Wallbox NV WBX has experienced a substantial 15% increase in stock value today after revealing that Generac Holdings Inc GNRC has made a minority investment in the firm.
The investment includes the addition of a Generac representative to Wallbox’s board of directors, as well as a global commercial agreement, although specific financial terms have not been disclosed.
This partnership is expected to benefit Generac’s residential and commercial customer base by providing access to the latest energy management systems.
As part of the agreement, Generac will offer its customers Wallbox’s complete suite of EV charging solutions, including L2 AC chargers and the innovative Quasar 2 bidirectional charger.
Enric Asunción, co-founder and CEO of Wallbox, expressed his enthusiasm, stating, “We believe the commercial relationship between Wallbox and Generac supports our joint vision of accelerating the energy transition through innovative and accessible energy solutions.”
“Adding Generac, the market leader in U.S. residential standby power, to our growing distribution network will provide a level of accessibility that does not exist in the marketplace today. We’re excited to welcome them as a collaborator and investor, and look forward to delivering increased value to customers and shareholders.”
In addition to the investment by Generac, WBX recently partnered with Atlante, a company of NHOA Group, to create new public charging points across key European markets, including Italy, France, Spain, and Portugal.
Price Action: At the time of the latest check on Monday, WBX shares had surged by 16.34% to reach $1.8150.