Wallbox, a global technology company specializing in electric vehicle (EV) charging and energy management systems, has announced its Q3 results and plans for profitability and expansion through the acquisition of ABL, a leading EV charger company in Germany. Despite falling short of revenue expectations with €32.5 million, Wallbox has made significant progress in improving profitability, partnerships, balance sheet management, and strategic mergers. The completion of the ABL transaction is expected to contribute between €60 million and €75 million in revenue and positive adjusted EBITDA in 2024. The acquisition of ABL will help Wallbox break into the German market and establish a stronger presence in Europe, positioning it as the largest European EV charging company. Wallbox has also formed partnerships with Kia, Free2move eSolutions, and Osprey to further expand its presence in the EV charging market. The company expressed optimism about the market's recovery and the new incentives being introduced. The partnership with ABL is expected to improve gross margins as ABL will manufacture crucial components of Wallbox's chargers. Wallbox concluded the earnings call by thanking participants and inviting them to visit their website for more information.[ec4074a8]
Wallbox, in collaboration with Bidirectional Energy, has been selected by the California Energy Commission (CEC) for proposed awards to deploy vehicle-to-everything (V2X) chargers across California. The partnership aims to offer Wallbox's second-generation DC bidirectional charger, Quasar 2, with the Bidirectional Energy EV charger management platform. The V2X system can provide extra resilience to homeowners during grid outages. If successful, additional funding will be made available to continue deploying bidirectional chargers across California. Wallbox's expertise in EV charging and energy management, combined with Bidirectional Energy's EV charger management platform, will contribute to the expansion of V2X chargers in residential homes in California.[2a6685fc]
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