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Wallbox Case Study

Charting a New Path for EV Charging in Latin America: Leveraging COPEC’s knowledge, expertise and resources

Wallbox Chargers + WIND Ventures

In 2015, Wallbox co-founders Enric Asunción and Eduard Castañeda, were on a mission to transform how the world uses energy in the electric vehicle industry when they noticed a lack of charging solutions designed specifically for the home. Most companies were only focused on public spaces, so they decided to seize the opportunity. Six years later, the company is worth $1.5 billion on the New York Stock Exchange via SPAC, with EV charging solutions for homes, businesses and cities spanning three continents.

The Challenge

Wind Ventures first met Wallbox (NYSE:WBX) in 2021 as the company sought to expand in Latin America. Having achieved success in Europe, China, and the US, Wallbox was looking for an investment partner who could help guide it in a region that was notoriously difficult to navigate. And given the market lacked any kind of mature EV ecosystem, they needed an investor and partner already on the ground and committed to the region long term.

“We needed a partner that had clear geographical synergies, alignment of business strategy, an innovative mindset toward EV, and a long term commitment to Latin America”

The WIND Advantage

Recognizing WIND Ventures’ strong strategic connections to energy companies like Copec in Latin America as well as the team’s professional venture capital background, Wallbox joined forces with WIND Ventures in Feb. 2021 when WIND participated in the company’s $38M funding round. This set into motion key agreements and relationships for Wallbox’s growth in Latin America:

  • Total Addressable Market (TAM) expansion: Wallbox and Copec signed a partnership to support the development of the EV charging infrastructure throughout the entire Latin American corridor.
  • Agile and quick: This partnership was signed within a matter of weeks after the financing closed.
  • A reliable local partner: Copec’s EV Charging business unit, Voltex, became Wallbox’s perfect local partner, guiding it through local requirements and nuances, making the difference in finding the right product market fit quickly and effectively.

“WIND Ventures was incredibly supportive in helping us implement our existing AC charging solutions, while also giving us their commitment to purchase our DC fast charging solution Supernova, which is currently on track to be produced by the end of this year.“