Generac has made a minority investment in Wallbox, a provider of smart electric vehicle (EV) charging and energy management solutions. The minority investment includes adding a Generac seat on Wallbox's board of directors and a global commercial agreement to provide Generac's residential and commercial customers with the next generation of energy management systems.
Generac will offer its customers Wallbox's full suite of EV charging solutions, including L2 AC chargers and its bidirectional charger, Quasar 2. Generac's 60-plus years of experience distributing energy resilience devices and network of approximately 8,700 dealers will be a strategic addition to Wallbox's distribution network in the U.S.
Generac's distribution of Wallbox's technology, including its DC fast charger, Supernova, and installation services through COIL, will accelerate the development of energy ecosystems for businesses with public access such as supermarkets, shopping centers, and restaurants by providing access to reliable DC fast chargers that can add up to 100 miles to an EV in ten minutes.
"This commercial relationship supports our Powering A Smarter World enterprise strategy and the continued build out of our residential, commercial and industrial energy ecosystems," said Aaron Jagdfeld, president and CEO of Generac, in the press release. "Our first joint effort will accelerate Generac's entrance into EV charging with leading technology including a dual branded home bidirectional EV charger. We plan to continue to integrate across Wallbox and Generac technologies and leverage our collective brand strength to extend a broader line of residential and business solutions."
"We believe the commercial relationship between Wallbox and Generac supports our joint vision of accelerating the energy transition through innovative and accessible energy solutions," added Enric Asunción, co-founder and CEO of Wallbox, in the release. "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."