Why We Invested in Wallbox: Powering a Brighter Global Energy Future
Author: Brian Walsh, Head of Wind Ventures
A seamless, cost-effective electricity system, from generation to end-use, is closer than anyone might imagine. The new system will see a significant scale-up of clean energy, access to consumer participation and choice, electrification of transportation, microgrids, energy storage, and two-way flows of energy and information. This shift will bring us to a low-carbon, more resilient future.
One of the pivotal technologies required to make this transformation a reality is smart charging for electric vehicles or EVs. With smart charging, the charger “communicates” with your car, the charging operator, and the utility company through data connections. Smart charging allows the charging operator (an individual with a charger at their home or a business owner with multiple charging stations) to manage how much energy to give to any plugged-in EV. The amount used can vary depending on how many people are using electricity at that time, putting less pressure on the grid.
It’s a crucial capability that will help pave the way to a more sustainable, clean energy sector, which is why WIND Ventures is excited to be participating in Wallbox’s $40 million financing. Wallbox is dedicated to changing the way the world uses energy. The global company creates smart charging systems that manage the communication between the car and the charger via an easy-to-use app.
With this investment, Wallbox will build and support its exceptional team and move into several new, adjacent markets, including “Fast Charge” public stations and residential vehicle-to-grid and vehicle-to-home chargers. The company’s value proposition for both of these innovations is exceptional, and the timing is perfect.
WIND Ventures will also be supporting the company’s global expansion. Well-known as a leader in Europe for residential EV chargers, Wallbox is now expanding into new markets, including Latin America.
This investment aligns with our perspective that the energy transition will occur faster than many people think and that the intersection of mobility and energy is a ripe opportunity for innovative new entrants. These innovators will help transform the traditional electric utility sector, built based on a “Pipe Model,” with large, centralized generation that flows toward end-user demand. Utilities are transitioning to a “Platform Model” where all stakeholders interact with one another, from generation, transmission, and distribution to retail and end users. Traditional roles will shift back and forth. End-users will even become energy generators.
Ultimately, this transition will deliver the resiliency, flexibility, and low-carbon technologies the world needs. It will be enabled by new, third-party entrants with great technology, talent, and knowledge. Technology innovators like Wallbox that enable these new interactions and empower capabilities such as end-user energy generation hold tremendous promise. They will play a key role in creating a low-carbon, more resilient, and ultimately much better energy future.
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About Brian Walsh
Brian Walsh leads WIND Ventures in San Francisco — the strategic venture capital group for Copec, which is a leading energy and retail corporation throughout Latin America and the United States. Brian has two decades of venture capital experience in the San Francisco Bay Area, both in private and strategic venture capital. Most recently, Brian was an Associate Partner and Senior Expert at McKinsey&Company where he led the Firm’s corporate venturing advisory efforts with global Fortune 500 CEO clients. Brian holds an MBA from Massachusetts Institute of Technology (MIT) and a BS in Physics from Tufts University.
About WIND Ventures
Based in San Francisco, WIND Ventures is the corporate venture capital (CVC) arm of Copec, one of the leading energy companies in Central and South America and one of the most valued brands throughout Latin America. WIND Ventures leverages Copec’s significant resources to accelerate growth, primarily within Latin America, for startups and scaleups across the world within the new mobility, energy and retail sectors. Visit windventures.vc or follow us on Linkedin and Twitter.
