MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wallbox, (NYSE:WBX) a global leader in electric vehicle (“EV”) charging and energy management solutions, today announced it is working with Kia America to bring bidirectional charging to Kia’s EV9 customers. The companies plan to offer Wallbox’s second generation DC bidirectional charger, Quasar 2, to Kia EV9 customers starting in the first half of 2024. Wallbox expects Quasar 2 to be the first EV charger allowing bidirectional charging with the Kia EV9.
Quasar 2 is a next-generation 11.5kW bidirectional charger that will enable EV owners to charge and discharge their electric vehicle to power their home, vehicle-to-home (“V2H”) or send energy back to the grid, vehicle-to-grid (“V2G”). A Kia EV9 can hold between 76 and 100kWh of energy, over 5x the amount of energy of a standard 13.5kWh home storage system, and power a typical household energy consumption for up to four days, removing the need for expensive home energy storage systems.
In case of a power outage, Quasar 2’s Power Recovery Mode automatically switches the user’s power source from the grid to their vehicle to allow a homeowner to use their EV battery as an emergency generator. This type of backup service is becoming not only increasingly important, but crucial, given the sheer volume and duration of power outages in the US. Last year, California alone witnessed 39 power outages and more than 414 hours of total outage time. Across the U.S., unforeseen power outages cost the U.S. economy $150 billion annually.
“We’re excited to work with Kia America toward our shared vision for accelerating electrification and transforming how we harness and interact with energy,” said Enric Asunción, CEO and co-founder of Wallbox. “Bidirectional charging can offer long term benefits to users, grid operators, utilities and will accelerate the transition to renewable energy sources. When combined with an EV capable of bidirectional charging, such as Kia's advanced EV9, Quasar 2 offers one of the most functional and affordable home energy management solutions on the market.”
Wallbox estimates that Quasar 2 can offer users yearly energy bill savings of over $1,000* when combined with utility Demand Response programs and time-of-use utility rates. By taking advantage of time-of-use utility rates in the U.S., users can enhance the impact of V2H technology by scheduling charging sessions at times when energy prices are low and discharging their car to power their home when prices are high. Users who have solar panel installations can also store excess solar energy in their EV during low usage periods and then harness this energy at another time, including peak periods, to reduce their reliance on the grid and accelerate the uptake of renewable energy.
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 115 countries around the world. Founded in 2015 in Barcelona, where the company’s headquarters are located, Wallbox currently has offices across Europe, Asia, and America. For more information, visit www.wallbox.com
*Any estimates of potential savings provided within this document are subject to variations based on geographical locations, local utility rates, and energy consumption rates. Actual savings may vary and are influenced by specific regional factors. Please note that the estimates are provided for informational purposes only and should not be construed as guaranteed outcomes.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the private placement. The words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “”target,” will,” “would” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; impacts resulting from the conflict between Russia and Ukraine; risks related to macro-economic conditions and inflation; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; as well as the other important factors discussed and incorporated by reference under the heading “Risk Factors” in Wallbox’s Annual Report on Form 20-F for the fiscal year ended December 31, 2022, and as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com. Any such forward-looking statements represent management’s estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.