MOUNTAIN VIEW, Calif. - Wallbox (NYSE:WBX), a provider of electric vehicle (EV) charging solutions, in partnership with its subsidiary COIL, has secured proposed awards of $25.6 million from the Washington Department of Commerce's Electric Vehicle Charging Program. The funds are slated for the deployment of Wallbox's Pulsar Pro AC Level 2 chargers across 148 multifamily housing properties throughout Washington, with an emphasis on environmental justice communities.
The initiative, announced Today, will see the installation of the Pulsar Pro charger, designed for commercial and multifamily residential use. The charger features RFID integration, ISO 15118 readiness for future-proof charging, and a dynamic power sharing capability that allows for efficient energy distribution without costly infrastructure upgrades.
The project will be executed in collaboration with Resound Energy, a local energy efficiency contractor, and will include 146 Greystar properties. The program aims to address the charging infrastructure gap in multifamily housing, promoting EV adoption by providing residents with accessible charging options.
The award is part of a larger $85 million funding package introduced in February by the state of Washington, focusing on enhancing clean transportation and improving air quality. The competitive scoring process prioritized projects in areas with high pollution levels and limited charging access.
This collaboration involves public, private, and nonprofit sectors, including Clean and Prosperous Institute and Adopt a Charger, to support the state's decarbonization goals. Adopt a Charger will also contribute by educating consumers about the benefits of electrification for multifamily properties.
Wallbox, founded in 2015, aims to redefine the relationship between energy users and the network, offering a range of charging and energy management solutions in over 100 countries.
The information in this article is based on a press release statement from Wallbox.
InvestingPro Insights
As Wallbox (NYSE:WBX) secures substantial funding for expanding EV charging infrastructure, it's important to consider the company's financial health and market performance. Wallbox's market capitalization currently stands at $267.72 million, reflecting its position in the market. Despite a challenging financial outlook, with a negative P/E ratio of -1.72, the company has shown resilience with a notable revenue growth of 28.84% over the last twelve months as of Q1 2023.
Investors should note that Wallbox's stock has experienced significant volatility, with a one-week price total return of -11.61%. This is consistent with an InvestingPro Tip indicating that the stock has taken a considerable hit over the last week. Additionally, the company's valuation implies a poor free cash flow yield, another InvestingPro Tip that potential investors should be aware of.
For those considering investment in Wallbox, it's worth noting that the company is not expected to be profitable this year, and its net income is anticipated to drop. However, with liquid assets exceeding short-term obligations, the company maintains some financial stability. For a deeper analysis and more InvestingPro Tips, visit https://www.investing.com/pro/WBX to explore additional insights. There are currently 12 more tips available on InvestingPro, and readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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