Iberdrola is acquiring a stake in Wallbox, described as, "Europe's leading electric vehicle charging solutions company."

Wallbox has completed a €15 million round of capital injections, led by Iberdrola, with other co-investors and some of Wallbox's current partners

Iberdrola said that the funding will allow Wallbox to reinforce its leadership and undertake global expansion.

"The operation strengthens the business partnership between both companies and, fits into Iberdrola's Sustainable Mobility Plan, which includes rolling out 25,000 electric vehicle charging stations throughout Spain by 2021 and in the company's other global markets," Iberdrola said

Iberdrola has made this investment through its Perseo start-up programme, which supports emerging companies developing key technologies for future energy developments.

"Innovation is a strategic variable for Iberdrola and the main tool for guaranteeing the company's sustainability, efficiency and competitiveness," Iberdrola said

"Iberdrola has been collaborating with start-ups for over ten years through its €70 million Perseo Programme. Perseo helps the company to gain access to the technologies of the future and fosters the development of a dynamic, global ecosystem of technology companies and entrepreneurs that will improve the sustainability of the energy model. Through Perseo, Iberdrola has brought more than 2,000 emerging companies into its ecosystem, developed pilot projects, over 30 of them in the last two years, and invested in 15 start-ups in areas such as energy storage, drones, robotics and artificial intelligence," Iberdrola said