BBVA and Wallbox, one of the world's leading providers of electric vehicle charging and energy management solutions, have signed a EUR25 million financing agreement through which the bank aims to support the Spanish company's growth plans.

The transaction has been arranged through BBVA Spark, a specialized unit tasked with supporting companies that operate innovative business models based on technology. BBVA Spark has become a trusted partner of Wallbox, thanks to its comprehensive range of financial services and products and a relationship model based on expert bankers.

'Wallbox is a benchmark in all the markets in which it operates and its innovative and technological model and ambitious growth expectations make it a perfect match for BBVA Spark, because it needs a partner that speaks the same language. Wallbox also happens to have a proposition that will facilitate the path to decarbonization, a vision that we share at BBVA and to which we are fully committed,' proclaims Roberto Albaladejo, head of BBVA Spark.

The financing has been structured through a venture debt model, allowing Wallbox to increase its liquidity so as to support its strategic plan while limiting share dilution among its existing shareholders. 'Wallbox is now stronger than ever thanks to this latest arrangement with BBVA Spark, so we can continue to pursue our business plan and remain one of the leading companies in charging solutions worldwide,' explains Jordi Lainz, Chief Financial Officer at Wallbox.

For BBVA Spark, the Wallbox deal is one of the most important transactions to have been completed to date, along with the $20 million deal recently signed in Mexico with Tuhabi, the leading portal in the country for buying and selling used homes. BBVA Spark is thus growing its customer base, which now totals more than 500 customers across Spain and Mexico, where it has already granted some EUR200 million in financing to businesses.

(C) 2024 Electronic News Publishing, source ENP Newswire