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Wallbox NV (NYSE:WBX) shares are trading higher by around 15% after Generac Holdings Inc (NYSE:GNRC) disclosed a minority investment in the company.
The minority investment comprises adding a Generac seat on Wallbox's board of directors and a global commercial agreement. The financial details were not disclosed.
The move will aid Generac's residential and commercial customers in enjoying the next generation of energy management systems.
By executing the commercial relationship, Generac will offer its customers Wallbox's full EV charging solutions suite, including L2 AC chargers and its bidirectional charger, Quasar 2.
Enric Asunción, co-founder and CEO of Wallbox, said, "We believe the commercial relationship between Wallbox and Generac supports our joint vision of accelerating the energy transition through innovative and accessible energy solutions."
"Adding Generac, the market leader in U.S. residential standby power, to our growing distribution network will provide a level of accessibility that does not exist in the marketplace today. We're excited to welcome them as a collaborator and investor, and look forward to delivering increased value to customers and shareholders."
Last month, WBX joined hands with Atlante, a company of NHOA Group, to develop new public charging points in Italy, France, Spain, and Portugal.
Price Action: WBX shares are up 16.34% at $1.8150 on the last check Monday.
