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Wallbox (NYSE: WBX) and Uber (NYSE: UBER) Launch Pilot Program to Expand Access for Bay Area Uber Drivers to EV Home Chargers

by admin

October 26, 2021

in Technology

Wallbox NYSE WBX UBER Partnership EV Charging Spotlight Growth

Wallbox (NYSE: WBX) is engaged as a global smart charging systems developer, which primarily focuses on electric vehicle powering. Founded in 2015, Wallbox offers a wide range of charging and energy management solutions to individuals, enterprises and governments across more than 60 countries. Shares of the smart charging company are rallying 53% through early trading on Tuesday, October 26, 2021. Over the past three months, Wallbox has seen average daily volume of 273,800 shares. However, volume of 17.85 million shares or dollar volume of $333.44 million, has already exchanged hands through early trading Tuesday.

Shares of Wallbox are gaining after the company announced that it has teamed up with Uber (NYSE: UBER) to launch a pilot program in the California Bay Area aimed to help local Uber drivers adopt Wallbox’s at-home electric vehicle chargers. The strategic partnership will look to offer a discounted package for Uber drivers to purchase a Wallbox at-home charging unit. The charger features seamless installation and the partnership is providing an option to finance the purchase.

Wallbox’s Pulsar Plus charging unit is an “Amazon U.S. Best Seller,” after only a few months on the platform. The Pulsar Plus is the smallest smart home electric vehicle charger and it is compatible with all EVs, including Teslas.

The strategic partnership comes as Uber recently commited to become a 100% zero-emissions mobility company in the U.S., Canada and Europe by 2030. With 80% of EV charging taking place at-home, the partnership seems to be a natural fit for its business and climate goals.

“Demand for EVs is rapidly increasing here in the US. To help accelerate the transition to more sustainable transportation, we need to continue to make charging accessible,” said Douglas Alfaro, General Manager for Wallbox North America. “Uber is a tech company at the heart of transport here in California, so it was natural for us to team up with them to give drivers using the platform access to smart at-home solutions.”

Disclosure: Neither Spotlight Growth nor its officers have any position or relationship with any companies mentioned in this article. No payment was made to create this article. This article should not be taken as a solicitation or recommendation to buy or sell any securities. Please conduct your own research and consult your financial advisor to determine your risk tolerance and investment path. We are not licensed brokers or investment advisors.

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