Wallbox Enters First Phase of Build-out For Its U.S. EV Charger Manufacturing Facility

Texas-based Facility to Further Support Domestic Sustainability and Infrastructure Goals

Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced the commencement of construction at its Arlington manufacturing facility, the company’s first U.S.-based EV charger manufacturing facility. The 130,000 square-foot high-tech plant is expected to have enough capacity to fully support Wallbox's expansion plans in North America over the next decade. This announcement comes on the heels of the start of production at Wallbox's new state-of-the-art factory in Barcelona, which began in December 2021 and will be inaugurated later this month.

Investing approximately $11 million USD* into initial construction, Wallbox is expecting to begin production within the facility by early Fall 2022. Initial construction is planned to allow the EV charger and energy management company to manufacture over 250,000 units in 2022, and over 500,000 in 2025.

The facility will begin with production lines for Wallbox’s Pulsar Plus AC chargers, its powerful best-selling home charger that can charge any electric car on the market, including Teslas with a converter. Production lines for Wallbox’s Quasar 2, its next-generation bi-directional DC charger that enables your car to power your home, Supernova, its fast public charger with 130kW power, and Hypernova, its ultrafast public charger with between 150kW and 350kW of power, are anticipated to follow in 2023.

The U.S.-based facility will play a vital role in expanding the company's presence in North America, a market that is making a big push into automotive electrification with the Biden Administration targeting 50% of all new car sales to be electric by 2030. Expanding its U.S. presence is expected to allow Wallbox to improve delivery time, reduce freight costs, and qualify for subsidies offered by the U.S. government; all aspects that further allow Wallbox to provide the best products for its customers. The new facility is anticipated to create approximately 250 direct jobs in the region by 2030. Wallbox also entered into partnerships with U.S. suppliers, for the design and construction of the facility, storage racking, and its new assembly line.

“With the U.S. undergoing a steady increase in demand toward energy-friendly solutions due to the government’s aggressive EV infrastructure targets, we are pleased to begin construction on our factory that will be at the forefront of serving this rapidly growing market,” said Douglas Alfaro, General Manager of North America at Wallbox. “The U.S. factory is an exciting milestone that allows us to expand our local footprint stateside, and we are thrilled to begin construction in Arlington. The manufacturing facility is expected to allow us to better meet the needs of our American customers and support the nation's transition toward electric mobility.”

Wallbox made the strategic decision to select Arlington, Texas as the location of its first North American manufacturing hub for a variety of factors including the city's position as a central transit hub between the East and West coasts, its access to cross-country highway corridors and central location to other major cities in the region including Dallas and Fort Worth. The Arlington facility is Wallbox's fourth manufacturing site, additive to two facilities in Europe and one in China. Between all facilities, Wallbox is expected to have a global production capacity of over 1.1 million chargers per year by the end of this year.

About Wallbox Chargers

Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in 98 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs over 900 people in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.

Wallbox Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the features of Wallbox’s products. Wallbox’s manufacturing capacity, future expansion, future partnerships, and expected benefits from the Arlington Facility. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption "Risk Factors" in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on November 12, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

*investment figures have been translated at a EUR/USD rate of 1.091, according to the spot rate on April 6, 2022

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