Wallbox announced a €33 million funding round backed by Cathay Innovation and WIND Ventures

Wallbox, a Barcelona, Spain-based producer of smart charging systems for electric vehicles, announced the closing of a €33 million ($39.8M) financing round.

The money was raised from a range of investors led by new backers Cathay Innovation and WIND Ventures, with participation from existing investors Iberdrola and Seaya Ventures.

The proceeds of the investment will be used to finance strategic growth initiatives including the opening of new offices globally, expansion of manufacturing and R&D facilities and the hiring of more than 400 new employees.

Wallbox, founded in 2015 by CEO Enric Asunción and Eduard Castañeda, designs, develops and manufactures intelligent charging solutions for electric vehicles and plug-in hybrids for both domestic and business use.

The company offers four types of chargers, including Quasar, the world’s smallest and lightest bidirectional charger for home use with advanced two-way charging technology. Wallbox currently sells to more than 50 countries and has 350 staff spread across offices in Europe, Asia, and America, as well as two factories of its own.

Wallbox previously raised about $30 million, last round in March 2020.