Wallbox and Bidirectional Energy Awarded Funding from the California Energy Commission

Wallbox (NYSE:WBX), a global leader in electric vehicle (EV) charging and energy management solutions, and Bidirectional Energy, a bidirectional EV energy management startup, today announced Phase 1 of their Bidirectional Residential V2X Demonstration Project had been awarded $2.2M in funding from the California Energy Commission (CEC) REDWDS grant. The project will install and operate Wallbox’s bidirectional charger, Quasar 2, in 120 residential locations across California.

The bidirectional chargers will be managed by Bidirectional Energy’s virtual power plant (VPP) platform to provide home energy backup, utility bill reduction, and additional financial rewards. Bidirectional Energy and Wallbox estimate that Quasar 2 together with the Bidirectional Energy VPP platform can potentially earn users over $1,000* every year when combined with utility Demand Response programs and time-of-use utility rates. By taking advantage of time-of-use utility rates in the U.S., users can enhance the impact of V2X technology by scheduling charging sessions when energy prices are low and discharging their cars to power their homes when prices are high. Users with solar panel installations can also store excess solar energy in their EV during low usage periods and then harness this energy at another time, including usage peak periods, to reduce their reliance on the grid and accelerate the uptake of renewable energy.

These bidirectional chargers will be installed by COIL, a Wallbox company and leading electric vehicle charging infrastructure installer targeting metropolitan areas with high EV adoption rates such as the San Francisco Bay Area, Sacramento, Los Angeles, and San Diego.

“Vehicle-to-grid innovations can play a critical role in helping California reach its clean energy goals, while also reducing emissions from transportation. The CEC is proud to fund projects and companies like Wallbox and Bidirectional Energy that are using vehicle-to-grid technology to provide long-term benefits to the grid while also helping customers save money by scheduling vehicle charging during off-peak hours when energy prices are low," said Patty Monahan, CEC’s Lead Commissioner for Transportation.

“We’re excited to work with Bidirectional Energy and the CEC to accelerate the development and deployment of bidirectional charging, and to do important work to help democratize the transition to electric vehicles in the US. Bidirectional charging can offer long-term benefits to all users, grid operators, and utilities and will accelerate the transition to California renewable energy sources,” said Erik Folgeberg, General Manager of Wallbox North America.