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Wednesday, May 29, 2024
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Wallbox Secures $5.2M DOE Tax Credit

Wallbox, a leading electric vehicle (EV) charging solutions provider, has been awarded a significant financial boost in the form of a $5.2 million tax credit from the US Department of Energy (DOE). This credit is designated to support the expansion of Wallbox’s flagship manufacturing facility in Arlington, Texas.

The tax credit was granted under the highly competitive 48C Qualifying Advanced Energy Tax Credit Program. This program, bolstered by the recent Inflation Reduction Act, specifically targets investments in clean energy manufacturing projects. The credit can cover up to 30% of eligible equipment costs associated with these projects, provided they meet established prevailing wage and apprenticeship requirements.

Wallbox’s award signifies recognition by the DOE of the company’s commitment to expanding domestic production of EV charging infrastructure. The $5.2 million credit applies to the second phase of the buildout at Wallbox’s Arlington factory, directly contributing to increased manufacturing capacity. This expansion is anticipated to play a key role in meeting the growing demand for EV chargers within the United States.

The expansion plans at Wallbox’s Arlington facility are comprehensive and designed to enhance the company’s production capabilities. They include the addition of multiple new assembly lines dedicated to EV charging equipment (EVSE) and the construction of a state-of-the-art validation lab. These additions will not only increase manufacturing capacity but also streamline production processes and ensure the quality and reliability of Wallbox’s EV chargers.

Industry analysts anticipate that by 2030, the Arlington facility will be capable of producing over 1 million chargers annually. This projected increase in production capacity aligns with the ambitious goals outlined by the Biden administration to significantly accelerate the adoption of electric vehicles in the United States.

The award of the $5.2 million tax credit from the DOE is a positive development for Wallbox and the burgeoning EV charging sector. This financial support will undoubtedly contribute to the company’s efforts to expand its US manufacturing footprint and meet the growing demand for reliable and efficient EV charging solutions.

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