(Global Trade Magazine)- Wallbox, a prominent provider of electric vehicle (EV) charging solutions, has proudly announced its allocation of a $5.2 million tax credit through the esteemed 48C Qualifying Advanced Energy Tax Credit Program by the U.S. Department of Energy (DOE). This tax credit is designated to bolster Wallbox’s expansion efforts at its flagship U.S. EV supply equipment (EVSE) manufacturing facility located in Arlington, Texas.
The 48C tax credit, extended as part of the Inflation Reduction Act, aims to bolster investment and address crucial needs within the clean energy economy. Eligible projects span across various sectors, including grid components, electric vehicle components and chargers, solar materials, and other essential clean energy resources. Wallbox’s commendable achievement encompasses 30% of qualified investments for the second phase of its Arlington factory buildout, facilitating enhanced manufacturing capacity.
Enric Asunción, CEO and co-founder of Wallbox, expressed gratitude for the prestigious recognition: “We are honored to be selected for the highly competitive 48C tax credit, which will enable us to further invest in our U.S. manufacturing capabilities and deliver Wallbox’s top-tier EV charging solutions, pivotal to the transition to electrified transportation.”
The tax credit encompasses various enhancements for Wallbox’s 150,000-square-foot factory in Arlington, including multiple new EVSE assembly lines and a cutting-edge validation lab. Upon completion, the project will empower Wallbox to produce a comprehensive range of charging solutions tailored for the North American market, including acclaimed offerings like the Quasar 2 bidirectional charger and Buy America-compliant DC fast chargers such as the recently launched Supernova 180 DC fast chargers.
Anticipated to achieve a maximum production capacity of over 1 million chargers per year by 2030, the Arlington factory is poised to significantly contribute to U.S. clean energy and transportation objectives.
The selection process for the 48C tax credit was fiercely competitive, with numerous applications vying for limited funding. Following meticulous review by the DOE, Wallbox’s project emerged as a standout recommendation to the IRS for this prestigious award.