MOUNTAIN VIEW, Calif. - Wallbox (NYSE:WBX), a provider of electric vehicle (EV) charging solutions, and Bidirectional Energy, a startup focusing on EV energy management, have received $2.2 million in funding from the California Energy Commission (CEC) for their collaborative Bidirectional Residential Vehicle-to-Everything (V2X) Demonstration Project.
This initiative aims to deploy Wallbox's Quasar 2 bidirectional charger in 120 homes throughout California, integrating with Bidirectional Energy's virtual power plant (VPP) platform.
The Quasar 2 chargers will enable homeowners to utilize their EV batteries for energy storage, potentially earning over $1,000 annually through utility Demand Response programs and time-of-use rates. This system also allows users with solar panels to store excess energy in their EVs, enhancing the use of renewable sources and reducing grid dependence.
The installation of these chargers will be carried out by COIL, a Wallbox subsidiary, focusing on areas with high EV adoption, including the San Francisco Bay Area, Sacramento, Los Angeles, and San Diego.
Patty Monahan, CEC’s Lead Commissioner for Transportation, highlighted the project's alignment with California's clean energy goals and its role in reducing transportation emissions. Erik Folgeberg, General Manager of Wallbox North America, expressed enthusiasm for the project's potential to democratize the EV transition in the U.S. Angela Zhang, CEO of Bidirectional Energy, emphasized the importance of bidirectional EVs in addressing the scalability challenges of the U.S. electric grid.
Quasar 2 is an 11.5kW charger allowing EVs to power homes or send energy back to the grid. It is compatible with bidirectional EVs using the ISO 15118-20 protocol and is undergoing certification processes for safety standards.
The project's potential savings are subject to regional variations, and the estimates provided are for informational purposes only. This initiative is part of the CEC Clean Transportation Program, which annually funds up to $100 million to support transportation and fuel technology advancements in California.
This announcement is based on a press release statement and contains forward-looking statements, which involve risks and uncertainties. Wallbox's financial performance and the actual benefits of the V2X project may differ from projections.
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