MOUNTAIN VIEW, California, 21 March, 2024: 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.
“Bidirectional EVs are critical to solving the massive scalability challenges facing the US electric grid. We are excited to partner with Wallbox and the CEC to get bidirectional chargers installed in people’s homes, and help EV owners earn passive income by selling energy from their idle EV batteries. Together, we’ll leverage EVs to make our power grid more reliable and reduce total carbon emissions on the grid,” said Angela Zhang, CEO of Bidirectional Energy.
Quasar 2 is a next-generation 11.5kW bidirectional charger that will enable EV owners to charge and discharge their electric vehicle to power their home, vehicle-to-home (“V2H”) or send energy back to the grid, vehicle-to-grid (“V2G”). On average EVs can hold between 76 and 100kWh of energy, over 5x the amount of energy of a standard 13.5kWh home storage system, and power a typical household’s energy consumption for up to four days, removing the need for expensive home energy storage systems.
Quasar 2’s cutting edge innovation extends to its Power Recovery feature, which was designed specifically for the acute need for backup power, allowing users to transform their EV into a powerful generator in the event of a power outage or blackout. With the use of the Power Recovery Unit, Quasar 2 automatically switches the user’s power source from the grid to their vehicle, providing a critical load to a home during a potential emergency.
Quasar 2 uses ISO 15118-20, making it compatible with all bidirectional EVs that utilize this protocol, including the Kia EV9. Wallbox is currently undergoing the certification process for UL 1741 SB and UL 9741 at Underwriter Laboratories.
*Any estimates of potential savings provided within this document are subject to variations based on geographical locations, local utility rates, and energy consumption rates. Actual savings may vary and are influenced by specific regional factors. Please note that the estimates are provided for informational purposes only and should not be construed as guaranteed outcomes.
About WallboxWallbox is a global technology company, dedicated to changing how the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the network. Wallbox goes beyond charging electric vehicles to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public, and public use in more than 100 countries around the world. Founded in 2015 in Barcelona, where the company’s headquarters are located, Wallbox currently has offices across Europe, Asia, and America. For more information, visit www.wallbox.com
About Bidirectional EnergyBidirectional Energy is a San Francisco-based company whose mission is to turn EVs into distributed batteries for the U.S. electric grid. Their mobile app intelligently manages EV charging and discharging, in order to meet 100% of the EV owners’ driving needs while earning passive income for the EV owners by selling energy from their idle EV batteries. Bidirectional Energy’s Virtual Power Plant (VPP) helps utilities and grid operators achieve both their grid reliability and their 24/7 renewability goals. Learn more at www.bidirectional.energy
About REDWDS:
The CEC Clean Transportation Program provides up to $100 million in annual funding to support innovation and accelerate the development and deployment of advanced transportation and fuel technologies throughout the state. The REDWDS (Responsive, Easy Charging Products with Dynamic Signals) grant accelerates the development and deployment of easy-to-use charging products, which helps customers manage electric vehicle (EV) charging and respond to dynamic grid signals.
Wallbox PR Contact:
Elyce Behrsin
Global Head of Public Relations
[email protected]
Wallbox Investor Contact:
Matt Tractenberg
VP, Investor Relations
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