BBVA and Wallbox, one of the world’s leading providers of electric vehicle charging and energy management solutions, have signed a €25 million financing agreement, with which the bank intends to support the Spanish company’s growth plans.

The transaction was carried out through BBVA Spark, the unit created to support companies with innovative, technology-based business models. BBVA Spark has thus become a benchmark partner for Wallbox thanks to its comprehensive offer of financial services and products and a relationship model with specialized bankers.

“Wallbox is a benchmark in all the markets in which it operates and fits perfectly with BBVA Spark’s strategy due to its innovative and technological model. With high growth expectations, it requires a partner that speaks the same language. In addition, Wallbox has a proposal aimed at facilitating the transition to decarbonization, a vision that we share and which we are fully committed to at BBVA,” said Roberto Albaladejo, Head of BBVA Spark.

See related article: BBVA Asset Management Publishes Report on its Environmental Activity

The financing transaction has been structured through a venture debt model which allows Wallbox to increase its liquidity to support its strategic plan while limiting dilution for its shareholders. “Thanks to this transaction with BBVA Spark, Wallbox is strengthened so that we can continue to pursue our business plan and remain one of the leading companies in charging solutions worldwide,” explains Jordi Lainz, Chief Financial Officer of Wallbox.

For BBVA Spark, the transaction with Wallbox is one of the most relevant deals closed to date, along with the $20 million agreement recently signed with Tuhabi in Mexico, the leading portal for buying and selling used homes. BBVA Spark thus strengthens its client portfolio, which now totals more than 500 in Spain and Mexico, where it has already provided around €200 million in financing to companies.