June 25, 2019 / 10:36 AM / 20 days ago

Iberdrola invests in electric vehicle charging company Wallbox

LONDON, June 25 (Reuters) -

* Spanish utility Iberdrola has invested an undisclosed sum in Spanish electric vehicle charging company Wallbox, the company said on Tuesday.

* Wallbox has completed a 15 million euro ($17 million) funding round led by Iberdrola through its Perseo start-up programme which will enable it to expand globally, Iberdrola said in a statement.

* The funding round was led by Iberdrola and further capital provided by new investors and existing partners.

* Several European utilities are acquiring or investing in electric vehicle charging companies as carmakers introduce a greater variety of plug-in electric and hybrid models.

* “As Iberdrola continues to invest in customer solutions for electric vehicles, as well as the smart grids and green energy needed to support them, we envisage a range of new partnerships being created in the coming years,” Diego Diaz Pilas, head of new ventures and technology prospects at Iberdrola, said.

$1 = 0.8785 euros Reporting by Nina Chestney

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