Good morning, welcome to Wallbox's first Investor Day. I'm Barbara Calixto, Chief Marketing Officer at Wallbox. We're thrilled to have you here with us today. Before we get into our session, we need to address a few quick legal matters. First, I'd like to remind everyone that today's session will be recorded. This recording will be provided for playback on the Wallbox and Kensington investor relations sites, along with the slides that we're going to present. Second, we may discuss Wallbox outlook and future performance. These forward-looking statements typically may be preceded by words such as "we expect, we believe, we anticipate," or similar such statements. These forward-looking views are subject to risks and uncertainties. Our actual results could differ materially from the views we express today. Some of these risks have been set forth in the registration statement filed by Wallbox B.V. with the SEC.
We refer you to Wallbox B.V.'s draft registration statement on file with the SEC for more details about the business combination and Wallbox financial performance for full year 2020 and 2019. We have also provided information regarding certain key metrics and non-IFRS financial measures. The presentation of these non-IFRS information is not meant to be considered in isolation or as a substitute for Wallbox's consolidated financial results prepared in accordance with IFRS. As you can imagine, this is an incredibly exciting time for our company. On June 9, 2021, we announced a business combination agreement with Kensington Capital Acquisition Corp. II, and upon closing, Wallbox will be listed on the New York Stock Exchange. Kensington is the only special purpose acquisition company that is singularly focused on the automotive industry.
This transaction and their collective 300+ years in the auto industry will allow us to significantly increase our product development, bolster our manufacturing capacity, and continue to expand sales worldwide to enhance the global transition to electric vehicles. Let's review today's agenda. Over the course of the day, we'll be hearing from several members of our executive team. Collectively, our management team comes from automotive, energy, and technology backgrounds with experience around the globe. We're excited for you to get to know a few of them better as we dive deeper into Wallbox. To kick off, we'll share a short video to give you an overview of the challenges and opportunities ahead for the EV charging industry. Enric Asunción, Wallbox's CEO and co-founder, will take us through Wallbox's history, our current traction, and our vision for the future.
We'll turn it over to members of our management team to discuss their areas of expertise. Finally, we'll end with a Q&A session in which we encourage you to share your questions via the live chat or email them to investors@wallbox.com throughout the presentation. We have a lot in store for you over the next hour, and our goal is for you to leave feeling energized about Wallbox and the future we envision. Let's jump into our programming.
The electric vehicle boom is here, a breakthrough that is here to stay and whose energy has the power to transform the world. It allows us to create, innovate, and advance as a society. There is a fundamental barrier to widespread electric vehicle adoption and a greener future. It is charging infrastructure. People need simpler, safer, more powerful charging everywhere, at their home, work, and on the road. Wallbox is in the right position to provide it. This way, we will be able to unlock the possibilities of the present to build a better future. Wallbox is creating progress. We are developing advanced charging technology for every sector and turning the charger into the key to better energy management and cleaner energy use. We also make users part of this energy revolution, giving them new ways to use, control, share, and store energy through their chargers.
Now is the time to set the pace and standard for the future of charging. At Wallbox, we aim to be the all-in-one provider of powerful, renewable energy solutions, all with the charger and the user at the center. Thanks for joining us on this path. Together, we make energy powerful.
Thank you, everyone, for joining. We are very happy to have you here with us today, and we're excited to give you an overview of Wallbox. I'm Enric Asunción, Co-Founder and CEO of Wallbox, coming today from our lab in our headquarters here in Barcelona, Spain. As we prepare to enter the public market through a merger with our esteemed partners, Kensington Capital Acquisition Corp. II, we are excited to have this opportunity to share more about our business, products, and strategy. Six years ago, my co-founder, Eduard Castañeda, and I launched Wallbox with the goal of accelerating the adoption of electric vehicles through smarter, simpler charging, and energy management solutions. We see a massive opportunity for electric vehicles to be much more than transportation. They are the key to unlocking the full potential of sustainable energy use, and Wallbox is already exploring these new possibilities through our chargers.
We are making energy more powerful than ever before. Before founding Wallbox, I had spent my entire career working in EV charging, first at Applus+ IDIADA, a global research and development institution for the automotive industry. Where I developed the charging protocols that are today's standards. Then at Tesla, leading the home charging installation division throughout Europe. While many major companies at the time were focused on public charging, Eduard and I saw some trends that pushed us in another direction. We knew that 70% of charging happens at home. In some places, like in the U.S. and Germany, it's actually closer to 80% or 90%. Moreover, the average person drives less than 30 miles per day, with no warranty of a charger on that route. We quickly realized that to really serve the needs of customers, we had to start by meeting them where they are, at home.
This meant creating a charger that was more user-centric than anything on the market, something people would want to put in their homes. Chargers that look and behave more like the powerful smartphones in our pockets than the clunky circuit breaker boxes hidden in our walls. In the first couple of years, we launched our most compact AC charging solution for the home and invested heavily in our software platform, myWallbox, to give users a seamless experience and more energy management functionalities. We introduced Copper and Commander 2, also AC solutions, to satisfy the needs of businesses and semi-public customers. In 2019, came our most innovative charger to date, Quasar.
Quasar is the first bidirectional DC charger for the home, meaning not only can you charge your EV, you can also pull energy from the car's battery to power your home for up to four days, or even sell energy back to the grid. Quasar unlocks incredible energy management possibilities. We will discuss this more later. I am also proud to note that Quasar is our most internationally awarded product, including four Best of CES awards. Finally, that brings me to Supernova, our modular public charger, which aims to fill a critical public infrastructure gap. Supernova costs half the total investment of similar fully installed public chargers without sacrificing power or design. I'll note here that our entire portfolio is assembled in-house, from concept to production, giving us unprecedented control and fast time to market.
Eduard will walk us through each of these products in more detail in just a few minutes. These six years have presented us with many other exciting opportunities. We launched a joint venture with Changchun FAWSN in China, part of one of the largest automotive OEMs in the world. We acquired two companies, including Electromaps, the leading public charging platform in Southern Europe. We became Amazon's top EV charging seller in the U.S. Just last month, I had the pleasure to join President of the Government of Spain, Pedro Sánchez, on a trade mission to the United States to drive commercial collaboration between the U.S. and Spain. Throughout it all, we've partnered with leading auto manufacturers, utility companies, distributors, and investors worldwide to accelerate the shift to electric vehicles. Today, Wallbox employs over 530 people spread across nine offices and three continents.
Since our launch, we have raised nearly $100 million in venture capital from the top funds around the world. We have sold more than 100,000 chargers in 67 countries, logged more than 4.3 million charging sessions, and opened three manufacturing facilities to support our production capacity and meet the demand of the market. This year, we are on track to more than triple our revenue from last year. The best part is we are just getting started. 97% of charge point installations lie ahead. In BloombergNEF recent 2021 EV outlook, they estimate that we will need to grow the global charging network to 309 million chargers to adequately support EV adoption. Of this, 87% will be home chargers. This translates to roughly $589 billion of cumulative investment needed for the entire sector, with home charging as the single largest category at $235 billion.
Wallbox is well-positioned to meet this opportunity head-on. We have advanced technology across every sector. We're already certified in major global markets, despite strict requirements and long certification processes. We are fast to market, and we own the supply chain, so we can optimize. Finally, we have a truly global footprint. For Wallbox, the future is full of possibilities, as EVs will play a crucial role in the transition to renewable energy. With that, I'd like to hand it off to my co-founder and our Chief Product Officer, Eduard Castañeda, to take you through a product demonstration.
Hi, everyone. Welcome to the Wallbox showroom at our Barcelona office. I'm Eduard Castañeda, Co-founder and Chief Product Officer of Wallbox. Here, we can see and prove how Wallbox is building an mobility and energy management ecosystem. We cover home, business, and now public segments with acquisition of Electromaps and the launch of Supernova. Obviously, we excel with our products. We have won some of the most prestigious awards, like Red Dot, Good Design Award, and CES in 2020. The reason we have won these awards is because of four principles. Our products are simple, smart, compatible, and user-centric. We have actually changed the industry, so a charger now is considered a consumer electronic device, not an industrial electric tool. When we created Wallbox, we believed that not just the hardware was the important thing, but the combination of hardware and software for the best user experience.
Now let's see this combination. We proved to be right while choosing home as a starting point and focusing on domestic users, as Pulsar Plus is nowadays a leading charger in Europe. Let's see some key aspects of Pulsar Plus. Size does not impact power, the practical aesthetics allow our customers to place this charger anywhere. We created a very intuitive interface for the customers through the LED halo, which changes colors based on charging status. Our chargers are always connected. Connectivity is always in our focus as it allows us to be very intuitive the customer is always understanding what is going on. It also gives access to smart functionalities and configurations, which are controlled through our app, myWallbox. If I want to charge, I charge. If I want to pause charging, I pause.
If I want to lock the charger, I lock it. If I want to schedule a charge, I schedule it. Thanks to connectivity, we can also receive and upload all the charging sessions and send over-the-air updates through myWallbox. At home, we push for Wi-Fi as it allows our customers to have real-time control and monitoring. Our chargers also have Bluetooth so that our chargers can work anywhere, even when there is no internet connection, as Wi-Fi requires an infrastructure and sometimes this is expensive or it's impossible to place routers in the garages. With Bluetooth, you reduce the cost of installation and you can add other features. This is extremely powerful to have when the charging space is really isolated, and in these cases, we use the phone as our communication hub. Actually, this is breaking communication barriers.
The Pulsar Plus North America inherits all the family features of the Pulsar Plus, going up to 48 Amps and is still ultra-compact. We are proud to have delivered a UL-certified product in record time. Douglas will speak more about this project later. All our home chargers benefit from home energy management features like Power Boost. Power Boost smartly uses your home energy consumption and limits your charging power to prevent power outages. At the same time, make the most of the available power, which results in faster charging. Now, let's focus on our business solutions. For our business customers, having a strong software is a critical point. Keeping the look and feel of our myWallbox brand, we again prioritize making things simple. Charge point operators have an intuitive overview of the infrastructure and can manage their user, thanks to some of the following tools.
Real-time dashboards allow them to see the status of their complete infrastructure and track specific metrics. Infrastructure management, it makes it super easy to control and monitor individual chargers or set different locations. The statistics help to explore reports and focus on the specific data that is important for you. User management allows CPOs to create different profiles from administrators to visitors and set privileges. Not only this. Thanks to our payments features, now we give you the option to monetize through secure payment integration. Its absolute flexibility provides a wide range of tariff configuration, upfront payment with pay-per-charge, or recurring billing with a pay-per-month solution. Everything is quick and simple and seamlessly integrated with the platform. This is the power of having developed our proprietary protocol. Let's go to speak about the business products.
With Commander 2, we have covered all business needs, and we grant all connectivity features with Ethernet and 4G. We have the biggest touchscreen of the market, so we can offer advertisements. The charger is also fully ready for semi-public environments with its IK10 impact rating. On top, you have all identification methods: pin access code, RFID, and myWallbox app and portal. Copper SB is here to complete the business portfolio with the same core functionalities and is our most flexible charger. Why is it so flexible? Because with a socket, you can charge regardless if you have a type 1 or a type 2 vehicle. Also incorporates a shutter version, which is necessary in important EV markets such as France. Now, let's speak about our most exciting charger, Quasar. Quasar is the world's first bidirectional DC charger designed for home.
It transforms your EV battery into an energy storage unit, allowing you to charge and discharge your electric vehicle. You can use your car battery to power your home or send energy back to the grid, which transforms vehicles to assets, sustainability, and self-consumption at the same time. All of this is possible thanks to applying state-of-the-art technology to offer a cost-effective solution that is a fraction of the weight of other DC chargers. No one thought of making such a small charger with these capabilities. We do this thanks to our patent-pending technology, which involves a high-frequency power module and appropriate thermal management and switching control. Quasar is essential to Wallbox's vision for the future, but I will let Enric get into details later on. Now, let's look at our public solution.
While we saw that the large majority of charging was happening at home, we also noticed that one of the biggest barriers to the adoption was the lack of information around public charging. Public users have a problem finding chargers. We don't want them to have to download 30 apps just to access one. That's why we acquired Electromaps, to solve this problem. Electromaps is a public charging platform spread throughout the south of Europe. It accelerates the user engagement thanks to its community, just like the Waze or Yelp. This community of more than 100,000 users can utilize the platform to get from charger A to charger B. They also contribute valuable information about the chargers they interact with through comments, photos, and ratings within the app.
The benefit of this is that drivers always know where is the best place to charge and operators increase their visibility. Strategically, it is key for Wallbox because now we can provide solutions across every charging segment: home, business, and now public. It is time to see our newest charger for this segment, Supernova. Welcome back to our lab. The R&D work happening here is helping us to become one of the top innovation hubs in Europe, and it is also home to our newest innovation, Supernova. Supernova is our first high-powered charger, designed to easily charge an electric vehicle at 60 kW of power, adding 100 km of range in less than 15 minutes.
We maximize uptime by leveraging our patent Quasar technology in six independent power modules to ensure charging availability, even in the unlikely case of a module failure. Supernova delivers higher power with less components, achieving up to half the total cost of ownership compared to competitors. It's more reliable and efficient, yet significantly lighter than other comparable public chargers. Its modular design allows for easy transportation, effortless installation, and simple access for maintenance, as its modules and main components are light, easy to service or replace. Its ergonomic design allows a perfect integration within public spaces, while featuring the robust and durable frame, a key requirement for this segment.
We will begin pre-series production at the end of this year, and I'm thrilled to announce that Iberdrola, one of the largest utilities in the world and one of our key customers and investors, has already committed to purchasing the first 1,000 units. We forecast our DC chargers, both Quasar and Supernova, to play an important role in Wallbox's growth in the coming years, representing approximately 45% of the company revenue by 2025. With the launch of Supernova, Wallbox completes its full offering by providing comprehensive solutions for residential, semi-public, and public charging, and takes a step forward to realize our mission to facilitate the adoption of electric vehicles today, to use more sustainable energy tomorrow.
Hi, everyone. Thanks for joining us today. My name is Masud Rabbani, and I'm Chief Commercial Officer at Wallbox since February of 2019. Prior to joining Wallbox, I spent a decade working at big tech companies such as Google and Sony, where, really, I focused on building up global sales organizations that can sell a fairly disruptive product. One of the things we've been really focusing on here at Wallbox, which today is one of our key advantages, is to build an organization that is capable of dealing with all types of clients anywhere in the world. Today, we have a sales team of more than 100 sales professionals globally, so we're selling in approximately 70 plus countries. That is growing every day and really satisfying the needs of our customers, whatever those might be, on a global scale.
Utilities and automotive clients make up about 40% of our customer base today in terms of revenue. These groups include some of the largest and most influential companies in the space, such as Iberdrola, Octopus Energy, Nissan, or MG Motor. Iberdrola per se is a really good example of not just being an exceptional partner, investor, but also a client. We've been helping them to build their charging solution offering throughout Europe, in countries like Spain, Portugal, Italy, and hopefully soon also in France, as well as in the U.K., where their partner brand ScottishPower operates. Also just recently, they just placed an agreement to purchase the first 1,000 of our Supernova chargers.
On the other side, with the OEMs, manufacturers like SEAT, CUPRA, Nissan, MG, or Mercedes are putting their trust into us as a company, to bring 360 charging solutions to their EV drivers and their B2C customers. As well in China, where we have Hongqi, who we signed a five year agreement with, to purchase charging solutions for all of their customers in China over the next five years. Another 40% of our customer base consists of what we call value-add distributors, installers, and also resellers. Just recently, we've been able to onboard companies like [Energielösungen], which is owned by E.ON, or 50five, which is owned by [MG], to choose our products, and to resell to their B2C customers. As chargers enter the mainstream, our attention to customer-friendly design has proven an attractive differentiator for our distributors and for our resellers.
Also for the retail world, where we've been able to penetrate the consumer electronics channel with companies like MediaMarkt or Costco. Last but not least, really, our attention again to being customer-friendly and a consumer electronic product has also allowed us to generate approximately 10% of our sales through our own direct e-commerce channel, as well as through the Amazon Marketplace. Last but not least, drive 10% of our revenues, which is also a very, very fast increasing percentage of our revenues, into the direct B2B space, where we penetrate the workplace and condominium charging solutions market. To continue to be a leading player in this market, we must continually be winning market share. This really brings me to the importance of our mid-market clients or the value-add distributors and resellers, as well as installers that I mentioned earlier, who play a critical role into our expansion globally.
These partners, they really act as our gateway into new markets, because we can leverage their local strength in terms of installation service, while also supporting their sales efforts and marketing efforts from our headquarters here in Barcelona. Once we have a foothold into these markets, and we have sort of the first couple percentage of market share, what we're able to do is build a network with additional partners such as utilities and OEMs that I mentioned earlier that require also that 360 solution, as well as then drive sell-through with these clients through our marketing efforts, lead generation efforts, and local sales people on the ground. With the strategy I've outlined, we've seen our sales grow exponentially over the last few years. Keep in mind that it's not just selling hardware. Every sale of our charger unlocks recurring revenues through our energy management software and service solutions.
In both business and home settings or condominium residential cases, we're able to multiply our revenues between 4 to 6x , respectively. In short, the sale of just one charger costing about EUR 500 can result in nearly EUR 3,000 worth of revenue over time, half of which comes from software and energy management services. The other comes, of course, from the hardware as well as maintenance and installation services. In building the sales organizations, we have remained committed to not just being a hardware provider to our customers, but a really trusted solutions provider. This results in a loyal customer base that is already powering our future growth. As of July of this year, 2021, we have $450 million in pipeline, as well as approximately EUR 200 million in LOIs for our new products, as for example, Supernova.
We're excited to see our sales strategy not just working, but excelling, and we will continue to push forward in this way in the months and years to come. Now I'd like to hand it over to Douglas to take a closer look at the U.S. market.
Hey, everyone. Welcome to our offices in Mountain View, California. I'm Douglas Alfaro, general manager of Wallbox North America. Before Wallbox, I started my career developing energy efficiency and renewable energy programs for governments across California. I then moved over to Tesla, where I helped deploy the first-ever cross-country network of fast chargers, before moving to Europe to deploy both fast and overnight charging throughout all of Southern Europe. I joined Wallbox almost three years ago with the plan to bring our breakthrough technology and design to North America. Today, the U.S. is one of Wallbox's fastest-growing markets, and we're proud to be supporting electrification nationwide. One thing is clear: the U.S. market is ripe for disruption. It's one of the largest EV markets in the world, and yet we're just at the beginning. Today, fewer than 1% of cars on the road are electric.
The wave is coming fast. The Biden administration recently announced aggressive plans to encourage the sale of more than 25 million EVs by 2030. Meanwhile, major U.S. car manufacturers have pledged between 40%-50% of their sales to be electric over the next 10 years. Highly anticipated pure EV brands, including Rivian and Lucid Motors, will be hitting the market later this year. Of course, more EVs on the road means a need for more chargers. Bloomberg New Energy Finance predicts that the U.S. will require 15.4 million private chargers in homes by 2030. That number more than triples to 51 million by 2040. The opportunity in the U.S. is undeniable. I'm really excited for this market because even though it's one of the most competitive globally, we're already succeeding.
We officially opened our North America headquarters in early 2020 and began preparing for the launch of our best-selling charger, the Pulsar Plus. We came to market with an ultra-compact and flexible 40-Amp version of Pulsar Plus, which is capable of being hardwired or just connected to an outlet for easy installation. Its ease of use, tech features, and sleek design make Pulsar Plus one of the best choices for EV drivers in the U.S. At launch, we received rave reviews from sources such as Axios, CleanTechnica, Forbes, and Engadget. Forbes actually said that we offer the easiest way to charge at home. InsideEVs listed us as one of just three top-ranked chargers in the market from the outset. Our direct-to-consumer sales approach has been key for the U.S.
We launched a nationwide installation partnership with Qmerit from the very beginning to make sure that our clients were purchasing full charging solutions and not just a charger. We knew that smart, well-branded tech with a seamless customer experience would be highly successful in this market. This led Pulsar Plus to become the number one bestseller on Amazon within its first two months. Of course, we're also capitalizing on traditional sales channels. Some of our first clients were solar, utility, and auto OEMs, as well as major distributors like Rexel and CED Greentech. We're also excited to have announced a partnership with SunPower, one of the largest residential providers in the country. Together, we'll be delivering complete solar, storage, and charging solutions and collaborating on future projects like bi-directional charging at homes nationwide.
Our team here in the U.S. is now 20 people strong, and we expect to double that by the end of this year. We recently moved to a brand-new office and testing lab in Mountain View, and we had the honor of hosting the Spanish Minister of Industry as one of our first guests just a few weeks ago. All in all, we've already laid a strong foundation for our growth by launching a highly acclaimed product, hiring a best-in-class team, and making an impact in a fast-moving market. We have a lot of exciting things to look forward to in the near future for Wallbox in North America. We recently introduced a 48-Amp version of Pulsar Plus, which means our charger's now one of the most powerful in the market.
The 48-Amp Pulsar Plus has the power to charge the newest and most advanced EVs at their full at-home charging capacity. We're one of the few companies offering this level of power today, and still with the same compact, sleek design that customers expect from Wallbox. We're also in the process of certifying both Quasar and Supernova for the North American market and anticipate their launch in 2022. Finally, I'm happy to share that we've selected the location for our North America factory in the U.S. This facility will be used to produce all of our products in the market. We're working closely with local governments as we prepare the official opening in 2022, and we look forward to being a central part of the local community when we announce the final site in the coming weeks.
We on the North America team are thrilled by the rapid growth of Wallbox in the market and look forward to even more expansion in the months and years ahead. Now I'll pass it to Oriol to tell you a bit more about our manufacturing and operations worldwide.
Hi, everyone. My name is Oriol Riba, and I am the Chief Operations Officer at Wallbox. Before joining Wallbox, I spent over 20 years in operations and engineering at Ficosa, a leading tier 1 supplier for the automotive industry. I am speaking to you today from our manufacturing plant in Sant Andreu de la Barca, which is about 20 minutes outside of the Barcelona city center. This was actually Wallbox's very first office when we started in 2015. When we started, we had a small office inside, and now Wallbox occupies all 3,000 sq m of the building. Today, we are around 200 people working in Sant Andreu, compared with 350 people working at our headquarters in Barcelona. Our headquarters is home to our commercial, corporate, product, and software teams.
We have our innovation lab, our showroom, and our brand-new Wallbox store. The team here in Sant Andreu does everything from hardware and firmware engineering to the physical production of our chargers. Let's talk about how Wallbox's vision becomes a reality. Around me, you can see our engineering and validation lab. Here is where we create and test the core technology that enables our industry-leading performance. Our team of 70 hardware engineers and 80 software engineers create products that sell in approximately 70 countries around the world. At Wallbox, we have always done our design, engineering, and production in-house. We believe that controlling the entire value chain is essential in this rapidly changing market. Why? Every country around the world has its own specific regulations, which are frequently updated. Car companies release new models every year, and the global supply chain can be unpredictable.
For this reason, we have invested in machines that simulate the grid conditions of the different countries around the world. Whether it's the United States, France, or China, we can launch and make modifications to our product faster than the other companies that outsource the validation. A specific example of this is the UL certification we have in the United States. We were able to go from a product prototype to fully certified in nine months, when on average it takes 2 to 3x that long. We have also created a unique space for car validations. As we will show you, we're constantly testing the newest model and different energy scenarios to make sure that all our chargers are compatible with every vehicle on the market. Lastly, we have vertically integrated our supply chain.
This allows us to make rapid interactions to our products based on what components are available. For example, if one supplier of the microchip cannot deliver, we can quickly find another provider, certify them, and adapt to the product so we can never stop producing. This has always been extremely important to us, but even more so recently with all the disruption in the global supply chain. On top of bringing the supply chain and validation in-house, we also design our own components. For example, our patented DC power electronics have transformed our chargers into some of the most efficient on the market, with an efficiency of 97%. On that note, let's move to our production floor to see how our products are made. After a charger is sold, it immediately heads to our operation floor.
We have completed all the major certifications to the industry to guarantee the highest quality and most reliable products to our customers. In Sant Andreu, we have three main assembly lines: our AC product assembly line, our Quasar line, and more recently, our line for Pulsar UL. This facility we're in is responsible for producing all our chargers destined for the European, North American, and Latin American markets. We have also another facility in China in which we produce a Pulsar for APAC markets, as well as our customized chargers for Hongqi, one of the largest Chinese OEMs. Between these two facilities, we're able to produce over 500,000 chargers per year. In addition to our production facilities, we have partnerships with logistics operators in Sweden, the U.K., and the U.S. All in all, we ship to more than 5,000 active delivery points.
In all our facilities, we track and review production KPIs on a daily basis to ensure that we're working efficiently. For example, one of the main goals is to deliver in less than 72 hours, whereas other companies may take as long as 20 weeks. Our assembly lines are extremely flexible. This means that we can shift production to accommodate different product mixes and easily increase production to meet the overall market demand. All these points are key to a highly scalable operation. It's for this reason and more that even with all the current supply chain turbulence, we have never stopped producing. We're actually increasing our production capacity quarter-over-quarter. Now you have seen our current facilities, but let me tell you a little more about our future.
To accommodate the skyrocketing demand we are seeing from the market, we recently signed the contract for a new production facility in Barcelona, 10 minutes from our headquarters. This new facility that we have named D26 will be 11,000 sq m, almost 4x the size of our facility in Sant Andreu. The operations in the new assembly plant will be state-of-the-art. We're incorporating artificial vision for quality monitoring, fully automated end-of-line testing, Industry 4.0, automated guided vehicles to assist in the transportation, and a fully automated outbound warehouse. Lastly, staying consistent with our commitment to sustainability, the entire plant will be powered by solar panels and renewable energy. As we recently announced, we will be opening another manufacturing plant in the U.S. in the second half of 2022. These plants will be dedicated to producing our USA version of Pulsar, Quasar, and Supernova.
Looking even further into the future, we are forecast to open even more plants around the world to support our growing global operations. With our current and planned facilities, we have built the groundwork for continued global scale. We believe that operations will be equally as important to the future of EV charging as technology, and we feel confident in our abilities to deliver.
Hi, everyone. I'm Jordi Lainz, and I am the Chief Financial Officer and Corporate Director here at Wallbox. I have been leading finance teams in the automotive and manufacturing industries for the last 30 years. During this time, I have also served on both private and public company boards. Before joining Wallbox, I was actually a member of the board, and I liked the company so much that I decided to join the team full time. I'm going to review some key financial points from this presentation and explain how Wallbox has built a foundation for scalable growth. First, let me provide a bit of context. To date, Wallbox has raised approximately $100 million. With these resources, we have been able to build the international company that Wallbox is today.
When we say that our model is capital light, we mean it, as our spending reflects the traction with some of our public, or soon-to-be public, peers have raised. Next, let me describe our globalization process and how we have achieved our international presence. We were born and our headquarters are in Barcelona, Spain, but we have been global since day one. As you likely know, the EV market in Spain in 2016 was not the biggest or fastest growing market in Europe. As such, we adapted, first entering countries with a more involved EV market, including Norway, Germany, and the Netherlands. Today, we have physical offices and subsidiaries in these markets, as well as others, and we have a commercial presence virtually across the entire European continent. In 2018, we expanded to China through a joint venture with the FAWSN Group to focus on the Chinese OEM market.
We also launched a 100% owned subsidiary in Shanghai, which supports our commercial activity through the entire APAC region. At the end of 2019, we expanded into the U.S. by launching two offices, a commercial office in Mountain View, California, and an innovation lab in San Jose. All in all, we have built sales capabilities in almost 70 countries, and as you have already heard from our COO, Oriol, we also have the in-house manufacturing capacities to support the market's rapidly growing demand. As we have explained over the course of this presentation, Wallbox is built for scale. This can be seen from our historical performance, having doubled or tripled sales in every year of the company's existence. This makes Wallbox one of, if not the fastest-growing EV charging company in the space. Further, we recently disclosed our first half results of 2021, exceeding our original forecast by about 15%.
Additionally, we achieved a 40% gross margin, which supports our full year 2021 forecast. These results reflect industry-leading growth and are in line with the trajectory of our expected future growth, as you can see in our sales projections. Our growth and margin expectations are supported by the following factors. First, and most obviously, continuing with our core business of sales of hardware, software, and service solutions. Second, launching new technologies, such as complementary energy management software features and innovative hardware products like ultrafast power chargers. Third, global expansion. This means further penetrating the top EV markets we are currently in and also breaking into rapidly developing markets, including in Latin America, APAC, and Eastern Europe. Lastly, we'll continue to evaluate prime inorganic growth opportunities. This is evident by two acquisitions we completed in 2020.
In May of 2020, we acquired Intelligent Solutions, a leading distributor of charging solutions in the Nordic region, a key step in building out our geographical footprint in the region. In September of 2020, we acquired Electromaps, which Eduard already discussed. Electromaps is the Waze of EV charging and serves as our software gateway into the public domain, which complements our launch of Supernova, our new public charger, taking place later this year. How does this translate into numbers? First, it is critical to note that the anticipated transaction with Kensington is expected to fully fund our business plan. As previously noted, we are on track with our expectations for 2021. Today, 95% of our sales come from hardware. The rest come from software installations and accessory sales. However, every charger we put into a home serves as a platform for future revenue.
As you can see, by 2025, we expect that 11% of our revenue, or approximately $125 million, and roughly 20% of gross margin, will come from software. We feel confident in our projections because of our strong sales pipeline and the potential of our sales partners, which include world-class utilities, OEMs, car dealerships, and tech distributors. With respect to gross margins, we are already best in class today, consistently reporting gross margins that are greater than 40%, which many of our peers only forecast in 2025 or 2026. This gives us a path to profitability by the end of 2023. In summary, we are a leader in an enormous and rapidly growing market. Our estimates for Wallbox represent only approximately 1% of the total TAM for the EV charging market. We are confident in our abilities to deliver on our expectations.
Even as one of the fastest-growing companies in this space, we are often asked about differentiation. What sets us apart in this market? What will ensure our future success? The first, of course, is our technology. As Eduard demonstrated, we are breaking new ground in terms of functionality, form factor, and quality every day. I could just as easily point to both our truly global presence or our high margin and recurring revenue model, as shared by Masud. We are also incredibly proud of our vertically integrated manufacturing operations, which allow us to build, optimize, and execute rapidly, as Oriol explained. Of course, I must call out our world-class executive team on board.
With experience spanning across technology, energy, and industrial backgrounds, our board of directors are from some of the top utilities, OEMs, and tech companies around the world. We're extremely excited to be adding Kensington to the Wallbox family. While all of these differentiators alone make Wallbox a truly unique leader in this category, I would like to spend a few minutes on the differentiator that gets me the most excited. That differentiator is our vision. We know that charging an EV nearly doubles a home's energy consumption, meaning the EV represents almost 50% of all energy consumed in the home. Understanding where this energy comes from, how it's being used, the best time to use it, and so on, give users unprecedented control and insight. When paired with the right functionalities, that insight can be used to introduce entirely new ways of using, generating, storing, and sharing energy.
This is where Wallbox is headed. Based on our business today, the roadmap ahead, and the proven success of Quasar, as well as the entire portfolio, we are perfectly positioned to play a central role in home and building energy management. Our vision is to be the provider of all-in-one renewable energy solutions with the charger and the user at the center. Let's take a closer look at some examples. One of the biggest problems with renewable energy is storage. The majority of renewable energy is produced during the day, but goes unused. Around dinnertime, local and national grids are overwhelmed with demand, so electricity prices skyrocket and energy generators turn to dirty sources like coal and gas to meet the need. It is during these hours that solar energy is most needed, and yet without a costly storage unit, that energy is no longer available.
Enter Quasar, our bidirectional charger. Quasar has an AC to DC converter built in, so it can act as a solar inverter, meaning you can send the solar energy directly to your EV. Your EV is the storage system. During peak hours, when the grid is stressed, you can pull the same energy from your car and power your home, avoiding high prices and dirty energy. This isn't something that will happen in 5 to 10 years. This is something we are doing now. For this same functionality, you will have to buy and install parts costing nearly $15,000. Quasar costs just $2,500 and takes up a lot less space than traditional storage equipment, saving you over $10,000 in hardware cost alone, not to mention installation and maintenance. Let's talk about the energy management piece of the equation that really brings our vision to life.
When we combine Quasar's hardware technology with our pioneering energy management software, we give users the option to only use grid energy when it's the cheapest or cleanest option. When factors change or the grid becomes overwhelmed, Quasars will automatically begin pulling energy from a car's battery instead. We know this works because we are using this solution right here at our headquarters in Barcelona, thanks to our energy management system, Sirius. Here, you will see a chart of our building's energy consumption. This red line represents the building's power limit. If we go over this line, we will trip a fuse and cause a blackout in the building. The green line shows us our building's energy needs. You can see that at multiple points through the morning, our needs actually surpass our power limit. The way we prevent these company-wide blackouts is with Sirius.
During the morning, Sirius recognizes that we are going to exceed the building's power limit. At that moment, it tells the 26 connected Quasars we have in our own parking lot to start discharging energy from our employee cars back into the building. This allows us to achieve the blue line, which is our actual building energy consumption, or the green minus the purple line. Later in the day, solar panels kick in. There is no need to draw energy from the cars in our lot anymore. At night, Sirius recognizes that the energy is at its cheapest and charges all the cars that are left connected in our parking lot, replacing the energy that was discharged early in the day.
In sum, Sirius managing vehicle-to-building communications with 26 current chargers, tying into our solar energy system, and also incorporating features like time of use charging, all resulting in a sustainable, safe energy system for our headquarters. The possibilities do not stop there. With the combination of hardware and software I described, Wallbox could facilitate any number of new interactions. Imagine energy as payment, where you could pay for your parking by plugging your EV into a Quasar, and the parking operator just takes a bit of energy from you to power their building. Imagine peer-to-peer energy transactions, where you could share energy with your neighbors or transact on an individual level. These are just some examples of the new normal we are creating. With that, let's move into the live question and answer section. Thank you to everyone.
We're really grateful that you joined us during this Investor Day, and thank you to all the team at Wallbox that make and put this together, this production, so we can tell you more about Wallbox and our vision for the future. Now is the time for the Q&A. With me is Jordi Lainz, our CFO, and Austin Wood, our Director of Corporate Development. He will be our moderator, and let's start with all the questions we already have.
Amazing. Thanks, Enric. As Enric said, my name is Austin Wood. I'm the Director of Corporate Development and Investor Relations here at Wallbox. Over the past week, we've been collecting questions via our email, investors@wallbox.com, and then also over the course of this presentation, you all have been submitting your live questions. We're here today to answer those questions. I'm going to ask a couple to start to Enric and Jordi. Enric, the first question we got was regarding our home charging strategy. The question came in, why did we choose the home, and how do we compare to some others within the space?
Perfect. The most important thing is that, first of all, 70%-80%, or 90% in some countries, of charging happens at home. It's really, really important to solve this. When people buy an electric car, they tend to double their energy consumption. When we founded Wallbox, nobody was focusing on that, because at home, the price of the energy changes by the hour, so you need smart charging devices that charge when energy's cheaper. The power at home is limited, so if you start the air conditioning, the heating, or any consumption at your home, you can trip a fuse. You need to charge when energy is cheaper, and also to make sure you always can charge as fast as possible so you save time.
Everybody at that time was focused on public chargers for the street, but the key to make possible the transition to electric cars was to solve, first of all, home charging. Six years ago, when we founded Wallbox, we focused first on home charging. We launched our hardware and software products, and then we focused on condominiums and enterprises, which is what we call business or semi-public charging. People that lives in a condominium want to know how much energy each neighbor is spending, and at the end of the month, send an invoice. Wallbox basically is solving all the solutions that you will need in a home, business, or public environment. There's a lot of differentiation at Wallbox, but I think what's key is that we focus on the energy. We're in the middle between the car manufacturer and the utility.
We are actually physically between the car manufacturer and the utility. We make sure we optimize your charging to make sure you take the most of your installation, but you also take the most of your car. Up into the part of installation, using your car as a battery to power your home, all these things is what our products make possible, and this is possible at home, where most of charging happens.
Thank you. Jordi, next question is for you. It's related to the home. The question is, can you give us some color to help us understand your strength of your margins on your at-home product? It's asking about the margins of our hardware products and software products, and how we're achieving that.
Okay. Our focus until today has been really speed to market and growth, not margins. Despite that, we have been reporting historically, and today, gross margins higher than 40%. Basically, it has been due to our in-house manufacturing process, which allow us to control all supply chain. Of course, also our in-house design that give us capabilities in changes and improvement in terms of engineering and design. Of course, we are not white labeling selling product, and it means that also it help us to report these gross margins. No? In fact, it give us, for the future, a potential space to improve it because we have not forecasted any economies of scale or cost savings due to the increase of significant volume that we will have in the future. No? We have a big space for optimization.
Great. Actually, along those lines, we got two follow-on questions related to the pricing and the margins. The first question is, have we incorporated any increase or decreases into our prices as we're doing our forecasting? A related question, I guess, would be, if we are incorporating any effects or anticipating any effects from inflation as we're doing our forecasting.
Well, as I mentioned before, we have a significant space for this economy of scale. The huge increase of volumes that are expected in the next years in all EV space allow us to improve this. In our forecast model, in our financial model, we have not forecasted any cost savings related this. We have, then, enough space to absorb any potential inflation effect that we could have in the following years.
I think also it's important to note that the way we are going to keep the prices is going to be first, we always kept the price. The way we do it is launching new functionalities. We improve our software. We're actually launching pretty soon a new functionality called Eco-Smart that enables you to charge when you have excess or excellence of solar power. You can charge only with solar power in your installation. We're launching every month, basically, new functionality. That's the way we keep prices. Also, we're launching new hardware. Our hardware is constantly upgraded. We had the Pulsar Plus. We had the Pulsar, now the Pulsar Plus. We are developing new, the Commander, the Copper, new products are coming. That's one part. Also the brand. We have a strong brand identity.
As Jordi Lainz says, we don't do white labeling. Every charger we sell today is building on this brand. We make sure people ask for our products. In the U.S., we're also making sure the strong brand we have in Europe, a leading brand, is happening in the U.S. You can see today already with the Amazon bestseller, people are starting to recognize our products. With the brand, with innovation, and with new products, that's how we keep the price. You would say perfectly, Jordi Lainz, there's a lot of room to improve on margin. We have focused mostly on launching as fast as possible to the market. We are increasing volume exponentially, and there's lots of room on the design for improved margins.
Even though we're already at 40% gross margin, which is double of what happens today in the market versus our peers. Yeah.
Thank you. Actually, that's a perfect segue into the next question we got. You're talking about Eco-Smart, you're talking about solar. Recently, we were asked about, or we announced a partnership with SunPower in the U.S.A. One of the questions that came in was, if we could give a little bit more context on SunPower. What's our relationship with them? How did that come up? What the impact will be for our business.
Perfect. SunPower is a distributor and installer of solar. There's a very good relationship between charging and solar. When people buy an electric car, their home consumption doubles. They tend three times more to buy solar power than people that wouldn't have bought an electric car. First comes the electric car, then comes solar. There's also situations where there's solar power and there's an electric car also. We are here leveraging the 350,000 installation that SunPower has done already. They are doing 50,000 installations a day, so it's A year, sorry. 50,000 installations a year. Using this network with the Eco-Smart functionality, that makes their solutions more interesting for EV drivers. We expect it's increasing our national market, and we are going to leverage our products through the distribution network.
We see even more interesting part in the future also, which is not only selling our AC chargers, it's also selling our DC chargers that right now, like Quasar, we are selling in Europe. Next year is coming Quasar to the U.S. Quasar basically makes electric cars batteries for the home or batteries for the grid. Once Quasar is available in the U.S., I think this is the perfect product for SunPower. For SunPower and the customers of SunPower. People will not need to buy batteries. They already have their car. With their car, they will have a huge power wall for the home.
Thank you. We talked about a couple of different products there. We talked a little bit about hardware, we talked about Quasar, we talked about software. Jordi, I'm going to come back to you now.
Can you give us an idea of what the breakdown of our sales are by product today?
We got a couple of questions related to, hey, what do your sales look like today from a product level, and what are they going to look like in the future?
Okay. Well, today, approximately 95% of our sales come from hardware. The rest, 5%, comes mainly from software and also installations and accessories. It's important that we create this base of infrastructure, and as much chargers we have installed, it allow us to monetize this and it allow us that what we are expecting that in 2025, 11% from our sales will come directly from software, which represent approximately $125 million. The rest will come from 34% we are forecasting, that comes from our AC charging solutions. Approximately 29% from Quasar, and the rest, 17%, will come from public charging Supernova and ultra-fast charging public chargers.
Thank you. We talked a little bit about Quasar again. I see we have a question coming in about how something similar to what Enric was just talking about, the intersection between Quasar and energy management. Enric, can you maybe take a step back and talk a little more, what does Quasar do, and what exactly is that link?
I think Eduard Castañeda explained it perfectly, but I will add to this. Quasar is the first bidirectional charger for the home. Before Quasar, these products were huge, very heavy, and very expensive product. With Quasar, what we make a small product that you can put in your wall at home, and it's affordable. It's around $2,500. Really, really competitive with current AC charging. We did this thanks to our technology. We have a patent-pending technology with high-frequency switching using silicon carbide MOSFETs, and we have patents especially in the magnetics design. We have lots of patents there to make sure we can make these products compact and affordable. What Quasar does is you have your electric car, and your electric car has a battery. This battery, it's massive.
If you think these power walls that you can have at your home, that's around 10 kWh. 10 in the capacity they can store. An electric car, it's 60-100 kWh. It's 6-10x bigger than any power wall you can have at home. Imagine, it's a battery that can power your home for four days. Quasar, what it does is you can be charging your car, but Quasar, what it also does is discharging your car. From here, the possibilities are limitless. You can start from saving money. You can charge when energy is cheaper, your car, and discharge when energy is more expensive. You shift your consumption to hours where energy is cheaper. You save around $120 a month, depending on the installation, you save money.
You can even save more money or make a smarter usage of energy when you combine it with solar power. You have solar power at home. You charge your car when you have solar, and use your car as a battery at night when you don't have solar power. There's also next step, which is vehicle-to-grid. What I was explaining now is vehicle-to-home, everything happens at home. The third one is vehicle-to-grid, and this is giving to the grid the option to use your car as storage for the grid. We are doing this already. Quasar is not something it's happening in few years. It's something we are doing already in Europe, in many countries, in the U.K., in Germany, and in Australia. In that case, users can make a revenue.
They sell the energy to the grid, they provide power to the grid with frequency regulation, and in some countries, they are saving around GBP 200. In the U.K., in that case, $200 a month using Quasar. Quasar makes your car a battery for your home. From here also, what I explained in the video, we can use Quasar also as an inverter. Not only have a charger, we can have something where you can directly connect the solar panels, and it becomes your inverter for the home.
Thank you. Actually, one of the questions was related to that, so I'm going to stay on that theme. One of the questions that just came in is, can you talk about how solar to EV is currently done? What are the different pieces of technology that you need that maybe next generation Quasar will replace?
Yep. Right now, we have our AC chargers or Quasar, and they have a communication protocol with the inverter, or they are just measuring the home consumption with meters. You have the solar panel to the solar inverter, which is AC, and then comes to our chargers and then goes to the car. With the next version of Quasar, what we are doing is removing all these components. You will only have the Quasar, and the solar panels will connect to the Quasar. The car will connect to the Quasar to charge or discharge, and the Quasar will be connected at your home. One product does everything. Inverter, battery, and charger.
Amazing. Great. Enric, I'm not going to leave you alone just yet. The next question we got was around the other piece of our DC technology. It was about our public charging strategy. Could you talk a little bit more about how we're entering the public market? The question is specifically around, are we just selling hardware, or are we also making some money on the utilization of that hardware from other networks?
Yeah. It's a long answer, but the answer is yes. We sell hardware, and we also make sure we'll get revenues from using public charging, but without owning our networks. Okay? Let me start first with the actual Supernova strategy. Supernova solves the two main problems of public charging. One, it's reliability. We have data that shows that in some countries, 50% of the fast public charging infrastructure doesn't work. This is a big problem because when you go to a public charger, you expect it to work. Two, it's the cost. Today, DC fast chargers are very expensive. Supernova solves both. We have a modular design that has loads of Quasar modules. They are compact and affordable, which is what Quasar technology does. We are able to make a product that is reliable because we have loads of modules.
If one of those modules fail, no problem, we have the others still charging the electric car. The other thing we have, it's cost savings. With the high-frequency switching technology we have patented, we are able to drop the cost to 40% of the total ownership cost. We save it mainly in two ways. One, it's the actual cost of the hardware, which is close to EUR 10,000-EUR 12,000, which is substantially lower than our competition. That's the price for our customers. Two, we save it with the installation cost. It's a product which is very light. It's made of plastic with some metal reinforcement to making sure it's strong. It's very easy to place. You don't need special equipment to place it. You can later install the modules, which are the heavy part.
One person or two people can place it in installation. It's a very simple, very fast installation process. That's the hardware. If we go to the monetization of public charging, we have Electromaps. Electromaps is a public charging app that 80% of charging happens at home, but there's still 20% that doesn't. Our customers, maybe once per week or once per month, go to a public charger. With Electromaps, they can locate public chargers, then they can pay for this public charger, and we get a 10% fee for every transaction that goes through public charging. We don't own these chargers. These chargers are owned by third-party operators. We have agreements with them to make sure our users can access them. With one app, they have access to multiple operators. Wallbox does not invest in installing all these chargers in the street.
We just have the agreements with these operators and the data. Of course, we have hundreds of thousands. This is a leading app in Southern Europe. We are now working a lot to expand it at a global scale.
Thank you. Talking a little bit more about fast charging, one of the questions that we were asked during the production was if we could explain our relationship with Iberdrola. They have obviously some big plans to expand the public charger infrastructure throughout Spain, throughout Europe. If we could touch on kind of the relationship we have with them, and what it means for our future as well.
Yeah. Iberdrola is one of the biggest utilities in the world. They are actually a 170-year-old company, and the number one world provider of wind power. It's really focused on renewable energies. They have a goal, as you say, they are planning to install 150,000 chargers. They have a huge commitment with $75 billion in, I don't know if euros or dollars, in renewable energies and energy transition. They are one of the leading companies on the energy transition. Since the beginning of Wallbox, very early, they have been an investor, they have been a board member, but also one of our customers. We have been evolving together. Iberdrola today is around 5%-10% of our sales. Depends on the year and the quarter. According to Massoud, also, we try to keep always our customers to be around 5%.
It's a very strategic partner. Also, they already place orders for Supernova. Supernova, together with Iberdrola and other utilities in the world, we have more than 8,000 units in pre-orders. This amount to $130 million to be delivered in the next two years. Actually, the first Supernovas we will produce. They already have a name, it's Iberdrola. We have a commitment with them. They have commitment to install them, so we will deliver to them as soon as possible. Just when we start production at the end of this year. That's it. Yep.
That commitment amount, it was how much of the EUR 8,000?
Iberdrola, it is around 6,000 of that.
Okay.
Yeah.
Great. Jordi, let me turn it back over to you. We talked about how Iberdrola was part of our past. Maybe let's take a step back and look at some of our historic revenues. Can you talk a little bit more about what has fueled our growth over the past couple of years, what is driving the growth moving forward?
We have been focused on user since from the beginning and in our history. We have been growing between 200%-300% on a yearly basis, focused on home solutions. Adding other products as we have been talking, as Quasar, not only for countries that today we are working with, that it's Germany, U.K., or Australia, for the rest of European countries. Launch of a public charger that as mentioned Enric. We have more than $230 million committed for the next two years. Expanding these products to the U.S. market. You know that for next year, we will sell these products in U.S. market as Supernova and also Quasar. The same that we are doing today with Pulsar UL.
Additionally to this, we will continue with our geographical expansion to the actual EV markets where we are leading in Europe and of course, U.S., as I mentioned. New markets as APAC, South America. Lastly, adding new business recurring revenues as software, energy management systems that will allow to take profit of all infrastructure installed of chargers. These are the main drivers for the future growth of the company for the next year.
Yeah. I'm super excited about this because right now most of the revenues come from AC charging, home and business AC charging. We have already these huge pre-orders, these new products, Quasar and Supernova. Quasar is already on sale, and we are seeing a huge growth. Supernova is coming out, so a big part of the growth is coming from new things, and they already are proving successful.
I think this is a great situation to be.
Thank you. Jordi, I'm going to come back to you. It's a follow-up question on the geography piece.
Oh.
We're a Barcelona-based company.
The question is, could you give a little bit more detail on our sales split on a geographical basis?
Okay.
Are the majority of our sales based in Europe, or how are they spread out across the country today? Maybe we could also answer, what do they look like in five years?
Well, we have been an international company since day one because we were born in Barcelona, and EV market in Spain was absolutely insignificant. This is why today, for example, on Q2, our market number one has been Germany, second U.K., Spain, Italy, U.S. It's in the top five. Also, that we began our sales in U.S. on late February. We have Norway, Netherlands, and probably in the near future, this top five, U.S. will became top three. In some month, I expect also, Enric, that it will be probably our main country market because it's significant growing that we are experiencing there. For the future, of course, we have a significant base, and we are leaders in Europe, which is probably the main region in terms of volumes. We are expecting that on 2025, 16% from our sales will come from North America.
Still, 77% comes from Europe, and rest of the world will be the rest as APAC, South America, et cetera.
Thank you. We talked a little bit about the U.S. market a good amount there.
One of the questions is related to a press release that we did a couple of weeks ago.
about the new U.S. factory that we're going to be launching. In the video, Douglas said that we're
Yeah
to have selected. Could you give a little bit more context on when we're announcing, and what exactly we'll be doing with that strategy in the U.S.?
We're excited to announce our new factory, in coming weeks, we will announce the exact location. We have had in last month three finalists, excellent ones. We have decided it, and it will announce it in coming weeks. It will be really important for us because we say that we are a global company, and it is. We need to improve the order experience of our customers to have a factory closer. Of course, due to logistic purposes, we need to produce our fast chargers as Supernova near of the market that it's sold. In this factory that will be inaugurated on 2nd half of next year, where we will produce not only the actual Pulsar UL that we are producing here in Europe for North American market, also Quasar for U.S., and Supernova.
We will hire in the short term more than 250 workers, direct labor. Of course, we will improve as we grow on sales. We will implant there the same technology that we are doing here in Europe, Industry 4.0, circular economy in solar panels, in all the factory that will allow not only to produce there, also to have best-in-class factory for EV chargers in North America.
I think this is a critical point. The factories, in general, the vertical integration and have the right suppliers in each country, it's critical. Not only to maintain the good and the nice growth margins we have, it's also, now with all the situation of scarcity of components.
I was just going to ask about that. There is three or four questions about that. Go for it.
There's a lot of scarcity of chips. Owning the supply chain, making sure you control that part and you take care of the whole process, not the design, the development, the manufacturing, the certification. This is allowing us to not stop delivering. We are able to deliver our products in less than 72 hours. We haven't stopped delivering, when many of our peers have stopped, or they have long lead times to deliver. This is key, thanks to owning the supply chain and making sure in case you don't have a component, you can redesign slightly your product and look for a substitute component. Having local supply chains, having a presence in every country, it's important for logistics. It's a part of the cost.
It helps us also to keep growth margins, but also is very important to make sure we can keep growing and delivering without hiccups in every market.
Thanks. The next question we got is related to our DC products again. The question is asking if we could elaborate a little bit more about the traction we have with Quasar. Maybe we talk about some of the partners that we currently have. Also the go-to-market strategy for Supernova. What does that look like? I'll have a couple of follow-on questions about DC-related questions.
We launched Quasar more than one year ago, and the main focus for Quasar has been partnering with exclusive, or not exclusive, but preferred partners in different countries. Today, we have them all in Europe and even in Australia. We started working in the U.K. with vehicle-to-grid projects, with Octopus Energy, also with GrowCharge. These are vehicle-to-grid. They take care of the aggregation part of the communicating with the DSO and the TSO, and we provide the technology, the hardware, and the software. With Nissan in Australia and Mitsubishi in Germany. We are doing specific projects, but in few months, and actually during this second half, what we've done is two things.
One is drop the price of the product to make it more attractive for retail and for B2C projects, so for anybody at home. We are launching the vehicle-to-home functionality. I think this is huge because, vehicle-to-grid, it's great. There's a lot of projects and we sold thousands of these products already. We see a huge potential with vehicle-to-home, and that's Sirius. When I explain that in this building right now, right now here, we are not consuming energy from the grid. Everything's coming from solar power or from the cars we have in our parking lot. Imagine doing this at home. Imagine that at home, you just spend energy when it's at its cheapest, or you only spend energy from your solar power.
This is something we are already doing at home, but we are launching new functionalities that will make it more accessible to anybody at home during the next months. For Supernova.
Can I pause you there really quick?
Yeah.
One of the questions that just came in, when are Quasars going to be available for pre-orders in the U.S.?
I don't know for pre-orders. I know for orders, it's going to be at the second half of next year.
Second half of next year.
For pre-orders, we have to see. Orders, second half of next year. Actually, deliveries.
Yes.
Supernova, our fast charger, is 60-120 kW. We believe that this is the sweet spot for fast charging because fast chargers sound like something important. There's one in a location in a city, there's not many. 60 kW or 100 kW is something that we need every day in enterprises, in restaurants, in hotels. Charging in 1 hour, charging in 2 hours. For that, you need 60-100 kW. To that, we need reliable and big volumes. We made Supernova a product that can be produced by hundreds of thousands. It's made like a car. It's injected plastic. You don't need a specialized installer. Not installer, a technician. Anybody can do this. It's putting connectors. You don't have a cabinet with electrical equipment. It's very easy to build Supernova, so it's very scalable. We are focusing on charge point operators and utilities.
These, especially utilities and charge point operators, are the ones that are investing in public charging. We are making sure companies like Iberdrola, JET Charge in Australia, Copec in South America. Copec is one of the biggest energy companies in South America, and it's also one of our customers, not only for Supernova, also for AC charging, or EGAT in Thailand. These are companies that have huge plans of investing in fast charging, around 60-100 kW, and that's where Wallbox is delivering the solution. That's why all these customers that already tried our product, they place these pre-orders.
We talked a lot about the 60-100 kW chargers. How do you feel about the ultra-fast chargers?
What about ultra-fast charging needs? Where does that play a role in the market? A number of companies are offering up 350 kW chargers, for example.
The big volume is at 60-120 kW, and we need a solution, which is Supernova. At the end of this year, we will be producing big volumes, and we are solving this part, where most of the revenue is coming. We're working also in that part, in the 350 kW, because you will need in highways. It's going to be less volumes. The cost optimization is going to be important, but not as important as Supernova. It's something we're working on.
Yeah.
I hope we can give you good news.
Soon
soon.
Yeah, I think that really resonates. I remember reading a fact one time that said over 90% of trips are between 0 and 30 km . It definitely makes sense, the volume piece, what you were just saying.
Yeah. 80% at home, don't forget that's where Wallbox is global leader. 60 to 120 kW is going to be with enterprises, semi-public locations, and some public locations.
Perfect. How about the split between AC and DC level 2 fast charging? How do you see these 60 and 100 kW chargers? Will they be AC? Will they be DC? Maybe will DC start to enter the home? What do you think?
AC charging has a limitation on onboard charging inside the car. Normally, onboard chargers now are being made that they cannot charge more than 11 kW AC. If you want more than 11 kW, there's some cars that can 22 kW or all Renault ZOE that can do 43 kW, but most of the cars are 11 kW. Above 11, you need DC charging. The key here is that we think that in general, in the future, everything will be DC, even home charging. Car manufacturers have these big onboard chargers inside the car that you only use when you are stopped. It doesn't make sense to carry around a big box, which is an onboard charger. We believe that eventually, this is going to get small, just for emergencies. The infrastructure is going to be at the home or at work.
Quasar is a perfect technology for that. We will have that DC charger, so you don't need an onboard charger. We are saving space for batteries, weight, cost, so we believe that eventually, onboard chargers will not be inside cars.
Thank you. Now we've talked a little bit about the hardware, our AC chargers, our DC chargers, Supernova, even an ultra-fast charger. Maybe we could take a second. We've received a handful of questions that have asked about our software. Can you talk a little bit about how that's set up, and how it may develop in the future?
Mm. So-
Both on the home, business, and public side.
Public side, I already explained Electromaps. With Electromaps, we enable public charging to people. It is an app, and we get 10% for every transaction. We have the other part, which is myWallbox. myWallbox, it is free for home users. If you have a charger at home, it is free for you, myWallbox. You can access all the energy management functionalities of myWallbox. If you are at work or a condominium, generally, if you have more than one or more than two chargers, because actually we have lots of customers that start to have two electric cars. That is home still. If you are not a single user, myWallbox costs you around EUR 5 or $5 a month. What enables you is to make a business from your charging infrastructure.
You can sell the energy, you can do energy management functionalities, manage thousands of users, thousands of chargers through myWallbox. That's important. For home, we do it for free. Of course, we get lots of data that we are seeing. We actually have projects to make revenues from that. The main revenues come from the semi-public and business charging.
Great. Thank you. The next question is around a theme that kind of encompasses all of this-
which is our IP, so our IP and kind of our technological lead. Enric, I'll turn back to you again. Jordi, I'm coming for you next.
Sure.
Enric, could you talk a little bit about what is the hardest part of our business to replicate, and how do we retain our technological lead?
Of course, the technology, it's the key and what makes you charge as fast as possible, what makes you do the bidirectional charging. As I said before, we have patents in the DC side, for Supernova, for Quasar. We have a time advantage at the end versus the competition. We have a product that is much more affordable, much more compact, and I would say we have at least two years of technological advantage versus the competition. The key is keep innovating, and that's why 40% of our headcount, excluding operations, excluding what's the factory workers, 40% is R&D engineering. We have a huge commitment, and a big part of the proceeds from this transaction are going to new product development. Keeping the development and the investment in R&D, it's key.
I think it's also very important, not only the technology, it's the gross margins. We are able to do everything in-house and make sure we have gross margins. That stems again to our design. Our design, it's built for manufacturing. I already explained how Supernova is built, but making one of our AC chargers, like Pulsar, it's super fast. Actually, the personal cost is less than 5%. It's very fast and very quick to produce. Also, I think what's key also is the time to market. I would say it's not even the most important, because this is a race where the winners of tomorrow are decided today. The fact that Wallbox does everything, or [Xavier] will explain, we're able to do things, launch products in few months.
This enables us to increase our market share, launch to new markets. That brings me to the last point, which is being global. We are a truly global company. We have presence in more than 70 countries. Being in a new country is not just opening an office or having a website, it's having the certifications to sell on those countries. That's hard. Actually, I think it's a huge barrier of entry, having these certifications. If you go to France, and many Tesla stores, if you ask for a charger, they will not sell you a Tesla charger. They will sell you a Wallbox charger because there's different regulations that apply to France. The same happens in different countries. In the U.K., you have different grounding requirements, U.S. certification in the U.S. Every country has specific requirements.
Having those certifications, making sure you can deliver, it's key. Having a fast time to market enables us to have all these certifications and being global today. It's the global, it's the margin, it's the technology, it's IP.
Geez.
There's a lot of things.
Great. Thank you. Jordi, coming back to you.
Okay.
Enric touched a little bit about our margin and some of the costs that go into making one of our chargers. Maybe I could ask you, can you elaborate a little bit more on the input costs that are required to make a Wallbox product?
Well, it depends on the charger and on the model, of course. As an average, I could say that electronic board, it's around between 50%-60%.
Electronic components, it's approximately between 10%-15%, and of course, the cable, which goes from 10%-40%. Also, it's important to remark that the direct labor, as an average on our chargers' cost, it's less than 5%. This is due our manufacturing process, which mainly it's an assembly line, and it allow us not only to maintain these strong gross margins, also to produce here in Europe and also where we are going to produce next year in U.S., and give us the possibility to not going to produce to low-cost countries, that give us more complicated process, delay our time to market, delay our in-house design or validation or certification process. I think that this is a great advantage for us.
We still do it. We have China. We have a factory in China.
Yeah. Of course.
For higher, bigger volumes and products that don't require so much faster time to market, we can produce things.
outside. Yes, time to market is the key right now.
Today, I think it's critical.
Yeah.
Yeah.
Thank you. A little bit unrelated, a question that we received a lot over the course of last week is going back to our bidirectional charging. Enric, this one will be for you. The question is, how do you ensure that bidirectional charging does not cause greater than average battery degradation? Or have we seen any impact on the battery health when we do bidirectional charging with our product, Quasar?
Yeah. That's another barrier of entry at the end, which is the certifications we have to do with the car manufacturers. I believe we are leaders here. We have the certifications with the car manufacturers that enable bidirectional charging. In Nissan, for example, we certified to them, and they tell us which is the maximum percentage of the battery you can discharge, which power, the current ripple. All the parameters they tell us what to follow, so to make sure, one, I think it's more important than degradation, is to keep the warranty of the battery. We need the certifications, and we have them. Two, it's make sure we don't affect the life of the battery. We follow their recommendation to get the certification. We ensure minimum impact on battery life.
Just to give you an idea, when you press accelerator in your electric car, you are consuming 50 to, well, some cars it's 200 kW. It's a lot of power. When we are doing bidirectional charging, we are just consuming 7 to 10 kW. It's a really, really little power. It's not putting the battery under stress.
Great. I've one more tech-related question, and then a couple of transaction-related questions. The question here is going to you, Enric. How do we think about future products and maybe some of the more innovative or some of the different products that are out there right now, maybe like wireless charging, battery swapping? How does Wallbox fit into the ecosystem of these different types of charging products?
Regarding wireless charging, our technology for Quasar, it's a big part of a wireless charging requirement, which is the converters. We are in projects internally, R&D projects in this moment, working on that. The challenge with the efficiency or in general wireless charging when you are not perfectly placed. I think it eventually will come, but not in all situations because efficiency. I think it's very important. We are trying to make Wallbox more sustainable, and if we lose a lot of efficiency, I think it's a challenge. Definitely, we have the technology, and we're working on that, actually, to make it more efficient. Two, I think battery swap, it's compatible with charging. At the end, 80% of charging happens at home.
You will still charge 80%, but sometimes maybe it will make sense when you're in a long trip to make a battery swap instead of charging. It's going to be challenging, the standardization, that all the car manufacturers have the same battery, the business model to make sure who's going to be paying for the battery that is somewhere in the highway. There's lots of challenge to overcome, but perfectly compatible with our business.
Thanks. We've talked a lot about how we conduct relationships with different automobile manufacturers around the world. This question comes in and is asking about, can you elaborate a little bit more on the relationship with the automobile manufacturers that we have at the different levels around the world? Enric, I'll give this one to you.
We work with the top automotive companies in the world. Companies like Nissan, where we have an agreement for 38 countries. It is a global agreement. For them, what was key, it was, again, the certifications, and the global presence. Being a car manufacturer want companies that can support them in all countries. Because Wallbox has presence in the U.S., in Europe, in China, in the whole APAC region, we are the ideal company for car manufacturers because they want this partner globally. We have these global agreements also with companies like SEAT, CUPRA, which is a Volkswagen group company where we also serve in almost every country they sell their products, or we have local agreements also. For example, in China, we have an agreement with Hongqi, is a Chinese car manufacturer. They were really interested in the Bluetooth technology for our products.
When [Eduard] was explaining that without Wi-Fi you can access your charger, that was the interest of Hongqi. We work with car manufacturers at a global level. We also have agreements at the country level, which, for example, Mercedes in some countries. Virtually any car manufacturer at the end, we have an agreement somewhere. The car dealerships. The car dealerships, we let it do it to our distribution partners. Mid markets, they are the ones going to the car dealerships. I think it's key, the global presence, as I said, because also we have companies from China going to the U.S., coming to Europe. They are looking at partners like us that can support them in both continents. This is critical for them.
Thank you. Jordi, turning it back over to you.
The question that came in, we've got a couple questions regarding this topic over the past week. What is the timeline to complete the merger with KCAC, and can you give us a quick update on where we are within the transaction process?
Well, here we are moving quickly. We have already submitted our F-4 to the SEC since we announced the deal mid-June. As you know, KCAC today, it's a listed company in the New York Stock Exchange. We expect to close our business combination with Kensington at the end of the Q3, where then the ticker from KCAC will change to WBX. At the moment, Wallbox will be listed on the New York Stock Exchange.
Perfect. Last question we have here today is going back to the theme of Kensington and is just asking, can you please help us understand your decision to go public via merger with Kensington Capital Acquisition Corp? Enric, I'll give this one to you to finish us off today.
Perfect. Well, we decided to go public, first of all, because what's bringing us the funds is almost $330 million on proceeds to make possible our business plan, which is a fully funded business plan. With this, we're able to become profitable and free cash flow positive. Also because the long-term investors that Kensington was bringing to the table. We had a PIPE participated by Janus Henderson, Luxor Capital, Cathay. Companies that are here for the long term. Have the proceeds, we have the long-term investors, and then the third part is the team at Kensington. It has been really exciting to meet them and start working with them because as Barbara said, they have over 300 years together of experience in the automotive industry.
We have the former CEO of Chrysler, former CEO of Thule, Anders Pettersson, who's going to be one of our board members. Justin Mirro, this is led by Justin Mirro. Huge experience in banking and automotive. Also Nicole Nason, former head of the Federal Highway Administration, which we expect that also she can help us to navigate the U.S. administration. With the Kensington team, we're already starting to see huge benefits with this agreement because they are helping us to enter the U.S. OEM or car manufacturer market. This is something we have not included in our business plan. Everything that Kensington is helping us to accelerate our growth globally in the U.S., but also our growth industrially. These are manufacturing guys also that are helping us to improve our operations. This is not in the business plan.
That's what excites me the most, because we have a plan, but with this team, we expect that we can even make it better and accelerate it thanks to the Kensington team.
Thank you. That wraps it up today. Thank you very much for everyone for tuning in. Again, if you have any questions that you'd like to submit over the next couple of weeks, we'd be more than happy to answer them. You can submit them to investors@wallbox.com, and we'll get back to you as soon as we can. I have to give a big thank you to our management teams, to our production team, to our design team, and to everybody that tuned in today. Thank you all for joining us, and we hope that you enjoyed Wallbox's story.
Thank you.
Thank you.