Wallbox shares more than doubled on Tuesday morning: here’s why

Shares of Wallbox N.V. (NYSE: WBX) more than doubled on Tuesday morning after the company that makes electric vehicle chargers said it planned on launching a pilot program in collaboration with Uber Technologies Inc (NYSE: UBER).

The program will ramp up the switch to EVs

According to the press release this morning, the pilot program aims at accelerating the shift to electric vehicles, particularly in the California Bay Area.  

As part of the strategic partnership, Wallbox will offer a discounted package to Uber drivers to purchase and install a smart EV charger by Wallbox at their homes. Financing options will also be made available for the drivers.

The partnership made sense for Uber Technologies as it recently committed to becoming a “100% zero-emissions mobility platform” in three of its largest markets, the U.S., Canada and Europe, by 2030.

Wallbox debuted on NYSE only this month at a per-share price of $9.49 versus $20 at the time of writing.

Why California Bay Area?

Wallbox and Uber picked the California Bay Area to test its pilot program because the shift to electric vehicles has been relatively faster in this region. If the strategic partnership bears fruits, it will later be extended to other parts of North America and eventually to the rest of the world.

Commenting on the collaboration with Uber, Douglas Alfaro, General Manager for Wallbox North America said:

Demand for EVs is rapidly increasing here in the U.S. To help accelerate the transition to more sustainable transportation, we need to continue to make charging accessible. To that end, it was natural for us to team up with a transport giant like Uber to give drivers access to smart at-home solutions.