Wallbox N.V. (Wallbox (WBX)) shares are getting a jolt of energy Wednesday morning after the company announced a partnership with Freenow by Lyft (Lyft (LYFT)) to help electrify taxi fleets across Europe. The stock was up 6.23% in premarket trading, sitting at $2.90.
The deal is pretty straightforward: Wallbox will offer Freenow drivers and fleet operators exclusive discounts on its smart EV charging solutions. This covers key markets like Germany, France, the UK, Ireland, and Spain. The idea is to make the switch to electric taxis less painful for drivers who are already dealing with the headaches of range anxiety and charging logistics.
And it's not like Freenow is starting from zero. Over 60% of vehicles on its platform are already fully or partially electrified. So this partnership is more about accelerating an existing trend than starting from scratch.
“The shift to electric mobility in the taxi sector will depend on making charging simple, accessible and suited to the everyday needs of drivers and fleet operators,” said Ignasi Alastuey, Wallbox's Chief Business Officer. “Through this partnership with Freenow, we are making that transition more accessible for drivers across Europe.”
Wallbox, for those who don't follow the EV charging space, is a smart EV charging and energy management company. It builds systems that handle communication between the user, the vehicle, the grid, the building, and the charger. Think of it as the brain behind the charging station. It serves residential, business, and public use cases.
This partnership is a strategic move for Wallbox to deepen its footprint in Europe's taxi electrification push. By offering tailored solutions for both individual drivers and fleets, it's positioning itself as a go-to provider for the growing demand for reliable charging infrastructure.
Now, let's talk about the stock. Wallbox shares have had a rough year—down 61.66% over the past 12 months. But the technical picture is a bit more nuanced. The stock is trading just below its 20-day simple moving average (SMA) but above its 50-day SMA. That suggests some short-term bullish momentum, but the 200-day SMA is way above the current price, so the long-term trend is still under pressure.
The Relative Strength Index (RSI) is at 39.45, which is neutral territory—not overbought, not oversold. That means traders are waiting for a catalyst to push the stock one way or the other. The MACD is below its signal line, which is a bearish signal. Momentum isn't favoring buyers right now.
Key support sits at $2.50, and resistance is at $3.50. If the stock breaks below support, it could signal more downside. If it breaks above resistance, that might indicate a trend reversal. Given the premarket pop, it's worth watching whether the stock can hold its gains and push toward that resistance level.
For now, Wallbox is riding the wave of a solid partnership announcement. Whether that translates into sustained momentum is a question for the charts—and the drivers plugging in across Europe.
