Wallbox and Bidirectional Energy awarded $2.2M funding from CEC

Wallbox announced Phase 1 of their Bidirectional Residential V2X Demonstration Project had been awarded $2.2M in funding from the California Energy Commission CEC REDWDS grant. The project will install and operate Wallbox’s bidirectional charger, Quasar 2, in 120 residential locations across California. The bidirectional chargers will be managed by Bidirectional Energy’s virtual power plant VPP platform to provide home energy backup, utility bill reduction, and additional financial rewards. Bidirectional Energy and Wallbox estimate that Quasar 2 together with the Bidirectional Energy VPP platform can potentially earn users over $1,000 every year when combined with utility Demand Response programs and time-of-use utility rates. By taking advantage of time-of-use utility rates in the U.S., users can enhance the impact of V2X technology by scheduling charging sessions when energy prices are low and discharging their cars to power their homes when prices are high. Users with solar panel installations can also store excess solar energy in their EV during low usage periods and then harness this energy at another time, including usage peak periods, to reduce their reliance on the grid and accelerate the uptake of renewable energy.