Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink”), a leading
owner, operator, and provider of electric vehicle (EV) charging
equipment and services, today announced it has completed its
previously announced acquisition of SemaConnect, Inc., a leading
provider of EV charging infrastructure solutions in North America,
for a combination of cash and shares of its common stock. The
transaction added nearly 13,000 EV chargers to Blink’s existing
footprint, an additional 3,800 site host locations, and more than
150,000 registered EV driver members.
Blink Charging is now the only EV charging
company to offer complete vertical integration from research &
development and manufacturing to EV charger ownership and
operations. This vertical integration creates unparalleled
opportunities for Blink to control its supply chain and accelerate
its go-to-market speed from more than 10,000 EV chargers today
scaling to 50,000 per year, while reducing operating costs.
Blink will benefit from SemaConnect’s in-house
research & development, hardware design, and manufacturing
capabilities. SemaConnect’s manufacturing facility in Maryland will
allow Blink to comply with the Buy American mandates and positions
Blink to significantly capitalize on the $7.5 billion Biden
Administration EV infrastructure bill and assist with the
Administration’s goal to build out the first-ever national network
of 500,000 EV chargers along America’s highways and in communities.
This acquisition positions Blink to assist the Administration’s
development of a national EV charging network that provides
interoperability among different charging companies and is
user-friendly, reliable, and accessible to all Americans.
“Our speed in closing this deal is the first
signal of the integrations and opportunities we can leverage from
SemaConnect’s robust hardware product line-up. This allows Blink to
rapidly bring to market leading EV charging hardware complemented
with our advanced software, including our multi-language and
multi-currency network,” said Michael D. Farkas, Founder and CEO of
Blink Charging. “In addition, we are particularly enthused about
finalizing and bringing to market the DCFC charger being developed
by SemaConnect. Capitalizing on these efforts allows Blink to
significantly accelerate our DCFC speed to market while drastically
reducing our R&D costs,” said Mr. Farkas.
Blink intends to transition SemaConnect’s
chargers to a single state-of-the-art network developed by a joint
engineering team, which nearly doubled with the acquisition. The
addition of the SemaConnect hardware further accelerates Blink’s
expansion across multiple municipalities and geographies, including
California, where SemaConnect chargers already comply with local
requirements for swipe credit card functionality.
Founded in 2008, SemaConnect is a market leader
with a diverse suite of products, including Level 2 and DC Fast
chargers, and charging-as-a-service program which provides a full
package of EV charging solutions. SemaConnect’s hardware and
software solutions reach a wide range of critical EV charging
customers across municipal, parking, multifamily, hotel, office,
retail and commercial in the U.S. and Canada. Major customers
include CBRE, JLL, Hines, Greystar, AvalonBay Communities, Cisco
Systems, General Electric, among others.
SemaConnect executives will continue working for
SemaConnect, a Blink group company. Mahi Reddy, SemaConnect’s Chief
Executive Officer, and Marc Pastrone, its Chief Operating Officer,
signed new employment offer letters and will remain in their
positions. Harsha Kollaramajalu, SemaConnect’s Chief Technology
Officer, will join Blink as its Executive Vice President, Head of
Global Manufacturing.
“With the acquisition of SemaConnect and Blink’s
recent past acquisitions, including EB Charging and Blue Corner in
Europe, we have significantly expanded and strengthened our
position as a global leader in the EV space,” said Mr. Farkas.
# # #
ABOUT BLINK CHARGING
Blink Charging Co. (Nasdaq: BLNK, BLNKW), a
leader in electric vehicle (EV) charging equipment, has deployed
over 48,000 charging ports across 19 countries, many of which are
networked EV charging stations, enabling EV drivers to easily
charge at any of Blink’s charging locations worldwide. Blink’s
principal line of products and services include the Blink EV
charging network (“Blink Network”), EV charging equipment, EV
charging services, and the products and services of recent
acquisitions, including Blue Corner and BlueLA. The Blink Network
uses proprietary, cloud-based software that operates, maintains,
and tracks the EV charging stations connected to the network and
the associated charging data. With global EV purchases forecasted
to rise to 10 million vehicles by 2025 from approximately 2 million
in 2019, Blink has established key strategic partnerships for
rolling out adoption across numerous location types, including
parking facilities, multifamily residences and condos, workplace
locations, health care/medical facilities, schools and
universities, airports, auto dealers, hotels, mixed-use municipal
locations, parks and recreation areas, religious institutions,
restaurants, retailers, stadiums, supermarkets, and transportation
hubs. For more information, please visit
https://www.blinkcharging.com/.
Forward-Looking Statements
This press release contains forward-looking
statements as defined within Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements, along with
terms such as “anticipate,” “expect,” “intend,” “may,” “will,”
“should,” and other comparable terms, involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the future. Those statements
include statements regarding the intent, belief, or current
expectations of Blink Charging and members of its management, as
well as the assumptions on which such statements are based.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, including risks related to the acquisition
of SemaConnect, as well as Blink Charging’s ability to integrate
the acquired business within expected timeframes and to achieve the
revenue, cost savings and earnings levels from such acquisition at
or above the levels projected, and those other risks described in
Blink Charging’s periodic reports filed with the SEC, and that
actual results may differ materially from those contemplated by
such forward-looking statements. Except as required by federal
securities law, Blink Charging undertakes no obligation to update
or revise forward-looking statements to reflect changed
conditions.
Blink Media Contact PR@BlinkCharging.com
Blink Investor Relations Contact
IR@BlinkCharging.com855-313-8187
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