Business
Blink Charging Announces Closing of the Acquisition of EV Charging Leader SemaConnect
- The acquisition adds nearly 13,000 EV chargers, an additional 3,800 site host locations and more than 150,000 registered EV driver members to Blink’s
About this update from Blink Charging Co.
[{"type":"text","content":"- The acquisition adds nearly 13,000 EV chargers, an additional 3,800 site host locations and more than 150,000 registered EV driver members to Blink’s existing footprint.- In-house manufacturing and US-based assembly brings Blink in compliance with the Biden Administration Buy American initiatives Miami Beach, FL, June 21, 2022 (GLOBE NEWSWIRE) -- 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 n...