Business
Blink Charging Announces the Transformative Acquisition of EV Charging Leader SemaConnect, Further Expanding Its Network and Capabilities
Acquisition further solidifies Blink’s leadership position through complete vertical integration of supply-chain, engineering, and in-house manufacturing
About this update from Blink Charging Co.
[{"type":"text","content":"Acquisition further solidifies Blink’s leadership position through complete vertical integration of supply-chain, engineering, and in-house manufacturing capabilities of more than 10,000 EV chargers today and scaling to 50,000 per year In-house manufacturing and US-based assembly brings Blink in compliance with the Biden Administration Buy American initiatives Miami Beach, FL, June 14, 2022 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced the signing of a definitive agreement to acquire SemaConnect, Inc., a leading provider of EV charging infrastructure solutions in North America, for $200 million, subject to certain customary adjustments for working capital. The cash and common stock transaction will add 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. With this acquisition, Blink Charging will be 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 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 to position itself 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 electric vehicle chargers along America’s highways and in communities. The acquisition will also position 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. “This is a transformative acquisition for the EV charging industry and for Blink. SemaConnect is an established and well-known EV charging company with a proven track record of success, strong relationships with its site ...