Business
Blink Charging’s Wholly Owned Subsidiary Blink Mobility Announces Acquisition of Envoy, Expanding its Position in the Growing EV Car-Sharing Industry
Acquisition builds on Blink Mobility’s experience partnering with local communities and municipalities and Envoy’s innovative platform and business models
About this update from Blink Charging Co.
[{"type":"text","content":"Acquisition builds on Blink Mobility’s experience partnering with local communities and municipalities and Envoy’s innovative platform and business models working with leading hotels, apartments, condos, and workplaces Miami Beach, FL, April 25, 2023 (GLOBE NEWSWIRE) -- Blink Charging’s (Nasdaq: BLNK) wholly-owned subsidiary, Blink Mobility, LLC, a growing all-electric car-sharing service, today announced the acquisition of Envoy Technologies, Inc., a software and mobility service company offering shared electric vehicles as amenity for national real estate developers and owners. Blink Mobility’s acquisition of Envoy, combined with its existing EV car-sharing service, and with the recently awarded $7.5 million to develop an electric car-sharing programs in New Jersey, will create one of the largest all-electric car-sharing companies in the United States leveraging one of the most robust platforms in the industry. Blink Charging’s Board of Directors has authorized its management to start planning for the spin-off of Blink Mobility. Blink Charging plans to distribute a majority of its shares of Blink Mobility as a pro rata dividend to its existing shareholders at a future date. The terms and timing for this transaction have not been determined, and there is no guarantee that it will occur. “We are pleased to welcome Envoy into the Blink Mobility family and the opportunity it brings to take advantage of its experience in the EV car-sharing space and maintain and advance our mission to promote electrification of the nearly $13 billion projected car-sharing industry in the U.S.,” said Michael D. Farkas, the Executive Chairman of Blink Mobility and Chief Executive Officer at Blink Charging. “There continues to be tremendous opportunity among various communities, including inner city areas, for the need of clean, reliable, and accessible transportation.” Envoy developed a car-sharing platform and mobile app that provides on-demand electric vehicles as an amenity to apartments, office buildings and hotels. Envoy equips real estate owners and operators with a new and innovative way to enhance the lifestyle of their tenants, members and guests by providing a “Mobility as an Amenity™ service,” a platform that offers technology to reserve and access vehicles, driver insurance, maintenance, electric vehicle chargers, electric fleet, fleet ma...