Blink Charging Expands Footprint Via This $200M Acquisition - What's The Benefit

Blink Charging Expands Footprint Via This $200M Acquisition - What's The Benefit
  • Blink Charging Co. BLNK has agreed to acquire SemaConnect, Inc., a provider of EV charging infrastructure solutions in North America, for $200 million in cash and common stock.
  • This transaction adds nearly 13,000 EV chargers to Blink's existing footprint, 3,800 site host locations, and more than 150,000 registered EV driver members.
  • The acquisition further solidifies Blink's position through complete vertical integration of the 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 U.S.-based assembly bring Blink in compliance with the Biden Administration Buy American initiatives.
  • "SemaConnect has a robust hardware product line-up which complements Blink's extensive software product offerings. This includes our multi-language and multi-currency network, allowing Blink to have an EV charging station for any location across more than 20 countries and expanding," stated Michael D. Farkas, Founder, and CEO of Blink Charging.
  • As of March 31, 2022, Blink's cash and equivalents totaled $161.9 million.
  • Mahi Reddy from SemaConnect is expected to join the Blink Board.
  • Price Action: BLNK shares are trading higher by 2.39% at $14.58 on the last check Tuesday.
  • Photo Via Company

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