MIAMI BEACH, Fla., May 11, 2021 /PRNewswire/ -- 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 that it acquired the European EV
charging operator Blue Corner N.V., based in Antwerp, Belgium, and its portfolio of 7,071
charging ports and a robust European charging network. The
acquisition was made with a combination of cash and stock for €20
million (or approximately $24
million) and gives Blink complete operational control of
Blue Corner and its EV charging assets. The acquisition is part of
Blink's broader strategic international expansion plans and
provides the Company a significant infrastructure footprint in the
region. Blue Corner chargers are located across Belgium, Luxembourg, the
Netherlands, and France.
Blink's European expansion allows the Company to capitalize on
the robust European EV industry immediately. "EVs enjoy a much
higher market share in Europe.
This brings increased utilization for EV charging stations. In
addition, the historically higher price of fuel makes driving an EV
a stronger value proposition for drivers," stated Blink Founder and
Chief Executive Officer Michael D.
Farkas.
The European EV market is growing faster than the United States. Sales of plug-in electric
vehicles in Europe rose 137% to
1.4 million vehicles last year, whereas U.S. sales rose 4% to
328,000, according to ev-volumes.com. The surge in EV adoption will
increase demand for EV charging infrastructure. In addition,
European regulations are further accelerating widespread EV
adoption regulatory support for zero-emission vehicles.
"We are very excited about this acquisition and the opportunity
it provides Blink to have a significant presence in Europe quickly. As a key contributor to the
expanding EV landscape, we are continuously looking for
opportunities to strategically increase our global assets while
also making EV charging more accessible. International expansion is
fundamental to our rapid growth and will accelerate the success we
are already achieving in the region," stated Farkas. "Our
aggressive international strategy complements a series of
significant domestic wins and new contracts that have exponentially
expanded our network in the US."
"Blue Corner's mission is to build a sustainable society and be
ready for tomorrow's driver. Since Blink shares this philosophy, it
was a logical step to join forces. I am convinced that Blue Corner,
as part of Blink Charging, can acquire a strong market presence
throughout Europe. This
acquisition allows us to significantly strengthen both our
financial and organizational structure," shared Peter Buyckx,
Managing Director of Blue Corner.
To facilitate Blink's European expansion, the Company also
announced the formation of Blink Holdings B.V., a new Dutch company
in Amsterdam, which will drive the
growth of Blink's European presence. The existing Blue Corner
operations, management team, and personnel will remain unchanged
following the acquisition.
Blink formally entered the European market in September 2019 with Blink Charging Hellas, a
joint venture between Blink Charging Co. and Eunice Energy Group.
The partnership began with the first deployment of Blink electric
vehicle charging stations in Greece as part of the green energy
electrification of the Rio-Antirrio "Charilaos Trikoupis" Bridge.
Significant subsequent announcements have been made, including a
partnership of Blink Charging Hellas and Nissan Nik. I.
Theocharakis S.A and the purchase of 45 dual-port Blink charging
stations by Public Power Company (PPC S.A.) for deployment across
Greece. This tender by PPC S.A.
was the first following the utility's public announcement to enter
into the Greek EV charging market with 10,000 charging stations.
Also, in September 2019, Blink
announced its first deployments of EV charging stations in
Israel through its wholly-owned
subsidiary Blink Charging Ltd.
ABOUT BLINK CHARGING
Blink Charging Co. (Nasdaq:
BLNK, BLNKW) is a leader in electric vehicle (EV) charging
equipment and has deployed over 23,000 charging stations, many of
which are networked EV charging stations, enabling EV drivers to
easily charge at any of the Company's charging locations worldwide.
Blink Charging's principal line of products and services include
its Blink EV charging network ("Blink Network"), EV charging
equipment, and EV charging services. 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 by 2025 from approximately 2 million in 2019,
the Company 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/.
ABOUT BLUE CORNER
Blue Corner started in 2011 as one
of the pioneers of charging points for electric vehicles. Based on
its sustainable mission, the supplier and manager of EV charging
facilities wants to make electric driving easy and accessible for
everyone. Blue Corner focuses on smart and comprehensive 360°
solutions with subscriptions for professionals, the general public
and partners. Its rapidly growing network has over 7,000 charging
points spread across Belgium,
the Netherlands, Luxembourg and France. Blue Corner's public charging card
makes a total of 250,000 charging points accessible in the rest of
Europe. The company has 30
employees and is headquartered in Antwerp.
www.bluecorner.be
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 attendant to
making acquisitions, especially in other countries, as a result of
integration of acquired assets and personnel and managing growth in
new markets and those 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.
Sources
How Europe Became the World's Biggest Electric-Car Market – and Why
it Might Not Last. February 28,
2021. https://www.wsj.com/articles/how-europe-became-the-worlds-biggest-electric-car-marketand-why-it-might-not-last-11614508200
Europe overtakes China in EV sales growth in 2020. January 20, 2021.
https://www.spglobal.com/platts/en/market-insights/latest-news/coal/012021-europe-overtakes-china-in-ev-sales-growth-in-2020
EU told 1 million public EV charging stations needed by 2024.
February 11, 2021.
https://www.reuters.com/article/us-europe-autos-electric/eu-told-1-million-public-ev-charging-stations-needed-by-2024-idUSKBN2AB0UG
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SOURCE Blink Charging