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
its wholly-owned European subsidiary, Blink Holdings BV, has
acquired Electric Blue Ltd. (EB Charging), a provider of integrated
EV charging and sustainable energy solutions based in the United
Kingdom. This acquisition marks Blink’s first entry into the UK and
adds more than 1,150 chargers, installed or committed for delivery,
to its footprint, accelerating Blink’s global expansion, now
present in more than 18 countries. The purchase price of this
acquisition is up to approximately $23.4 million, in a combination
of cash, stock and earn out.
Since 2015, EB Charging has grown rapidly,
servicing over 80 customers, principally local authorities, NHS
healthcare trusts, universities and fleets. EB Charging’s diverse
suite of Level 2 and DC fast products have been installed in over
40 municipalities across the UK. Like Blink, EB Charging offers an
owner-operator model, providing customers and partners with
flexible, personalized and strategic business opportunities to
achieve customer goals whether they want to own, partner with, or
host their charging infrastructure.
Michael Farkas, Founder and CEO of Blink
Charging stated, “Blink will be working with EB
Charging to establish a Blink presence in the UK, allowing us to
bring a unified global experience. Together, we have a robust
portfolio of EV charging solutions that offer advanced EV charging
applications and a state-of-the-art EV network. EB Charging is an
established and well-known EV charging company with a proven track
record of success. Blink will expand EB Charging’s product
offerings to include new commercial and home chargers, new global
network services and apps, and new EV fleet management tools. The
acquisition will further solidify Blink’s goal of creating a
seamless global experience for all EV charging
customers.”
“Blink and EB Charging have a shared mission to
advance EV charging through strategic owner-operator models that
provide for greater flexibility and better outcomes. With the
recent government incentives, EB Charging is the ideal business to
integrate into the Blink umbrella. We’re excited to have a
significant presence in an important market through this
acquisition and play an integral role in helping the UK to achieve
its electrification goals,” said Mr. Farkas.
As one of the first countries to commit to ban
the sale of fossil fuel vehicles by 2030, the UK is a notable
leader in the transition to electric transportation. Last month,
the UK heightened its commitment to increase the number of charge
points tenfold to 300,000 by the end of the decade, alongside an
announcement of a £1.6 billion strategy to increase public EV
infrastructure. The acquisition of EB Charging will allow Blink to
tap into the opportunities for growth in this market and increase
its footprint across Europe.
EB Charging Managing Director
Alex Calnan said: “Blink’s experience,
supply chain, and investment will enable us to install more charge
ports, more quickly, serve more EV driving customers, and deliver
on our commitment to customer excellence and innovation. Working
with Blink, we can quickly and efficiently serve our current £12
million orderbook, significantly growing the EV charger footprint
in the UK. Blink is a substantial business in the US and will
continue to add tremendous value to its international acquisitions
and partners. We are delighted to become part of the Blink
family.”
“The UK has continued to demonstrate global
leadership in accelerating the transition to EVs and EB Charging is
an evident example of this,” said Miko
de Haan, Managing
Director of Europe at Blink Charging. “With clear
alignment of values and innovation, our agreement to acquire EB
Charging will allow us to deliver first-class charging solutions to
drivers and partners across the UK, while driving forward our
expansion across Europe.”
###
ABOUT BLINK CHARGING
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a
leader in electric vehicle (EV) charging equipment and has deployed
over 30,000 charging ports across 18 countries, many of which are
networked EV charging stations, enabling EV drivers to easily
charge at any of the Company’s charging locations worldwide.
Blink’s principal line of products and services include the Blink
EV charging network (“Blink Network”), EV charging equipment, EV
charging services, and the products and services of recent
acquisitions, including Blue Corner and BlueLA. 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 vehicles 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/.
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 including potential benefits from the Company’s
acquisition of EB Charging are not guarantees of future performance
and involve risks and uncertainties, including 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.
Blink Media Contact PR@BlinkCharging.com
EB Charging ContactEB@fugupr.com+44 (0) 1273
327514
Blink Investor Relations Contact
IR@BlinkCharging.com 855-313-8187
Source(s)1Tenfold expansion in
chargepoints by 2030 as government drives
EV revolution, GOV.UK, 03.25.22,
https://www.gov.uk/government/news/tenfold-expansion-in-chargepoints-by-2030-as-government-drives-ev-revolution
Blink Charging (NASDAQ:BLNK)
Historical Stock Chart
From Aug 2024 to Sep 2024
Blink Charging (NASDAQ:BLNK)
Historical Stock Chart
From Sep 2023 to Sep 2024