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 host partners in both
the public and private sectors, and best-in-class technical
capabilities,” said Michael D.
Farkas, Founder and CEO
of Blink Charging.
“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,” said Farkas.
“In addition, we are particularly excited about the DCFC charger
being developed by SemaConnect. These efforts allow Blink to
significantly accelerate our DCFC speed to market while drastically
reducing our R&D costs,” said Mr. Farkas.
Blink intends to transition SemaConnect's
chargers to a single state-of-the-art network developed by a joint
engineering team, which nearly doubles with this acquisition. The
addition of the SemaConnect hardware will accelerate Blink’s
expansion across multiple municipalities and geographies, including
California where SemaConnect chargers already comply with local
requirements for swipe credit card functionality.
Founded in 2008, SemaConnect is a market leader
with a diverse suite of products, including Level 2 and DC Fast
chargers, and charging-as-a-service program which provides a full
package of EV charging solutions. SemaConnect’s hardware and
software solutions reach a wide range of critical EV charging
customers across municipal, parking, multifamily, hotel, office,
retail and commercial in the U.S. and Canada. Major customers
include CBRE, JLL, Hines, Greystar, AvalonBay Communities, Cisco
Systems, General Electric, among others.
Mahi Reddy,
Founder and CEO
of SemaConnect,
said: "Like Blink, SemaConnect has been a leader in the EV charging
industry since its early days, and the combination of our expertise
will enable us to scale the deployment of EV infrastructure even
more quickly and efficiently. We are excited to join Blink as we
charge ahead in transforming the EV charging industry with
flexible, reliable, and innovative solutions for customers around
the globe.”
“With complementary values, business models, and
equipment, SemaConnect was an ideal acquisition target for Blink.
This acquisition brings to Blink top talent from the industry. By
adding the SemaConnect team to its ranks, Blink is building an
industry leading EV charging company. We welcome the SemaConnect
team to the Blink family,” said Mr. Farkas.
“With this acquisition and Blink’s recent past
acquisitions, including EB Charging and Blue Corner in Europe, we
have significantly expanded and strengthened our position as a
global leader in the EV space,” said Mr. Farkas.
Mahi Reddy from SemaConnect is expected to join
the Blink Board of Directors.
The SemaConnect acquisition is subject to
customary closing conditions.
Blink Charging will host a conference call and webcast to
discuss the transaction today, Tuesday, June 14, 2022 at 9:00 AM
Eastern Time.
To access the live webcast, log onto the Blink
Charging website at www.blinkcharging.com and click on the
News/Events section of the Investor Relations page. Investors may
also access the webcast via the following
link:https://www.webcaster4.com/Webcast/Page/2468/45828
To participate in the call by phone, dial (888) 506-0062
approximately five minutes prior to the scheduled start time.
International callers please dial (973) 528-0011. Callers should
use access code: 778753.
A replay of the teleconference will be available
until July 14, 2022 and may be accessed by dialing (877) 481-4010.
International callers may dial (919) 882-2331. Callers should use
conference ID: 45828.
###
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/.
ABOUT SEMACONNECT
SemaConnect is a leading provider and pioneer of
electric vehicle charging infrastructure solutions to the North
American commercial, residential and fleet market. A complete EV
support partner, SemaConnect is making transportation
electrification possible in this decade through innovative,
elegantly designed charging stations, a robust and open network
platform, and an unparalleled charging experience for drivers and
station owners. Since its founding in 2008, SemaConnect has
installed thousands of smart charging stations at top companies
like CBRE, JLL, Hines, GreyStar, AvalonBay Communities, and General
Electric. SemaConnect is a charging solutions partner to municipal,
parking, multifamily, hotel, office, retail and commercial fleet
customers across the United States and Canada. For more
information, visit https://semaconnect.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 are not guarantees of future performance and involve
risks and uncertainties, including risks related to the acquisition
of SemaConnect, as well as Blink Charging’s ability to integrate
the acquired business within expected timeframes and to achieve the
revenue, cost savings and earnings levels from such acquisition at
or above the levels projected, and those other risks 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
Blink Investor Relations Contact
IR@BlinkCharging.com855-313-8187
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