- Blink Charging Co. (NASDAQ: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
