Blink Charging Co. a leading owner, operator, and provider of electric vehicle charging equipment and services, freshly announced that it has signed a definitive agreement to purchase SemaConnect, Inc., a leading provider in North America of EV charging infrastructure solutions. The transaction is subject to certain adjustments for working capital. Blink will receive nearly 13,000 additional EV chargers, 3,800 more site hosts, and over 150,000 registered EV drivers as part of the cash and common stock transaction.
Blink Charging, which has acquired SeemaConnect, will now be the only EV-charging company that offers complete vertical integration. This includes research and development, manufacturing, ownership of EV chargers, and operations. Blink will have unprecedented opportunities to manage its supply chain, accelerate its go-to-market speed, and reduce operating costs.
SemaConnect’s in-house research and development, hardware design, as well as manufacturing capabilities will be of benefit to Blink. Blink will be able to comply with the Buy American mandates. SemaConnect’s Maryland manufacturing facility will enable it to capitalize on the $7.5Billion Biden Administration EV infrastructure bill. It will also help the administration achieve its goal of building the first-ever national network with 500,000 electric vehicle charging stations along America’s roads and in American communities. Blink will be able to support the development of a national EV-charging network that is interoperable between different charging companies and user-friendly, reliable, and accessible to all Americans through this acquisition.
“This is a significant acquisition for both the EV charging industry as well as for Blink. SemaConnect, is a well-respected EV charging company that has a track record of success and strong relationships with both public and private sector partners.” Said Micheal D. Farkas Founder and CEO of Blink Charging.
“SemaConnect offers a strong hardware product line-up that complements Blink’s wide range of software products. This includes our multi-language network and multi-currency network. This allows Blink to have an electric vehicle charging station at any location in more than 20 countries. SemaConnect is also developing a DCFC charger. These efforts will allow Blink significantly accelerate our DCFC speed-to-market while dramatically reducing our R&D expenses”, stated Mr. Farkas.
Blink plans to transfer SemaConnect’s chargers into a single, state-of-the-art network created by a joint engineering group. This acquisition almost doubles Blink’s reach. Blink will expand across multiple cities and geographies with the addition of SemaConnect hardware, including California, where SemaConnect chargers are already compliant with local requirements for swipe card functionality.
Founded in 2008, SemaConnect is a market leader with a diverse suite of products, including Level 2 and DC Fast Chargers, and a charging-as-a-service program that provides a full package of EV charging solutions. SemaConnect’s software and hardware solutions are used by a broad range of EV charging customers in the U.S., Canada, and Mexico. CBRE, JLL, and Greystar are just a few of the major customers.
Mahi Reddy, founder and CEO of SemaConnect said that SemaConnect was a leader in EV charging since its inception. The combination of our experience and our knowledge will allow us to accelerate the deployment of EV infrastructure. We are thrilled to be joining Blink in our efforts to transform the EV charging market with innovative, flexible, and reliable solutions for customers all over the world.
“SemaConnect is a perfect acquisition target for Blink because of its complementary business models and values. Blink now has top industry talent. Blink has added the SemaConnect team as a member of its ranks to create an industry-leading electric vehicle charging company. We are pleased to welcome the SemaConnect Team to the Blink Family,” stated Mr. Farkas.
“With this acquisition, and Blink’s past acquisitions including EB Charging in Europe and Blue Corner in Europe in the past, we have significantly expanded our position as a leader in EV space,” stated Mr. Farkas.
Mahi Reddy, SemaConnect, is expected to join Blink’s Board of Directors.
