Blink Charging acquiring SemaConnect for $200M; vertical integration and expansion of charging network
17 June 2022
Blink Charging Co., a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, will 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 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 capitalize significantly on the $7.5 billion coming from the Biden Administration EV infrastructure bill and assist with the Administration’s goal to build out the first national network of 500,000 electric vehicle chargers along America’s highways and in communities.
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.
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.
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.—Michael D. Farkas, Founder and CEO of Blink Charging
Blink intends to transition SemaConnect’s chargers to a single 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 offers 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 US and Canada. Major customers include CBRE, JLL, Hines, Greystar, AvalonBay Communities, Cisco Systems, General Electric, among others.
Mahi Reddy from SemaConnect is expected to join the Blink Board of Directors. The SemaConnect acquisition is subject to customary closing conditions.