Blink Charging makes first UK entry as it acquires Electric Blue
Blink Charging has entered the British market by acquiring Electric Blue (EB Charging). The UK based company adds more than 1,150 chargers to Blink’s footprint after the US company says it has now stepped in more than 18 countries.
Blink Charging disclosed the acquisition value at $23.4Mn (€22.2Mn or £18.8Mn) in cash, stock and earn-out. The US company’s wholly-owned European subsidiary, Blink Holdings BV, closed the deal.
EB Charging has been in the UK market since 2015, mainly working with local authorities, NHS healthcare trusts, universities and fleets. EB Charging’s Level 2 and DC fast products have been installed in over 40 municipalities across the UK.
Blink points out that EB Charging offers an owner-operator model like Blink. For example, Blink site hosts have freedoms surrounding pricing, allowing them to mirror actual electricity costs and adjust charging rates to EV drivers in response. The latest update also features more robust reporting to allow hosts to manage costs better and understand the use at each location.
For the acquisition at hand, Michael Farkas, Founder and CEO of Blink Charging, stressed this was to establish a Blink presence in the UK as part of a unified global experience. “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.”
Globalisation through localisation
This is in line with earlier buy-ins on the European continent, such as most recently Blue Corner in Belgium. Blink back then explained that its European expansion allows it to capitalise on the robust European EV industry. “EVs enjoy a much higher market share in Europe. This brings increased utilisation of EV charging stations. In addition, the historically higher price of fuel makes driving an EV a stronger value proposition for drivers,” Farkas said.
In the UK, Blink points out current government incentives and Westminster’s decision to phase out the sale of fossil-fuelled vehicles by 2030. “We’re excited to have a significant presence in an important market through this acquisition and play an integral role in helping the UK achieve its electrification goals,” said Mr Farkas.
Blink Charging is headquartered in Florida, US and listed on Nasdaq as BLNK, BLNKW. The company claims it has deployed over 30,000 charging ports across 18 countries. Blink’s business includes the Blink EV charging network, charging equipment, 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.