Blink Charging acquires SemaConnect
Blink Charging is to acquire SemaConnect, a provider of charging infrastructure solutions in North America, for $200 million. Hereby, Blink looks set to gain 13,000 EV chargers, an additional 3,800 site host locations, and more than 150,000 registered members.
Blink Charging will acquire SemaConnect in a cash and common stock transaction. SemaConnect has a diverse suite of products, including Level 2 and DC Fast chargers, and a charging-as-a-service program, which provides a full package of EV charging solutions.
SemaConnect provides hardware and software solutions for customers from municipal, parking, multifamily, hotel, office, retail and commercial operations in the US and Canada. Major customers include, for example, Cisco Systems, and General Electric, among others.
Blink looks to benefit from SemaConnect’s in-house research & development, hardware design, and manufacturing capabilities. SemaConnect’s manufacturing facility in Maryland should enable Blink to comply with the Buy American mandates as well as being able to capitalise on the $7.5 billion Biden Administration EV infrastructure bill.
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.”
SemaConnect’s chargers will be transitioned to a single network developed by a joint engineering team with Blink. The acquisition nearly doubles the Blink network size. SemaConnect hardware should accelerate Blink’s expansion –including in California, where SemaConnect chargers already comply with local requirements for swipe credit card functionality. Michael D. Farkas, Founder and CEO of Blink Charging, said his company is “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.”
Mahi Reddy from SemaConnect is expected to join the Blink Board of Directors. Mr Farkas notes: “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.”