Blink Charging (Nasdaq: BLNK), which provides a wide variety of charging products and services, has acquired Belgium-based Blue Corner, a charging network that includes over 7,000 charging ports located across Belgium, Luxembourg, the Netherlands and France.
The deal, valued at around $24 million, is a key part of Blink’s international expansion plans. The European EV market is growing rapidly—sales of plug-in vehicles in Europe rose 137% last year, whereas US sales rose a comparatively meager 4% (as reported by ev-volumes.com).
“EVs enjoy a much higher market share in Europe,” said Blink founder and CEO Michael D. Farkas. “This brings increased utilization for EV charging stations. In addition, the historically higher price of fuel makes driving an EV a stronger value proposition for drivers.”
“We are continuously looking for opportunities to strategically increase our global assets, while also making EV charging more accessible. International expansion is fundamental to our rapid growth and will accelerate the success we are already achieving in the region,” added Farkas.
“Blue Corner’s mission is to build a sustainable society and be ready for tomorrow’s driver. Since Blink shares this philosophy, it was a logical step to join forces. This acquisition allows us to significantly strengthen both our financial and organizational structure,” said Peter Buyckx, Managing Director of Blue Corner.
Source: Blink Charging