Florida-based electric vehicle charging equipment and services company Blink Charging has established a European foothold through the acquisition of Blue Corner based in Antwerp, Belgium, including its portfolio of over 7000 charging ports and charging network.
The acquisition was secured with a combination of cash and stock for €20 million and gives Blink complete operational control of Blue Corner and its EV charging assets.
The acquisition is part of Blink’s international expansion plans and provides the company a significant infrastructure footprint in Europe. Blue Corner chargers are located across Belgium, Luxembourg, the Netherlands, and France.
Blink’s European expansion allows the Company to capitalise on Europe’s burgeoning EV industry. “EVs enjoy a much higher market share in Europe. This brings increased utilisation for EV charging stations. In addition, the historically higher price of fuel makes driving an EV a stronger value proposition for drivers,” said Blink Founder and Chief Executive Officer Michael D Farkas.
Sales of plug-in electric vehicles in Europe rose 137% to 1.4 million vehicles last year, whereas US sales rose just 4% to 328,000, according to ev-volumes.com. In addition, European regulations are further accelerating widespread EV adoption regulatory support for zero-emission vehicles.
“We are very excited about this acquisition and the opportunity it provides Blink to have a significant presence in Europe quickly. As a key contributor to the expanding EV landscape, we are continuously looking for opportunities to strategically increase our global assets while also making EV charging more accessible.