According to a statement released on June 14, which corroborated a report from Bloomberg News, electric vehicle infrastructure startup SemaConnect Inc. will be purchased by electric car charging company Blink Charging Co. for $200 million in cash and equity.
The purchase represents nearly a third of Blink’s market worth. In early afternoon trading on June 14, Blink increased 3.7% to $14.76, giving the business a market worth of nearly $631 million. In the previous year, the stock’s decline was roughly 64%.
Electric vehicle charging equipment is owned and run by Blink, a company situated in Miami Beach, Florida. In North America, SemaConnect offers infrastructure components for electric vehicles. About 13,000 additional electric car chargers, 1,800 site host locations, and 150,000 registered electric vehicle driver members will all be added to Blink as a result of the acquisition.
According to Michael D. Farkas, the company’s founder and CEO, the agreement will assist Blink in meeting the standards of the Buy American effort from the Biden administration. Electric vehicle chargers will be installed along American roadways with the support of $7.5 billion from the Buy American initiative.
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