Joint Venture will Bring Blink’s Proprietary
Electric Vehicle Charging Technology and Networked EV Charging
Services to South Korea and Throughout Southeast Asia
Blink Charging Co. (NASDAQ: BLNK, BLNKW) (“Blink”), a leading
owner, operator and provider of electric vehicle (“EV”) charging
equipment and networked EV charging services, and DSPOne Co., Ltd.
(“DSP”), a South Korean Internet of Things (IoT) telecommunications
company that manufactures sophisticated tracking and
monitoring systems for government and industry use, announced today
that the companies finalized a joint venture that will expand their
respective EV charging infrastructure footprint on a global scale.
Blink has collectively deployed more than 14,000
electric vehicle charging stations in locations throughout the U.S.
and the DSP partnership will enable Blink to expand its operations
internationally. Within the terms of the deal, Blink will provide
the joint venture with its business model offerings together with
its proprietary, cloud-based Blink Network software and will
support DSP in deploying Blink charging stations and network
services in the Asian markets served by DSP. DSP will fund the
formation of a new U.S. entity and all of its activities,
contributing the exclusive license to its products, including its
electric charging technology for motorcycles, motorbikes and
scooters, telecommunications tracking and monitoring systems, and
all related hardware and software.
Blink and DSP’s joint venture will involve
establishing the new U.S. entity owned by both companies, with 10%
initially owned by Blink with an option to purchase another 10%
stake. The companies anticipate that the partnership will have
access to the capital markets in the U.S. by spinning off some of
the new entity’s equity to Blink stockholders and additionally may
seek a dual listing on the South Korean public stock exchange. All
costs associated with the development and expansion of the joint
venture entity are the sole responsibility of DSPOne.
“The future of mobility is electric. Blink
Charging is proud to have a partner in DSP so that together, we can
better serve EV drivers in South Korea and Southeast Asia,” stated
Blink’s Founder and Executive Chair Michael D.
Farkas. “We believe that this transaction
will add considerable value to Blink and its shareholders, as DSP
grants Blink access to the most prestigious locations allowing us
to grow our international footprint. We are expanding into the most
high-tech areas of the world with no capital commitment from Blink
and with ownership in a company established with considerable
contributions by our partner, DSPOne. Ultimately, this global
expansion represents greats strides toward the future of green
mobility,” he added.
“Blink is a leader in the network service and EV
charger markets in the US, and its products and solutions serve as
the standard technologies in the region,” said Hong Dong-ho, CEO of
DSPOne. “Blink’s cloud technology and DSPOne’s charging systems
will create great synergy.”
About Blink Charging
Co.
Blink Charging Co. (NASDAQ: BLNK, BLNKW) is one
of the leaders in nationwide public electric vehicle (EV) charging
equipment and services, enabling EV drivers to easily charge at
locations throughout the United States. Headquartered in Florida
with offices in Arizona and California, Blink Charging’s business
is designed to accelerate EV adoption.
Blink Charging offers EV charging equipment and
connectivity to the Blink Network, a cloud-based software that
operates, manages, and tracks the Blink EV charging stations and
all the associated data. Blink Charging also owns and operates EV
charging equipment predominately under the Blink brand, as well as
a number of other charging station equipment manufacturers such as
Chargepoint, General Electric (GE) and SemaConnect. Blink Charging
has strategic property partners across multiple business sectors
including multifamily residential and commercial properties,
airports, colleges, municipalities, parking garages, shopping
malls, retail parking, schools, and workplaces.
For more information about Blink Charging,
please visit www.Blinkcharging.com.
About DSPOne Co., Ltd.
DSPOne Co. is Korea’s leading provider of
digital signal processing. DSPOne’s technology has advanced from 2G
to 5G. DSPOne has broadened its business scope to an IoT platform,
Electric motorcycle, EV charging system and Smart Energy based on
digital signal processing technology. Geographically, DSPOne is
expanding its business area from South Korea to Southeast Asia such
as Vietnam.
DSPOne is working with government-owned agencies
to create Korea’s PM (Personal Mobility) charger standard. DSPOne’s
electric two-wheeled vehicle and small electric four-wheeled
vehicle’s battery-swap charging station is an established model to
reduce the energy of the charging station through interlocking with
solar power generation facilities.
DSPOne has approximately 40 global business
partners. Some of the local partners include Korea Telecom (KT), SK
Telecom, Korea Highway Corporation, Land & Housing (LH)
Corporation, Korea industrial Complex Corporation and Korea Post.
For more information about DSPOne, please visit
www.dspone.co.kr.
Forward-Looking Statement
This press release contains forward-looking
statements as defined within Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These forward-looking statements, and terms such
as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or
other comparable terms, involve risks and uncertainties because
they relate to events and depend on circumstances that will occur
in the near future. Those statements include statements regarding
the intent, belief or current expectations of Blink Charging Co.
and members of its management, as well as the assumptions on which
such statements are based. Prospective investors are cautioned that
any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements as a result of, among other factors,
inability or delay in realizing the intended technological and
economic benefits of Blink and DSP’s joint venture, and competitive
worldwide conditions in the EV charging station and network
services market. Except as required by federal securities law, the
Company undertakes no obligation to update or revise
forward-looking statements to reflect changed conditions.
Blink Charging Media Contact:
Stephanie Goldman or Mark Havenner
The Pollack PR Marketing Group
(212) 616-9340
sgoldman@ppmgcorp.com
mhavenner@ppmgcorp.com
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