After the powerful impact that Blink Charging has had on the charging infrastructure in the United States, the company has set the goal of a solid expansion that will allow it to implement its technological equipment in all corners of the world.
To achieve the goals, the U.S. firm acquired Envoy, an Israeli electric vehicle sharing software platform, in a deal valued at $34 million.
Envoy, founded in 2017, offers electric vehicle sharing services in communities and private real estate developments in more than 22 U.S. states.
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Ridesharing
The acquisition deal will merge Envoy with Blink Mobility, a subsidiary of Blink Charging, consolidating its position in the electric vehicle sharing market.
The deal comes against a challenging backdrop for financing technology companies due to falling markets and a higher interest rate environment. The merger will enable the company to grow faster and benefit from global operational capabilities.
Following the deal, Aric Ohana will replace Ori Sagie as CEO of the merged company.
The acquisition of Envoy, along with the recently awarded $7.5 million to develop an electric vehicle sharing program in New Jersey, will position Blink Charging as one of the largest electric vehicle sharing companies in the United States.
Notably, Envoy has parked more than 300 electric vehicles at approximately 150 properties and has installed in excess of 150 charging stations in the US.
The firm works with a variety of electric vehicle brands, including Tesla, Rivian, Porsche, Polestar, Audi, Chevy and Nissan.
Public Incentive
Blink Charging has driven these key moves backed by White House policy, which aims to build a nationwide network of 500,000 electric vehicle chargers by 2030, expecting half of all new vehicles sold in that year to be electric.
Blink Charging’s acquisition of Envoy seeks to promote electrification in the carsharing industry, projected to be worth nearly $13 billion in the United States.
