Joint Venture will Bring Blink’s Proprietary Electric Vehicle Charging Technology and Networked EV Charging Services to South Korea and Throughout Southeast Asia
Miami Beach, FL, July 25, 2018 (GLOBE NEWSWIRE) -- 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.”
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About Blink Charging 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.