Blink Charging adds more than 7,000 EV charging ports in Europe through purchase of Blue Corner

Blink Charging Co. said Tuesday it has acquired Belgium-based electric vehicle charging ports operator Blue Corner N.V., for EUR20 million ($24 million) in cash and stock. The deal adds 7,071 charging ports across Belgium, Luxembourg, France and the Netherlands to Blink’s European charging network. “We are very excited about this acquisition and the opportunity it provides Blink to have a significant presence in Europe quickly,” said Blink Chief Executive Michael Farkas. “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.” Farkas noted that EVs have a “much higher” market share in Europe, as sales of plug-in EVs in Europe rose 137% to 1.4 million vehicles in 2020, compared with a 4% increase to 328,000 vehicles in the U.S., according to ev-volumes.com. Blink’s stock fell 2.6% in morning trading amid a broad-market selloff, with the technology-friendly Nasdaq Composite and the S&P 500 both down 1.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.