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BOWIE, Md. - Blink Charging Co. (NASDAQ:BLNK), currently trading at $0.97 with a market capitalization of approximately $99 million, announced Monday it has agreed to acquire Zemetric, a charging infrastructure company specializing in fleet solutions. The all-equity transaction is expected to close on or before July 11, 2025, subject to customary closing conditions. InvestingPro data shows the company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.15x.
Founded in Silicon Valley in 2022, Zemetric focuses on developing interoperable hardware, software, and service solutions for electric vehicle charging. The company has particularly targeted fleet operations while extending its offerings to multi-family and high-utilization destination sites.
As part of the acquisition, Zemetric’s founding team will join Blink’s leadership. Harmeet Singh, Zemetric’s Founder and CEO, will become Blink’s Chief Technology Officer. Singh previously held technology leadership positions at Shell and Greenlots. Co-founders Bonnie Datta and Kapil Singhi will also assume senior roles at Blink.
"Zemetric is a future-ready organization with innovative tech solutions and expertise in high-utilization EV charging and intelligent energy management," said Mike Battaglia, President and Chief Executive Officer of Blink Charging, in the press release statement. "We are particularly excited about adding Zemetric’s intelligent and flexible L2 product to our lineup."
Blink Charging, which operates EV charging networks and provides related equipment and services, conducted the acquisition search with support from energy transition-focused search firm Brightsmith Group.
Financial terms of the acquisition were not disclosed in the announcement.
In other recent news, Blink Charging Co. reported first-quarter 2025 earnings that did not meet analysts’ projections, leading Stifel to lower its price target for the company from $2.00 to $1.00 while maintaining a Hold rating. Despite this, Blink Charging is making notable efforts to reduce costs, including workforce reductions, and its service segment has shown unexpected strength. In a strategic move, Blink Charging has been named as a recommended provider for Everon customers following Everon’s exit from the EV charging market. The company is offering services such as infrastructure evaluation and system upgrades to those affected by Everon’s withdrawal. Additionally, Blink Charging has entered into a non-binding term sheet with Axxeltrova to create a £100 million Special Purpose Vehicle to enhance EV charging infrastructure in the UK. In leadership updates, Blink appointed Michael Bercovich as the new Chief Financial Officer and Alex Calnan as Managing Director of Europe. These developments are part of Blink Charging’s ongoing efforts to expand and strengthen its position in the EV charging market.
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