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LONDON - Blink Charging Co. (NASDAQ:BLNK), currently valued at $105 million and trading near $1.02, announced Thursday it has entered into a non-binding term sheet with private equity firm Axxeltrova to establish a £100 million Special Purpose Vehicle (SPV) to support electric vehicle charging infrastructure development across the UK. According to InvestingPro analysis, the company maintains a strong liquidity position with more cash than debt on its balance sheet.
The agreement, signed on June 20, aims to leverage the UK government’s Local Electric Vehicle Infrastructure (LEVI) program. Under the arrangement, the SPV will finance and own Blink chargers, while Blink will handle installation, operation, management, and maintenance on its network. With a current ratio of 2.15, the company’s liquid assets adequately cover its short-term obligations, though InvestingPro data indicates rapid cash utilization in recent quarters.
"The collaboration between Blink and Axxeltrova will enable the acceleration of EV charging infrastructure deployment and development across the UK," said Alex Calnan, Blink’s Managing Director of Europe.
The SPV aligns with Blink’s BlinkFORWARD program, which focuses on capital efficiency and non-dilutive financing. Rick Phillips, Managing Partner at Axxeltrova Capital, stated the structure would "allow these important projects to scale quickly while maintaining reliability."
The UK’s LEVI program supports local authorities in installing public charging station infrastructure to help meet national net-zero goals.
Blink Charging, a provider of EV charging equipment and services, continues to work with local authorities, businesses, and property developers throughout the UK to expand its charging network.
The information in this article is based on a company press release.
In other recent news, Blink Charging Co. has reported first-quarter 2025 earnings that did not meet both Stifel’s projections and the broader market consensus. Despite the shortfall in revenue, Blink Charging is actively reducing costs, including a workforce reduction of about 20%, expected to save over $11 million annually. The company is also focusing on strengthening its service segment, which has shown better-than-expected performance. Stifel analysts have adjusted their price target for Blink Charging to $1.00 from $2.00, maintaining a Hold rating due to the mixed financial outlook. Additionally, Blink Charging has amended its merger agreement with Envoy Technologies, extending the deadline for a public listing to September 2, 2025, and increasing the value of Envoy’s common stock to $23.5 million. The company has also made significant leadership changes, appointing Michael Bercovich as the new Chief Financial Officer and Alex Calnan as Managing Director of Europe. These developments are part of Blink Charging’s strategy to enhance operational efficiency and expand its presence in the electric vehicle charging market.
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