Blink Charging Co (NASDAQ:BLNK), the US operator of electric-vehicle charging equipment, is widening its reach into Southeast Asia by entering into a joint venture with DSPOne Co. Ltd, a South Korean telecommunications group.
The deal unveiled today will allow Blink to move into Asia as DSPOne will support Blink’s attempts to set up charging stations and network services across the markets it serves.
“The DSPOne deal brings us access to marquee properties in South Korea and beyond,” said Blink’s founder and executive chairman Michael Farkas. “South Korea is a massive market, very high-tech and very affluent.”
As part of the joint venture, DSPOne will also set up shop in the US where it will introduce its electric-charging technology for motorcycles, motorbikes and scooters as well as its telecommunications tracking and monitoring systems.
Blink did not disclose the full details of the joint venture but did say that it will have an initial 10% stake in the venture, as well as an option to purchase another 10% stake.
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The new venture’s equity may be spun off and sold to Blink stockholders and a dual listing on the South Korean stock exchange also remains a possibility.
DSPOne bears responsibility for all costs associated with the development and expansion of the joint venture.
“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,” Farkas said in a statement.
All of Blink’s charging stations connect to the Blink network, a cloud-based system, which manages and tracks its entire suite of electric-vehicle stations.
Blink, which is based in Miami Beach, Florida, has already deployed more than 14,000 electric vehicle charging stations in locations across the US and plans to add as many as 5,000 more before the year’s end.
Blink Charging shares traded 1.5% lower in morning trade at US$3.33.