Blink Charging Co. (NASDAQ: BLNK) announced it has agreed to sell its wholly-owned subsidiary Envoy Technologies to Blade Ranger Ltd., an Israeli publicly traded company focused on renewable energy technology solutions.

The transaction involves a combination of cash consideration and a convertible note, according to the press release. Blink stated the sale reflects its shift toward a focused owner-operator model for electric vehicle charging infrastructure.

"We are optimizing Blink around what we do best, operating high-performing charging infrastructure at scale," said Mike Battaglia, President and Chief Executive Officer of Blink Charging. "Divesting Envoy reduces complexity, strengthens our financial performance, and allows us to direct capital toward the areas that drive durable returns for Blink's shareholders."

Envoy Technologies operates in the shared electric mobility sector. Blade Ranger Chairman Hagay Climor said the acquisition aligns with the company's strategy to scale electric vehicle-driven transportation solutions globally.

The transaction remains subject to standard post-closing conditions. Blade Ranger is expected to issue its own announcement regarding the acquisition.

Blink Charging operates electric vehicle charging equipment and services globally, including the Blink Network of charging stations. The company has established partnerships across various location types including parking facilities, workplaces, airports, and retail locations.

The divestiture represents Blink's continued focus on charging infrastructure operations, prioritizing utilization, reliability, and financial performance across its network.