April 25, 2024

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[THE INVESTOR] Internet of things platform company DSPOne has signed an agreement to establish a joint venture with Blink Charging, a NASDAQ-listed electric vehicle charging system developer, the Korean company said on July 4.

The Korean firm will hold 90 percent stake in the joint venture, with the US counterpart owning the remainder. They plan to conduct a joint sales scheme for DSPOne’s products and solutions related to EV charging stations in the US market. 

Blink Charging board of chairman Michael Farkas (left) poses with DSPOne CEO Hong Dong-ho. DSPOne

In Korea and Southeast Asia, the pair will market the Korean firm’s EV charging systems and Blink Charging’s systems and software. The US partner’s cloud computing and blockchain technology will help DSPOne strengthen its foothold in the big data segment, according to the Korean firm.

“Blink is a leader in the network service and EV charger markets in the US, and its products and solutions serve as the standard technologies in the region,” said Hong Dong-ho, CEO of DSPOne. “Blink’s cloud technology and DSPOne’s charging systems will create great synergy.”

Since signing a letter of intent on June 7, the firms have tried to find ways to collaborate in both hardware and software sectors. Through the partnership, Blink will receive help from DSPOne to deploy standardized EV chargers and charging services in the Korean and Southeast Asian markets while the Korean company will try to expand its charging station business globally with the help of the US partner’s know-how in operating charging stations and chargers, and marketing capability.

DSPOne, which has been running a state-backed project to develop standard charging systems for personal mobility vehicles since last year, plans to incorporate blockchain-based cryptocurrency payment technology into EV charging stations that will be set up in global markets down the road.

The Florida-headquartered Blink, which runs 14,000 EV chargers across the US, supplies Blink Network, a cloud-based program that manages the data of EV chargers and charging stations. Its EV charging stations have been installed at retail giant Amazon’s grocery affiliate Whole Food, airports, universities and shopping malls.

By Kim Young-won (wone0102@heraldcorp.com)