Blink Charging Co. (NASDAQ:BLNK) shares climbed on Thursday after the electric vehicle (EV) charging firm revealed a key development to bolster its U.K. expansion efforts.

On June 20, the company signed a non-binding term sheet to establish a 100 million pounds (~$135.629 million) Special Purpose Vehicle in partnership with private equity firm Axxeltrova.

The fund aims to scale EV charging infrastructure across the U.K. through the Local Electric Vehicle Infrastructure (LEVI) initiative.

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Axxeltrova, known for its investment focus on sustainable infrastructure and digital assets, will finance and hold ownership of the EV chargers. Blink will be responsible for installing, operating, and maintaining the stations as part of its proprietary Blink Network.

The collaboration supports the LEVI program’s goal of enhancing local EV adoption by equipping communities with accessible public charging stations.

Alex Calnan, recently appointed as Blink’s Managing Director for Europe, described the SPV as a strategic lever to expedite charger rollout and deepen the company’s stake in the U.K. market.

“This SPV is projected to position us to provide a unique and impactful contribution to meeting the needs of EV infrastructure across the UK and beyond, and further to demonstrate our commitment to supporting the transition to electric mobility,” Calnan said.

The initiative supports Blink’s broader BlinkFORWARD framework, which emphasizes achieving financial growth through non-dilutive funding and resource optimization.

Rick Phillips, Managing Partner at Axxeltrova, noted that the SPV will enable scalable, reliable, and sustainable EV charging infrastructure with minimal financial strain.

The LEVI initiative, backed by the U.K. government, targets local authorities aiming to bridge the infrastructure gap between national net-zero targets and public EV accessibility.

Blink continues to secure relationships with municipal leaders, real estate developers, and commercial operators to expand its EV charging footprint across the region.

Price Action: BLNK shares are trading higher by 1.45% to $1.035 at last check Thursday.

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