8. RELATED PARTY TRANSACTIONS

See Note 11 – Commitments and Contingencies – Purchase Commitments for disclosure of a commitment made to a related party.

JOINT VENTURE

The Company and a group of three Cyprus entities entered into a shareholders’ agreement on February 11, 2019, pertaining to the parties’ respective shareholdings in a new joint venture entity, Blink Charging Europe Ltd. (the “Entity”), that was formed under the laws of Cyprus on the same date. Subsequently, two of the three Cyprus entities exited from the Entity. Pursuant to the agreement, the Company is not required to fund operating losses. The Company owns 40% of the Entity while another entity owns 60% of the Entity. The Entity currently owns 100% of a Greek subsidiary, Blink Charging Hellas SA (“Hellas”), which started operations in the Greek EV market. There are currently no plans for the Company to make any capital contributions or investments. During the three and six months ended June 30, 2022, the Company recognized sales of $0 and $68, respectively, and $315 and $791 during the three and six months ended June 30, 2021, respectively, to Hellas. As of June 30, 2022 and December 31, 2021, the Company had a receivable from Hellas of approximately $0 and $6, respectively. The Company determined that the Entity is a variable interest entity, however, the Company does not have a controlling financial interest and, as a result, the Company is not required to consolidate the Entity and instead has applied equity method accounting to its investment in the Entity. From inception through June 30, 2022, the Entity has not generated net income and, as a result, pursuant to ASC 323, the Company has not recorded a gain or loss on its equity method investment in the Entity during the three and six months ended June 30, 2022 and 2021.

BLUE CORNER

As of June 30, 2022, three senior management employees at the recently acquired entity Blue Corner had an ownership interest in a major supplier of charging equipment for Blue Corner. As of June 30, 2022 and December 31, 2021, the Company owed approximately $502 and $800 to this supplier, respectively. During the six months ended June 30, 2022, the Company purchased approximately $2,648 of inventory from this supplier.

BLINK CHARGING CO. AND SUBSIDIARIES

Notes to Unaudited Condensed Consolidated Financial Statements

(in thousands, except for share and per share amounts)