Blink Charging (BLNK) said Monday it plans to cut its global workforce by about 20% under a strategic restructuring plan.

The cuts, expected to be completed by the end of Q3, are expected to result in annual savings of over $11 million, the company said.

Blink said it estimates between $1 million and $1.5 million in costs related to the move, including cash severance, other severance benefits, and other related restructuring costs. The company added it will provide severance packages, outplacement services, and other forms of support to eligible affected employees.