Blink Charging [NASDAQ: BLNK, BLNKW]: Making EV Charging Accessible for All

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Brendan Jones, President, Blink Charging TranscriptBrendan Jones, President
The electric vehicle industry is currently undergoing a technological trans-formation with two-fold objectives: improving vehicle range and, at the same time, enhancing charging infrastructure. For quite some time now, EV manufacturers have been helping alleviate range anxiety for EV drivers. However, larger batteries and longer range alone are not enough to get the job done! The availability and convenience of charging are also key factors to ensure a good driving experience for EV owners. Adequate and accessible EV charging infr-astructure is a necessary pre-condition for the mass adoption of EVs.

However, building a network of chargers is easier said than done. It takes a mix of private-public partnerships that involve local municipalities, businesses, utility companies, automakers, and an emerging group of EV charging firms to achieve the goal!

Miami Beach, FL-based automotive firm Blink Charging [NASDAQ: BLNK, BLNKW] is one such organization that is paving the way for increased adoption of EVs through the deployment of EV charging stations globally. Blink partners with smart businesses and property owners to be at the forefront of the green energy revolution by installing EV charging stations that attract EV drivers and support sustainability, making locations such as parking facilities, multifamily residences, workplaces, healthcare facilities, educational institutions, and airports EV-friendly. Founded in 2009, Blink is recognized nationwide as a leading manufacturer, owner, operator, and provider of public EV charging equipment and software. The company offers tailored EV charging solutions and a full range of deployment configurations, including single and multiple port pedestals, individual and paired wall-mount chargers, DC fast, and even single-family residential charging stations. Brendan Jones, President, Blink, says,
“We make EV charging accessible for everyone by partnering with site hosts to operate networked chargers. We also provide warranty and service on these chargers.” Blink offers fast, flexible, and reliable Level 2 EV charging solutions and DC fast charging solutions that are ready to install with flexible configurations and business models.

In fact, Blink’s flexible business models for host locations are one of the company’s core differentiating aspects. Blink provides four unique business models: Hybrid Owned, Blink owned, Host owned, and Blink as a Service, designed for every business, allowing any location to be turned into an EV charging destination. While the Host Owned option is for clients that want to be the sole owner and operator of their EV charging stations, via the Hybrid Owned program, Blink gets into an agreement with site hosts and covers their cost of equipment, operations, and administration.

The firm takes things a notch higher by providing a proprietary software, The Blink Network, which connects Blink chargers to the cloud. “The robust network provides our host locations with remote access and management of their electric vehicle charging stations. The platform is easy to use and offers essential information about the station, including usage stats, real-time status, location, and charging rates,” explains Jones. The Blink Network provides the ability to create custom reports on charging session data and set access levels for other account users.

With global EV purchases forecasted to rise to ten million vehicles by 2025, Blink has established key strategic partnerships for deploying charging stations across numerous locations. One of its recent partnerships includes an exclusive agreement with Lehigh Valley Health Network (LVHN), a healthcare network based in Allentown, Pennsylvania. The collaboration will allow Blink to deploy nearly 400 EV chargers across LVHN’s hundreds of health care facilities. Under the agreement, Blink will own and operate the charging stations.

Since its inception in 2009, Blink has deployed over 23,000 charging stations. As part of its roadmap for the future, the company is looking to increase sales by expanding its product portfolio of residential and commercial infrastructure. The company is also aggressively expanding its footprint globally. To that end, Blink has already announced several deals over the last year with Greece. “Our next step is to further expand in Europe and the Caribbean, Central and South America. We also want to go beyond being a charging infrastructure provider and pay more attention to the natural synergies that exists in the space with other mobility services such as car sharing, ride hailing, and more,” states Jones.

Blink’s mission is to slow down climate change by reducing greenhouse gas emissions caused by transportation. In that quest, the firm will continue to adapt to the changing landscape of EV infrastructure.
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Company
Blink Charging

Headquarters
Miami Beach, FL

Management
Brendan Jones, President

Description
Paving the way for the adoption of EVs through the deployment and operation of EV charging infrastructure

Blink Charging

"Blink offers fast, flexible, and reliable Level 2 EV charging solutions and DC fast charging solutions that are ready to install with flexible configurations and business models"

- Brendan Jones, President

  • Blink Charging News

Blink Charging Acquires Blue Corner, Expanding European EV Charging Footprint

Miami Beach, FL - Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced that it acquired the European EV charging operator Blue Corner N.V., based in Antwerp, Belgium, and its portfolio of 7,071 charging ports and a robust European charging network. The acquisition was made with a combination of cash and stock for €20 million (or approximately $24 million) and gives Blink complete operational control of Blue Corner and its EV charging assets. The acquisition is part of Blink’s broader strategic international expansion plans and provides the Company a significant infrastructure footprint in the region. Blue Corner chargers are located across Belgium, Luxembourg, the Netherlands, and France.
Blink's European expansion allows the Company to capitalize on the robust European EV industry immediately. "EVs enjoy a much higher market share in Europe. This brings increased utilization for EV charging stations. In addition, the historically higher price of fuel makes driving an EV a stronger value proposition for drivers," stated Blink Founder and Chief Executive Officer Michael D. Farkas.
The European EV market is growing faster than the United States. Sales of plug-in electric vehicles in Europe rose 137% to 1.4 million vehicles last year, whereas U.S. sales rose 4% to 328,000, according to ev-volumes.com. The surge in EV adoption will increase demand for EV charging infrastructure. In addition, European regulations are further accelerating widespread EV adoption regulatory support for zero-emission vehicles.
“We are very excited about this acquisition and the opportunity it provides Blink to have a significant presence in Europe quickly. As a key contributor to the expanding EV landscape, we are continuously looking for opportunities to strategically increase our global assets while also making EV charging more accessible. International expansion is fundamental to our rapid growth and will accelerate the success we are already achieving in the region,” stated Farkas. “Our aggressive international strategy complements a series of significant domestic wins and new contracts that have exponentially expanded our network in the US.”
"Blue Corner's mission is to build a sustainable society and be ready for tomorrow's driver. Since Blink shares this philosophy, it was a logical step to join forces. I am convinced that Blue Corner, as part of Blink Charging, can acquire a strong market presence throughout Europe. This acquisition allows us to significantly strengthen both our financial and organizational structure," shared Peter Buyckx, Managing Director of Blue Corner.
To facilitate Blink’s European expansion, the Company also announced the formation of Blink Holdings B.V., a new Dutch company in Amsterdam, which will drive the growth of Blink’s European presence. The existing Blue Corner operations, management team, and personnel will remain unchanged following the acquisition.
Blink formally entered the European market in September 2019 with Blink Charging Hellas, a joint venture between Blink Charging Co. and Eunice Energy Group. The partnership began with the first deployment of Blink electric vehicle charging stations in Greece as part of the green energy electrification of the Rio-Antirrio “Charilaos Trikoupis” Bridge. Significant subsequent announcements have been made, including a partnership of Blink Charging Hellas and Nissan Nik. I. Theocharakis S.A and the purchase of 45 dual-port Blink charging stations by Public Power Company (PPC S.A.) for deployment across Greece. This tender by PPC S.A. was the first following the utility’s public announcement to enter into the Greek EV charging market with 10,000 charging stations. Also, in September 2019, Blink announced its first deployments of EV charging stations in Israel through its wholly-owned subsidiary Blink Charging Ltd.

Blink Charging Announces First Quarter 2021 Results

Miami Beach, FL - Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced financial results for the first quarter ended March 31, 2021.
Selected First Quarter 2020 Highlights:
● The Company made continued progress with its owner/operator strategy; the number of commercial Blink-owned charging stations contracted or deployed during the quarter grew by over 370% in the first quarter compared to the prior year period.
● Total revenue for the first quarter 2021 increased 72% to $2.2 million compared to $1.3 million for the first quarter 2020.
○ Revenues from product sales increased 113% to $1.7 million compared to $0.8 million in the first quarter of 2020, related primarily to increased demand for the Company’s commercial and residential products.
○ Revenues from network fees, warranty fees, grants/rebates, and other revenues increased 100% to $0.4 million as compared to $0.2 million in the first quarter of 2020, related to the increase in EV charging stations in the Company’s network.
○ Revenues from charging services decreased to $0.2 million as compared to $0.3 million in the first quarter of 2020, related primarily to a decrease in EV charging due to the COVID-19 pandemic.
● Net loss was $7.4 million or $(0.18) per basic and diluted share compared to net loss of $3.0 million or $(0.11) in the first quarter of 2020. First quarter 2021 net loss includes increases in operating expenses including increases in new personnel, specifically in the technology, sales and operations departments, in anticipation for accelerated growth of the Company.
● On March 31, 2021, cash and marketable securities were $232.2 million compared to $22.3 million at December 31, 2020.
Subsequent to the close of the quarter, on May 11, 2021, Blink announced the acquisition of European EV charging operator, Blue Corner N.V., and its portfolio of 7,071 charging ports. The acquisition was made with a combination of cash and stock for €--20 million (or approximately $24 million) and gives Blink complete operational control of Blue Corner and its EV charging assets. The acquisition is part of Blink’s broader strategic international expansion plans and provides the Company a significant infrastructure footprint in the region. Blue Corner chargers are located at 3,813 locations across Belgium, Luxembourg, the Netherlands and France. To facilitate Blink’s European expansion, the Company also announced the creation of Blink Holdings BV, a new company headquartered in Amsterdam, which is expected to drive the growth of Blink’s European presence.
“Blink is off to a strong start and solidly positioned to drive growth as we move through the balance of 2021. We are excited by the opportunities we see in the marketplace, and as evidenced during the first quarter, we are perfectly situated to capitalize on these opportunities. It is an exciting and transformative time for the industry and Blink. We are optimistic about our future and our leadership role in the worldwide EV charging infrastructure industry,” stated Michael D. Farkas, Founder and Chief Executive Officer of Blink.
“As a key contributor to the expanding EV landscape, we are continuously looking for opportunities to strategically increase our global assets while also making EV charging more accessible. As such, we are very excited about this week’s announced acquisition of Blue Corner and the opportunity it provides Blink to establish a significant presence in Europe immediately. International expansion is fundamental to our growth, and we believe this acquisition will accelerate the success we are already achieving in Europe,” Mr. Farkas continued. “Blink’s European expansion allows the Company to capitalize on the robust European EV industry where EVs comprise of a large and growing share of the automotive market. Sales of plug-in EVs in Europe rose 137% last year compared to 4% growth in the U.S.”
Brendan Jones, President of Blink, commented, “We started 2021 with strong revenue and sales growth and continued progress with our owner/operator business model, which we believe will further contribute to our upward growth for the year. We are energized by the momentum we see in our industry and the substantial interest we’re seeing for Blink chargers. The establishment of EV infrastructure is becoming a priority in the U.S. and worldwide as government entities, businesses, and local communities increasingly encourage the adoption of electric vehicles to promote sustainability and a greener, cleaner environment. Blink is pursuing and is poised to capture the many current, and future charging opportunities as the world evolves to widespread EV use and seeks reliable, fast, and accessible EV infrastructure to support this transition.”
“As we move through 2021, we remain intently focused on expanding our leadership role in the EV charging industry and extending our charging footprint, both domestically and internationally. We made tremendous progress during the first quarter, both in terms of new deployments and new distribution opportunities and partnerships. With our owner/operator business model, we target high density, high volume locations such as hotels, multi-family residences, and healthcare centers. We are also working with a broad range of countries, states, and municipalities to strengthen EV infrastructure as more individual drivers and fleets transition to greener transportation. The structure of our owner/operator agreements is comprised of long-term, renewable contracts with a revenue sharing model in which we receive payment each time a vehicle is charged at a Blink-owned unit, creating the potential to generate a valuable recurring revenue stream for many years to come as EV utilization increases,” stated Farkas.
Business Updates and Highlights
During the first quarter of 2021, the Company:
● Received a grant from the state of Ohio Environmental Protection Agency to deploy 144 Blink-owned and operated high-speed Level 2 charging stations at 32 sites across the state, at locations such as healthcare centers, hotels, municipal parking lots, and others.
● Announced the promotion of Brendan S. Jones to President of Blink Charging and his election to the Company’s Board of Directors.
● Received a follow-on order from InterEnergy for an additional 150 fast-charging stations, including 100 Blink IQ 200 and 50 DCFC units to be deployed across the Dominican Republic.
● Announced a collaboration with the state of Vermont to deploy 22 DCFCs and 22 Level 2 chargers across 11 sites in the state during the next two years.
● Entered into a U.S. reseller agreement with Ingram Micro Inc., a leading global distributor of information technology, cloud and mobility products, for the sale of Blink’s residential EV charging stations.
● Won the competitive bid process to provide the EV charging infrastructure for the city of San Antonio’s EVSA program, which initially enlists the Company to deploy up to 140 Blink-owned level 2 charging ports and 3 DCFCs throughout the city.
● Announced the Company’s first deployment in the state of New Hampshire in the resort town of Waterville Valley; the Blink-owned units are the only EV charging stations available for nearly 30 miles.
● Announced an initial order for 50 charging stations from InterEnergy, to further expand the Evergo network in Panama, which is expected to bring nearly 200 new EV charging stations to the country by the end of 2021.
● Named to Forbes’ list of America’s Best Small Companies.
● Signed a reseller agreement with Ballantyne Strong to offer Blink’s full line of charging stations to the broad base of cinema operators, theme parks and other entertainment and leisure-related locations that work with that company’s entertainment division.
● Purchased a 10,000+ square foot office condominium in Miami Beach to house the Blink corporate headquarters and support the Company’s ongoing growth. Subsequent to the first quarter of 2021, the Company:
● Named seasoned renewables and EV charging executive, Harjinder Bhade, as Chief Technology Officer. Mr. Bhade will focus on the aggressive development of the Company’s product line-up and technology infrastructure.
● Announced the first installation of Blink HQ 100 chargers by the municipality of Pedro Aguirre Cerda in Santiago, Chile to support the municipality’s new fleet of Nissan Leaf vehicles.
● Sponsored the University of Cincinnati’s Bearcat Electric Vehicle (BEV) racing team, the University’s first all-electric formula racecar team.
● Announced the deployment of 42 charging ports at ten Four Brothers Pizza Inn locations across New York. The 21 Blink-owned dual port chargers were made possible through the Charge ready program from the NY State Energy research and Development Authority (NYSERDA) and Make Ready incentives offered by New York utilities.
● Upgraded 19 first-generation Blink EV charging stations in Plano, Texas to the Company’s IQ 200 fast Level 2 charging stations.
● Entered into a reseller agreement with ev Transportation Services (“evTS”) to distribute the Blink IQ 200-M Portable EV charger along with its Firefly ESV essential services vehicle.
● Deployed IQ 200 charging stations at the Native American Youth & Family Center in Portland, Oregon. The deployment was made possible with funding from the Portland General Electric Drive Change Fund, through the Oregon Clean Fuels Program and an Electric Mobility Grant from Pacific Power Oregon Electric, also through the Oregon Clean Fuels Program.
● Signed an agreement with General Motors to offer GM EV customers more seamless access to publicly available Blink EV charging sites across the U.S. as part of GM’s Ultium Charge 360.
● Announced a long-term agreement to deploy Blink EV charging stations at Fattal Hotel Group locations in Israel, Fattal is one of Israel’s leading hotel companies, with luxury hotels in 14 major tourist locations.

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