Blink Charging Achieves “In Process” FedRAMP® Status to Provide Cloud-Based EV Charging Solutions Across U.S. Government
Blink Charging Co. (NASDAQ: BLNK) has achieved the 'In Process' status for FedRAMP® authorization, advancing toward full accreditation for its EV charging solutions. This milestone allows Blink to provide secure, cloud-based EV charging for U.S. government agencies, aiming for full compliance by Q3 2024. Blink's network will support the federal goal of deploying 24,000 charging stations by 2035, aiding the transition of federal fleets to electric vehicles. The company has already installed stations at various federal facilities and holds contracts with major government bodies, including the USPS for up to 41,500 stations. This progress bolsters Blink's visibility and market position in the government sector.
- Blink Charging achieved 'In Process' status for FedRAMP authorization.
- Full compliance expected by Q3 2024, enhancing market trust.
- Supports federal goal of 24,000 EV charging stations by 2035.
- Contracts with USPS for up to 41,500 charging stations.
- Existing installations at multiple federal agency facilities.
- Provides secure, cloud-based EV charging solutions.
- FedRAMP full accreditation not yet achieved, potential for delays.
- Dependence on government contracts, which may face budget constraints.
- Potential risks if unable to meet FedRAMP requirements.
Insights
Blink Charging’s achievement of the “In Process” designation for FedRAMP signals a significant step towards securing larger contracts with federal agencies. From a financial perspective, this progress could potentially drive substantial revenue growth once full accreditation is achieved. The federal mandate to transition fleets to EVs by 2035, with a goal of deploying 24,000 charging stations, positions Blink Charging to capture a considerable share of this burgeoning market.
Once FedRAMP-authorized, Blink can better tap into
Investors should watch for Blink’s Q3 2024 accreditation progress as it could be a turning point, affecting both short-term stock performance and long-term growth prospects. However, it’s essential to consider the costs associated with achieving and maintaining FedRAMP compliance and whether the expected revenues justify these expenses.
The FedRAMP “In Process” status places Blink Charging in a strategic position within the EV charging market. The U.S. government’s push for electrification and sustainability ensures a steady demand for EV infrastructure, which benefits Blink directly. This milestone not only elevates Blink's profile but also increases its competitiveness against other EV charging solution providers aiming for similar government contracts.
The FedRAMP designation supports Blink's onboarding into the federal ecosystem, offering a streamlined procurement process for government agencies. This can foster greater brand recognition and trust among state and local governments using federal funds for EV projects. Furthermore, this milestone aligns with the broader economic trend towards green energy and sustainability, enhancing Blink’s market position as a key player in this transition.
For retail investors, this development could translate into a more stable revenue stream from federal contracts, potentially buffering against market volatility affecting the private sector. However, it’s prudent to monitor the competitive landscape and how swiftly Blink can transition from “In Process” to fully accredited status.
Once fully accredited, Blink’s EV charging network will be available to government agencies.
Bowie, Md., June 13, 2024 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading global manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, today announced it has achieved the “In Process” designation granted by the Federal Risk and Authorization Management Program (FedRAMP®) for its EV charging solutions. Blink is presently listed as “In Process” in the FedRAMP Marketplace. Upon achievement of full accreditation for the Company’s EV charging network, the Blink Network, government agencies will be able to contract with Blink or the Company’s federal resellers for networked EV charging. Blink expects to reach full FedRAMP compliance status before the end of Q3 2024.
FedRAMP is a U.S. government program that promotes the adoption of safe, secure cloud services across the federal government by providing a standardized approach to security and risk assessment for modern cloud technologies. The "In Process" designation is granted to cloud-based companies actively working toward FedRAMP Authorization. This milestone demonstrates Blink’s commitment to expanding charging infrastructure and supporting a more sustainable future by electrifying the federal fleet and implementing EV charging at federal workplaces nationwide.
In April 2023, federal agencies committed to deploying 24,000 charging stations to support their goals of transitioning federal fleets to all electric vehicles by 2035, as set out by the current Federal Sustainability Plan, with more undoubtedly needed as the transition progresses. The expected full accreditation of FedRAMP compliant status for Blink positions the Company with high visibility in a marketplace serving a large variety of federal agencies and government contractors seeking increased EV charging infrastructure to support these aims. This achievement allows for state and local governments leveraging federal funds to electrify their fleets to streamline the purchase of Blink products and services through this trusted procurement process.
“At Blink, we understand the importance of providing reliable and advanced cloud-based EV charging stations across government agencies and we are excited to reach this significant milestone in the FedRAMP process,” stated Brendan Jones, President and CEO at Blink Charging. “We look forward to becoming FedRAMP authorized and continuing to collaborate with federal government agencies as a leader in the U.S. fleet electrification strategy.”
Blink’s products and services can be obtained through the GSA MAS or GSA EVSE BPA through Blink’s federal resellers. Blink was also previously awarded a Multiple Award Schedule (MAS) contract by the U.S. General Services Administration (GSA), enabling government customers and federal agencies to conveniently purchase Blink electric vehicle (EV) equipment and services through the GSA Schedule for their EV charging needs. Additionally, Blink has installed charging stations at GSA, U.S. Air Force, U.S. Army, U.S. Department of Agriculture (USDA), U.S. Department of the Interior, U.S. Department of Homeland Security, and U.S. Department of Justice facilities. Furthermore, Blink was awarded an IDIQ contract by the United States Postal Service (USPS) to sell up to 41,500 charging stations. With this “In Process” designation, Blink will diligently proceed with the continued requirements in the FedRAMP authorization process.
Blink is not affiliated, associated, authorized, endorsed by, or in any way officially connected with FedRAMP® or any other government agency. All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK) is a global leader in electric vehicle (EV) charging equipment and services, enabling drivers, hosts, and fleets to easily transition to electric transportation through innovative charging solutions. Blink’s principal line of products and services include Blink’s EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network uses proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. Blink has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs.
For more information, please visit https://blinkcharging.com/
Forward-Looking Statements
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those described in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
Blink Media Contact
Nipunika Coe
PR@BlinkCharging.com
305-521-0200 ext. 266
Blink Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
FAQ
What is the significance of Blink Charging's 'In Process' FedRAMP status?
When does Blink Charging expect to achieve full FedRAMP compliance?
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