Blink Charging Awarded $2 Million Grant to Provide EV Chargers for State of Illinois

Rhea-AI Summary

Blink Charging (NASDAQ: BLNK) has secured a $2 million grant from the Illinois Environmental Protection Agency to own and operate EV chargers across Illinois. The project, part of the state's 'Rebuild Illinois' capital program, will establish 15 new charging stations across five locations, including 10 180kW DC fast chargers and five Dual Port Level 2 stations. Blink will provide a 30% cost share and handle site assessment, installation, maintenance, and training services.

Positive

• Secured $2 million government grant for EV infrastructure
• Will own and operate 15 new charging stations across Illinois
• 30% cost share demonstrates commitment while leveraging external capital

Negative

• None.

Insights

Financial Analyst

The $2 million grant award represents a strategic win for Blink Charging, particularly given their current market cap of $215.4 million. With Blink providing a 30% cost share, their actual investment is relatively modest at approximately $600,000. The deployment of 15 charging stations, including 10 high-powered DC fast chargers, will expand their revenue-generating asset base in Illinois. The project's structure, leveraging government funding for infrastructure expansion, demonstrates an efficient capital allocation strategy that minimizes direct investment while growing their operational footprint. This approach is especially important given the company's need to maintain capital efficiency in the current market environment.

The ongoing maintenance and operational services represent a potential long-term revenue stream beyond the initial installation. This recurring revenue component, coupled with the strategic positioning in a key market, could strengthen Blink's competitive position in the Midwest region.

Efficient and expanded deployment of infrastructure will support a more sustainable future for the state.

Bowie, Md., Oct. 30, 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, has announced it has been awarded a nearly $2 million grant to own and operate EV chargers for the state of Illinois. The grant, awarded by the Illinois Environmental Protection Agency (Illinois EPA), sets the stage for Blink Charging and Illinois to collaboratively help provide public charging solutions for employees, residents, and visitors.

The funding is part of the state’s “Rebuild Illinois” capital program for electric vehicle charging projects authorized under the Climate and Equitable Jobs Act, which is also part of the Driving a Cleaner Illinois Program.

Under this grant, the Illinois EPA will fund a portion of the eligible costs associated with new, commercial-grade DC Fast Chargers and Alternating Current Level 2 charging stations for electric vehicles to be located at publicly accessible charging station locations in Illinois.

Once the project is fully in place, five locations around Illinois will cumulatively host 15 new Blink charging stations, including 10 180kW DC fast chargers and five Dual Port Level 2 stations (10 ports). Blink is providing a 30% cost share for the program.

Additionally, Blink will provide related services such as site assessment and preparation, installation, maintenance, repair, parts and supplies, warranties, and product training.

“The state of Illinois and Blink are both keenly focused on leading the electrification of transportation together,” stated Mike Battaglia, CEO-Elect at Blink Charging. “This project represents another example of Blink leveraging external capital to efficiently install, own, and operate EV charging infrastructure, and we are grateful for the state’s trust and our shared vision.”

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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 transition to electric transportation through innovative charging solutions easily. 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 utilizes 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/

Blink Media Contact
Nipunika Coe
PR@BlinkCharging.com
305-521-0200 ext. 266

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Blink Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446

FAQ

How much grant money did Blink Charging (BLNK) receive from Illinois EPA?

Blink Charging received nearly $2 million in grant funding from the Illinois Environmental Protection Agency.

How many EV charging stations will Blink (BLNK) install in Illinois under the new grant?

Blink will install 15 charging stations, including 10 180kW DC fast chargers and five Dual Port Level 2 stations (10 ports), across five locations in Illinois.

What is Blink Charging's (BLNK) cost share in the Illinois EPA grant project?

Blink Charging is providing a 30% cost share for the Illinois EPA grant program.