Blink Charging Awarded $7 Million to Implement New Ride Share Service in New Jersey for Underserved Communities

Rhea-AI Summary

Blink Charging Co. (NASDAQ: BLNK) has received a $7 million grant from New Jersey's environmental authorities to develop an electric ride-sharing program targeting underserved communities. This funding is part of a larger $70 million initiative aimed at reducing the costs of electric vehicles and equipment in such neighborhoods. The CEO, Michael D. Farkas, emphasized the positive impact on low- to moderate-income areas, enhancing access to reliable transportation while reducing greenhouse gas emissions. Currently, Blink operates the largest all-electric car-sharing service in California and plans to expand its electric vehicle charging infrastructure in Los Angeles.

Positive

• Received a $7 million grant to develop electric ride-sharing in New Jersey.
• Part of a $70 million initiative aimed at reducing transportation costs in underserved areas.
• Currently operates the largest all-electric car-sharing service in California with plans for expansion.

Negative

• None.

Experienced ride share service provider receives grant to develop electric ride share program aimed at disadvantaged neighborhoods

Miami Beach, FL, April 13, 2023 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, and parent company to Blink Mobility LLC, an all-electric car-sharing service company, today announced the New Jersey Department of Environmental Protection (NJDEP), New Jersey Board of Public Utilities (NJBPU), and New Jersey Economic Development Authority (NJEDA), have awarded Blink $7 million in Regional Greenhouse Gas Initiative (RGGI) auction proceeds, to bring electric ride-sharing to New Jersey communities that lack access to reliable transportation.

The award is part of the overall $70 million in Regional Greenhouse Gas Initiative (RGGI) auction proceed awards aimed to help reduce the upfront costs of electric trucks, buses, and equipment in underserved neighborhoods.

“Bringing an electric ride share program to New Jersey makes great sense and will be a benefit to the low- to moderate-income communities that may lack access to traditional public transportation. We are excited to have been selected and share our expertise and experience in the electric ride share space,” said Michael D. Farkas, Founder and Chief Executive Officer of Blink Charging. “Electric ride share services make a positive impact for residents in underserved areas by reducing harmful greenhouse gas pollutants that come from gas fueled vehicles.”

Blink currently owns and operates Blink Mobility that provides electric ride share services in underserved communities in Los Angeles with 100 EVs and 200 chargers in 40 locations. The ride share service has become the largest 100% EV car-sharing company in California. In 2022, Blink Mobility’s vehicle fleet grew by approximately 70% while the average utilization rate nearly doubled in comparison to 2021 and total trips increased nearly 37% over the same period. In response to the car-sharing service’s popularity, an additional 300 street-side EV charging stations at 60 new locations are planned to be completed in Los Angeles by the end of 2023.

New Jersey Governor, Phil Murphy, announced the award as part of his comprehensive approach to mitigate the effects of climate change by investing its RGGI auction proceeds in programs that reduce greenhouse gas emissions, drive forward projects that boost clean energy, and protect the health of residents in environmental justice communities. Given transportation is the number one source of harmful greenhouse gasses, the advancement of an electric ride sharing program is a significant effort towards reducing air pollutants by providing cleaner transportation to citizens who may not own their own vehicle.

For a list of projects to be funded with the $70 million in RGGI auction proceeds, visit NJ DEP- StopTheSoot.org.

For more information on New Jersey’s vehicle electrification goals and strategies, visit www.drivegreen.nj.gov.

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About Blink Charging 

Blink Charging Co. (Nasdaq: BLNK), a leader in electric vehicle (EV) charging equipment, has deployed nearly 66,000 charging ports across 27 countries, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of Blink’s charging locations worldwide. Blink’s principal line of products and services includes the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including SemaConnect, Blue Corner and BlueLA. 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. With global EV purchases forecasted to half of passenger cars sold in the US by 2030, 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://www.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. and 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 
Jon Myers
PR@BlinkCharging.com
305-521-0200 ext. 266

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

FAQ

What funding has Blink Charging received for its ride-sharing program?

Blink Charging received a $7 million grant from New Jersey authorities to develop an electric ride-sharing program.

How does Blink Charging's program benefit underserved communities?

It aims to provide reliable transportation and reduce greenhouse gas emissions in low- to moderate-income neighborhoods.

What is the current scale of Blink Mobility's operations in California?

Blink Mobility operates with 100 electric vehicles and 200 chargers across 40 locations, making it the largest all-electric car-sharing company in California.

What is the purpose of New Jersey's Regional Greenhouse Gas Initiative (RGGI)?

The RGGI aims to reduce greenhouse gas emissions and support clean energy projects in underserved communities.