Blink Charging Selected as an Official Electric Vehicle Charger and Network Services Provider for State of New York
Blink Charging (NASDAQ: BLNK) has been selected as an official electric vehicle (EV) charger and network services provider for the state of New York. This contract allows Blink to supply Level 2 and DC fast chargers and offer services like site assessment, installation, maintenance, and EV-related software. The partnership aims to enhance public charging solutions for state and municipal fleets, employees, residents, and visitors, contributing to a sustainable future. Additionally, Blink will manage EV monitoring, reporting, billing, and support, integrating third-party fleet and building management systems. This announcement follows Blink's record financial quarters and the opening of their new manufacturing facility and global headquarters in Bowie, Maryland.
- Secured contract as an EV charging provider for the state of New York.
- Includes provision of Level 2 and DC fast chargers.
- Comprehensive services including site assessment, installation, maintenance, and repair.
- Will manage EV network services like monitoring, reporting, billing, and support.
- Integration with third-party fleet and building management systems.
- Follows strongest financial quarters in company's history.
- New state-of-the-art manufacturing facility and global headquarters opened in Bowie, Maryland.
- Potential for high initial costs related to site preparation, installation, and integration.
- Dependence on state contracts could pose risks if governmental policies or budget priorities shift.
- Long-term profitability contingent on widespread EV adoption and infrastructure usage.
Insights
Blink Charging's designation as an official EV charging provider for New York represents a significant milestone that could bolster the company's financial performance. This contract will likely enhance revenue through the sale of charging stations and associated services. Investors should note the potential for recurring revenue streams from maintenance, repair and network management services.
From a financial perspective, the timing of this news aligns with Blink's recent strong financial quarters, indicating a positive momentum for the company. Continuing to secure contracts such as this can help to solidify Blink's market position and potentially encourage further investor confidence. However, investors should also be aware of the inherent risks involved, such as the need for substantial upfront investments and the potential for delays or operational challenges in the implementation phase.
Short-term, this news is a positive indicator and could lead to an increase in stock price. Long-term benefits include the establishment of a robust revenue stream and an enhanced market position. Yet, it's important to continually monitor execution and market adoption.
The inclusion of Blink Charging as an EV charging provider for New York is a strategic win in the rapidly growing EV sector. This contract not only validates Blink's technological capabilities but also aligns with broader market trends towards sustainable transportation. The EV market is anticipated to grow significantly and securing such contracts places Blink in a strong position as a key player.
For retail investors, it is essential to consider this alignment with state and national policies promoting electric vehicles. Partnerships with state governments can enhance a company's reputation and provide a solid foundation for future business opportunities. However, competition in the EV charging space remains intense, with several players vying for similar contracts. Investors should watch for how Blink differentiates itself in terms of service quality, technological innovation and integration with existing infrastructure.
This news underscores Blink's potential to capture market share and grow within an expanding market. However, continued success will depend on effective execution and maintaining competitive advantages.
Blink chosen as one of the EV charging providers designated to provide expanded charging infrastructure and support a more sustainable future for the state.
Bowie, Md., May 14, 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 secured a contract as one of the official EV charging providers for the state of New York. The agreement sets the stage for Blink Charging and New York to electrify state and municipal fleets and public charging solutions for employees, residents, and visitors.
As part of the contract, Blink is now one of the contractors available on the OGS award that can offer the state its advanced electric vehicle charging stations which include Level 2 and DC fast chargers. Additionally, Blink will provide related services such as site assessment and preparation, installation, maintenance, repair, parts and supplies, warranties, and product training.
Furthermore, the contract designates Blink as one of the providers of EV charging network services related to the management of EVs, including monitoring, reporting, billing, and support. This also encompasses the integration of third-party fleet and building management systems for energy management, as well as other EV-related software and technology.
“The state of New York and Blink are focused on leading the electrification of transportation together,” stated Jim Nemec, Chief Revenue Officer at Blink Charging. “As we set our sights on providing holistic, targeted charging options for EV drivers throughout New York state and the world, we’ll continue to lay the groundwork for an electric revolution. It’s rewarding to have a direct role in reducing emissions while enhancing the EV driver experience in New York. We are grateful for the state’s trust and our shared vision.”
The full agreement (Award # 23251) can be viewed here: online.ogs.ny.gov/purchase/spg/awards/4040423251CAN.HTM
The agreement comes after Blink’s strongest financial quarters in Company history, along with the recent grand opening of the Company’s new state-of-the-art manufacturing facility and global headquarters in Bowie, Maryland.
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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 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 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/
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 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 achieving its 2024 revenue and gross margin targets and its projected 2024 adjusted EBITDA run rate, and the risk factors described in Blink’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
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