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SGB Development Corp. and Blink Charging Co. Enter into a Master Development and Production Agreement For EV Charging Stations at all SGB Development Corp. Properties
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
SG Blocks announces collaboration with Blink Charging Co. to deploy over 300 EV chargers in the Lago Vista, Texas project. This effort expands their 2020 partnership, aiming to enhance affordable housing with EV infrastructure. The project utilizes modular construction, reducing environmental impact and completion time. Blink’s CEO highlights Austin's innovation in EV tech, aligning with projections of 100 million EVs by 2030. SGB DevCorp plans to leverage Blink’s technology in various developments, focusing on maximizing profits in sustainable transportation.
Positive
Deployment of over 300 EV chargers at Lago Vista project enhances infrastructure.
Expansion of partnership with Blink Charging opens opportunities in sustainable transportation.
Use of modular construction reduces completion time and carbon footprint.
SGB DevCorp positioned for profitable ventures in the growing EV market.
Negative
None.
The first project expected to deploy more than 300+ Blink Chargers at the Lago Vista project
NEW YORK--(BUSINESS WIRE)--
SG Blocks, Inc. (NASDAQ: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of modular structures, today announced that SGB Development Corp. (“SGB DevCorp”), a wholly-owned subsidiary of the Company, will collaborate with Blink Charging Co. (Nasdaq: BLNK, BLNKW) a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and services, to deploy Blink’s EV charging technology via SG Blocks’ modular designs.
An aerial view of the Lago Vista Development Project Site (Photo: Business Wire)
This agreement expands the original 2020 Master Development and Production Agreement, executed between SG Blocks and Blink, to include SGB DevCorp, the Company’s real estate development subsidiary, whose mission is to maximize the delivery of affordable multifamily housing developments. SGB DevCorp expects to use Blink’s technology in all current and future development sites, elevating the amenities offered at each location and enabling each resident the opportunity to reduce their own carbon footprint.
The first project between the two companies plans to deploy 300+ EV chargers at SGB DevCorp’s site in Lago Vista, Texas. The innovative residential project features one- and two-bedroom units utilizing modular construction practices. Modular designed projects such as Lago Vista reduce the overall time to completion and have a smaller carbon footprint through the reduction of consumed materials and building in a controlled environment (such as the SG ECHO factory). Modular design and construction also allows for efficient installation process as new technology reveals itself or needs to be developed. Modular construction is one of the fastest growing verticals in construction because of its ecological and financial benefits.
“We couldn’t think of a better project to kick-off our relationship with SG Blocks’ development company than Lago Vista in Austin,” said Michael Farkas, CEO of Blink Charging. “Austin is a leading city in innovation and positioning Texas at the forefront of EV technology. The presence of the Telsa manufacturing plant is further accelerating the city’s need for EV charging infrastructure. We are excited to begin providing what the community needs alongside SG Blocks.”
The collaboration between SGB DevCorp and Blink Charging Co. was created with the goal of maximizing opportunities and profit in the sustainable transportation technology space.
According to Wood McKenzie, global electric vehicles on the road are expected to reach 100 million units by 2030, a 10-fold increase compared to 2020. To support this growth, Wood McKenzie estimates that residential and public charging points will grow to 32.5 million by 2030, compared to 5.6 million in 2020.
“Working with Blink empowers us in the EV charging space given that Blink is a known and reputable partner,” Paul Galvin, Chairman and CEO of SG Blocks noted. “We see countless opportunities for the deployment of modular charging stations across the economy, especially given that environmental sustainability is a primary focus for both companies. Getting in early as a go-to modular EV expert provides us with excellent positioning in this exciting and evolving vertical and reinforces SG Block’s ESG mandate.”
SGB DevCorp plans to use the Blink EV charging services for development ventures in both infrastructure and transit-oriented projects, with the two companies currently working to complete due diligence on a transit development project. The Company intends to apply for multiple requests for proposals for EV charging on the local, state, and federal levels.
The Company plans to charge standard margins on all modular charging stations delivered to SGB DevCorp as an in-house customer.
“We intend to dedicate the time and resources to grow in this space and be opportunistic in public and transit-oriented developments,” added Paul Galvin.
SG Blocks plans to provide further updates on the aforementioned stations when they are deployed in their respective locations.
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then customized to client specifications. For more information, visit www.sgblocks.com.
Safe Harbor Statement
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding plans to use Blink’s technology in all current and future SG DevCorp development sites beginning with 300+ EV chargers in Lago Vista, Texas, global electric vehicles on the road reaching 100 million units by 2030, residential and public charging points will growing to 32.5 million by 2030, using the Blink EV charging services for development ventures in both infrastructure and transit-oriented projects, applying for multiple requests for proposals for EV charging on the local, state, and federal levels, charging standard margins on all modular charging stations delivered to SGB DevCorp as an in-house customer, dedicating the time and resources to grow in the EV charging space, being opportunistic in public and transit-oriented developments and providing further updates as and when EV charging stations are deployed. While SG Blocks believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to use Blink’s technology in all current and future SG DevCorp development sites as planned beginning with 300+ EV chargers in Lago Vista, the Company’s ability to use the Blink EV charging services for development ventures in both infrastructure and transit-oriented projects, the Company’s ability to apply for multiple requests for proposals for EV charging on the local, state, and federal levels, the Company’s ability to charge standard margins on all modular charging stations delivered to SGB DevCorp as an in-house customer, the Company’s ability to grow in the EV charging space as planned, the Company’s ability to provide further updates as planned, the Company’s ability to expand within various verticals as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
