Blink Charging Deploys Electric Vehicle Charging Stations Across Migdal Insurance Locations Expanding its Global Footprint
April 28 2020 - 9:15AM
Blink Charging Ltd. (Israel), a wholly-owned subsidiary of Blink
Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”),
continues its expansion through its latest agreement with Migdal
Insurance and Financial Holdings Ltd. (“Migdal”), one of Israel’s
largest insurance companies. This is the latest partnership that
will allow Blink to expand its footprint internationally, now
reaching into six countries across three continents. The company is
seeing significant interest in their EV charging equipment, and
network as worldwide demand for electric vehicles (EVs) grows.
Migdal Insurance will deploy Blink EV charging
stations at Migdal-owned buildings in Israel. Blink, a leading
provider of EV charging infrastructure, including equipment and a
charging network, will provide a turnkey solution under this
agreement.
“This agreement is an exciting opportunity to
increase our Blink EV charging station footprint, mainly in
countries that have publicly committed to growing their EV
infrastructure,” remarked Blink Charging CEO and Founder, Michael
D. Farkas. “Migdal’s commitment to bringing EV charging and EV
network connectivity to citizens makes them a beneficial and
strategic partner. Furthermore, given Migdal’s worldwide presence,
we believe this is the first step in a much larger opportunity to
expand our presence throughout the rest of the world.”
This mutually beneficial agreement between Blink
and Migdal is a significant step in the build-out of EV
infrastructure within Israel and potentially other emerging EV
markets. In addition to a list of locations specified in the
agreement, over the next few months, Blink will work with Migdal to
identify additional locations outside of Israel that are ideal for
EV charging stations.
This announcement showcases the increased
interest in EV charging following the country’s plan to eliminate
gasoline or diesel-powered vehicles after 2030. According
to The Jerusalem Post, the government has already started
encouraging the adoption of electric vehicles through incentives
for EV charging stations and a significant reduction of taxes on
electric vehicles.
Migdal Insurance is among the largest insurance
companies in Israel, with properties throughout the country, as
well as an expansive portfolio of properties in America and Europe.
It serves 2.3 million private and business customers, employs more
than 5,200 people, and has business relations with 2,800 insurance
agencies and agents.
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ABOUT MIGDAL INSURANCE HOLDINGS LTD
Migdal Insurance Holdings is the leading
insurance and finance group in Israel and offers its customers a
wide and varied range of products related to insurance, pension,
and long-term financial assets management services. The Group’s
insurance, pension, and provident activities are carried out by
Migdal Insurance and its subsidiaries.
ABOUT BLINK CHARGING
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a
leader in electric vehicle (EV) charging equipment that has
deployed over 23,000 charging stations, many of which are networked
EV charging stations, enabling EV drivers to easily charge at any
of its charging locations worldwide. The Company’s principal line
of products and services is its Blink EV charging network (“Blink
Network”), EV charging equipment, and EV charging services. The
Blink Network utilizes a 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 rise to 10 million by 2025 from
approximately 2 million in 2019, the Company has established key
strategic partnerships to rollout adoption across numerous location
types, including parking facilities, multi-family residences and
condos, workplace locations, healthcare/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, 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
ContactPR@BlinkCharging.com
Blink Investor Relations
ContactIR@BlinkCharging.com855-313-8187
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