Blink Charging Announces Joint Venture Agreement with Envoy Technologies to Deploy Electric Vehicles and EV Charging Station...
June 11 2020 - 7:00AM
Blink Charging Co. (the “Company” or “Blink”) (NASDAQ: BLNK,
BLNKW), a leading owner and operator of electric vehicle charging
stations, announced a joint venture agreement with Envoy
Technologies Inc. (“Envoy”), a provider of shared on-demand,
community-based electric vehicles (EVs). The multi-year agreement
is designed to bring electric vehicles and EV charging to urban
residents across the United States through the deployment of Blink
charging stations across Envoy property locations.
Envoy partners with some of the largest
commercial real estate companies in the country to provide
exclusive electric car-sharing as a property amenity for
apartments, hotels, and workplaces; Mobility as an Amenity™. The
turnkey solution includes EV charging infrastructure and Blink will
be among the preferred EV charging station providers for the Envoy
car-sharing program as well as additional charging stations at
client properties, available to the public, for use by all EV
drivers. Envoy’s community-based electric vehicle mobility platform
grew 350% over the past two years.
Blink founder and CEO, Michael D. Farkas said
“We are optimistic about this agreement with Envoy, which mirrors
Blink’s mission of making electric vehicles and EV charging
stations accessible to all. Envoy’s innovative business model
provides Blink with a potential deployment of 7,000 fast, Level 2
Blink chargers in the next 5 years, of which 2,000 are expected in
the next 12 months and the rest 5,000 in the following 4 years.
While the chargers will be deployed through a variety of business
models that Blink offers its clients, including models where Blink
contributes the hardware, and while Envoy will enjoy preferred
volume pricing for units deployed under the Agreement, the total
MSRP value of the Blink chargers expected to be deployed in the
next 5 years is approximately $24 million. We believe that Envoy’s
car sharing model should help with the acceleration of EV adoption
in 2020, it’s an exciting time to be in our industry.”
“We’re excited to work with Blink on the
deployment of their fast Level 2 charging stations as part of our
exclusive electric car-sharing service. The vision of our two
companies is aligned: to advance the adoption of
electric vehicles. To continue to drive the growth and success
across our expanding locations, we have to ensure that our
clients have easy and efficient access to high-quality, reliable
charging equipment. Blink has an established reputation as an
innovator in the EV market, and we are thrilled to add them as a
preferred partner,” commented Aric Ohana, CEO of Envoy.
The first deployments of 46 Blink IQ 200
charging stations have been completed early in 2020 and are paving
the way for accelerated deployments throughout the year. The IQ 200
charging stations are currently the fastest Level 2 chargers
available, delivering up to 65 miles of charge in an hour. No
assurances can be given as to the number of chargers that will be
deployed over the next 12 months or succeeding years, or the price
of chargers sold to users or the resulting sales revenue to the
Company, pursuant to the Envoy agreement.
Based in California, Envoy provides a unique
electric car-sharing model that is ideal for today’s economic
climate. As commercial real estate is eagerly looking for ways to
attract and retain residents, and residents are looking to cut
expenses like their unused daily commuting vehicle, Envoy provides
the perfect solution; affordable, safe, convenient electric
vehicles available on-demand through Envoy’s mobile app.
Interested property owners or managers can
contact Envoy about providing this car-sharing amenity for their
tenants, while simultaneously taking advantage of government and
utilities incentives to upgrade its infrastructure to support
additional charging stations.
www.envoythere.com/property-owners
###
ABOUT BLINK CHARGINGBlink
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/.
ABOUT ENVOY TECHNOLOGIESEnvoy
Technologies, a Culver City-based provider of turnkey electric
vehicle car-sharing services, offers on-demand vehicles where
people live, work and stay (i.e. apartments, student housing,
office campuses, co-working spaces, hotels). Envoy equips real
estate owners and operators with a new and innovative way to
enhance the lifestyle of their tenants, members, and guests by
providing Mobility as an Amenity™. Learn more
at https://www.envoythere.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 those 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
undertakes no obligation to update or revise forward-looking
statements to reflect changed conditions.
Blink Media
ContactPR@BlinkCharging.com Blink Investor
Relations ContactIR@BlinkCharging.com
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