Blink Charging Announces Acquisition of BlueLA Carsharing Expanding Affordable Electric Vehicle Accessibility For Underserved...
September 18 2020 - 8:45AM
Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the
“Company”), a leading owner, operator, and provider of electric
vehicle (EV) charging equipment and services, today announced that
its wholly-owned subsidiary, Blink Mobility, has acquired BlueLA
Carsharing, the City of Los Angeles’ contractor for its EV
carsharing services program, with 200 EV charging stations and 100
electric vehicles. The acquisition doubles the number of Blink
stations in Los Angeles, making the use of EV cars more accessible
to the community at large and supporting the City’s commitment to
reduce greenhouse gas emissions and reduce resident exposure to
harmful pollutants.
“California is the epicenter for EV adoption,
and this acquisition significantly expands our market presence and
strategically positions Blink as the City of Los Angeles’
contractor for its EV carsharing program with EV charging,”
commented Michael D. Farkas, Founder and Chief Executive Officer of
Blink. “The City of Los Angeles, California’s largest city, has
made a substantial commitment to enabling citywide EV
transportation alternatives with a clear strategy to grow its EV
infrastructure, and a particular focus on its groundbreaking
carsharing program that makes EV use attainable in disadvantaged
neighborhoods. As the city moves into phases 2 and 3 of its EV
carsharing program, we look forward to supporting the City’s
aggressive environmental and EV accessibility objectives.”
“Blink is excited to maintain and advance the
services of BlueLA. We believe we are uniquely positioned, with our
state-of-the-art charging equipment and established mobility
partnerships, to play a meaningful role in the City’s plan to bring
zero emissions vehicles to the most air quality challenged areas of
the City. In cooperation with the Mayor’s Office of Sustainability
and Los Angeles Department of Transportation we look forward to
working together to improve public health, particularly in
disadvantaged communities. Blink’s vision has always been about
making electric vehicles and EV charging infrastructure accessible
for all. Low-income families and communities of color – which are
disproportionately impacted by pollution and face dire consequences
for their health-should not be left behind by progress and we are
committed to our partnership with Mayor Garcetti and the City of
Los Angeles to ensure that expanded electric carsharing options,
including BlueLA, remain available to all Los Angeles
neighborhoods, especially those in the top 10% of census tracts
that are disproportionately burdened by, and vulnerable to,
multiple sources of pollution,” stated Mr. Farkas.
Blink plans to make considerable enhancements to
the existing BlueLA infrastructure to improve the customer
experience. Pending City approval, Blink will upgrade the charging
infrastructure to its IQ 200 charging stations. Further, Blink
plans to outsource and collaborate with an experienced mobility
provider to improve the EV carsharing service and upgrade the
vehicles to include more practical EVs that better meet consumer
demand. Finally, the Company is exploring additional ancillary
services, such as digital media at charging locations as well as in
the interior and exterior of the vehicles, to enhance the driver
experience while also better monetizing locations.
Mr. Farkas concluded, “There is a tremendous
market opportunity as urban centers throughout the country continue
to transition to more environmentally friendly EV transportation
models. Los Angeles is the heart of the EV revolution and is a
community that has long recognized the importance and necessity of
making clean transportation alternatives available to all members
of the broader community. Through this acquisition, we believe Los
Angeles can serve as a prototype for an EV carsharing and charging
infrastructure program that can be replicated in other cities
across the country. Our goal is to make EVs accessible by
leveraging our network and expertise.”
Additional details regarding the acquisition can
be found in the Company’s current report on Form 8-K filed with the
Securities and Exchange Commission on September 17, 2020.
###
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a
leader in electric vehicle (EV) charging equipment and has deployed
more than 23,000 charging stations, many of which are networked EV
charging stations, enabling EV drivers to easily charge at any of
the Company’s charging locations worldwide. Blink Charging’s
principal line of products and services include its Blink EV
charging network (“Blink Network”), EV charging equipment, and EV
charging services. 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 rise to 10 million vehicles
by 2025 from approximately 2 million in 2019, the Company 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, including
acquisition-related risks, such as integrating acquired assets into
Blink Charging’s operations, unforeseen operating difficulties and
expenditures and diversion of management attention, and others
described in Blink Charging’s periodic reports filed with the SEC.
There can be no assurance that the BlueLA Carsharing acquisition
will prove to be beneficial to the Company. 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 PR@BlinkCharging.com
Blink Investor Relations
Contact IR@BlinkCharging.com 855-313-8187
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