Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the
“Company”), a leading owner, operator, and provider of electric
vehicle (“EV”) charging equipment and services, congratulates the
Biden Administration and bipartisan lawmakers who agreed to a
much-needed federal infrastructure package – highlighting the $7.5
billion allocated specifically to EV infrastructure and urges
Congress to pass this package and take additional steps towards
making America the worldwide leader in EV technology and
infrastructure.
“Blink is encouraged by the package’s inclusion
of $7.5 billion for EV infrastructure, which represents a
significant step to advance electric vehicle charging nationwide.
As the auto industry accelerates its transition to zero-emission
vehicles, EV charging infrastructure must be deployed to handle the
demand,” stated Michael D. Farkas, Founder & Chief Executive
Officer of Blink Charging.
Farkas continued, “While this package makes
important investments, we still have a long way to go to meet the
President’s goals of having the U.S. economy reach net-zero
emissions by 2050 and having only electric vehicles on the road by
2040. We believe the most economical way of achieving the
Administration’s goal of deploying 500,000 charging stations is
through the widespread deployment of fast Level 2 (L2) chargers
nationwide. In fact, charging data shows that L2 charging is the
most popular with EV drivers as it takes advantage of the time a
vehicle is parked, which is the majority of the time. L2 charging
is also commonly used for public and workplace charging which makes
owning an EV accessible for those who don’t reside in a
single-family residence.”
According to industry data, Level 2
charging is the predominant type of charging in the United States,
with more than 77,000 L2 chargers compared to approximately 17,000
DC fast chargers. We believe that in order to build out a robust
electric vehicle ecosystem, it needs to be inclusive of DC fast
corridor charging but must have a focus on L2 charging.
Although the compromise at hand is less than
what the Biden Administration initially requested for EV
infrastructure, it can still be effective if allocated methodically
and is comprised of both corridor and urban charging. In most
cases, it costs approximately $100,000 per port for DCFCs, whereas
it costs under $10,000 per port for L2 charging. Additionally, the
energy cost is considerably more with DCFCs, ultimately making it
cost-prohibitive to EV drivers. While DC fast chargers are great
solutions for travel corridors and long trips, most drivers travel
less than 40 miles per day, making L2 charging a better and more
economically viable solution.
There are several important steps that Congress
could take to support these infrastructure priorities. In
particular, Blink urges Congress to provide the Department of
Energy’s Advanced Technology Vehicle Manufacturing (ATVM) Program
with additional lending authority that it could use to finance a
comprehensive national network of L2 chargers. Blink also supports
the congressional creation of an infrastructure bank. Through these
steps, Congress could open extraordinary possibilities for American
industry and innovators, spurring manufacturing and deployment of
cutting-edge EV chargers and components and facilitating projects
to use EV chargers as a resource for virtual power plants.
“We are at an inflection point in America’s
automotive industry, especially with most OEMs eliminating internal
combustion engine vehicles within the next decade. Therefore, the
time is now to invest in our nation’s EV infrastructure to meet
future demand. We look forward to continuing our work with members
of the House and Senate to increase support of policies that
encourage long-term growth and continued success of the electric
vehicle infrastructure industry,” said Farkas.
In addition to assisting in the Administration
meeting its EV charger goals, Blink intends to seek support from
the Department of Energy’s Loan Programs Office (LPO) to onshore
the manufacturing of charging stations to meet the Biden
administration’s Made in America requirements.
###
ABOUT BLINK CHARGING
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a
leader in electric vehicle (EV) charging equipment and has deployed
over 30,000 charging ports in 13 countries, 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 includes 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, along with
terms such as “anticipate,” “expect,” “intend,” “may,” “will,”
“should,” and 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 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 Contact
PR@BlinkCharging.com
Blink Investor Relations Contact
IR@BlinkCharging.com855-313-8187
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