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BLINK CHARGING CO.

(BLNK)
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Blink Charging : Mobility Expands BlueLA Car Sharing Program with the City of Los Angeles and LADOT

10/05/2021 | 09:15am EST

- Blink will add 300 street-side EV chargers at an anticipated 60 locations

Miami Beach, FL, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Blink Mobility (“Blink” or the “Program”), a wholly owned subsidiary of Blink Charging Co. (Nasdaq: BLNK, BLNKW), today announced the expansion of its BlueLA electric car sharing program serving Los Angeles. Following a Los Angeles City Council vote approving the expansion, Blink will add 300 street side EV charging stations at an anticipated 60 destinations across the city and a progressive increase in the Program’s electric vehicle fleet, based on utilization rates.

The significant Blink Mobility expansion is funded, in part, through resources provided by the Los Angeles Department of Transportation (LADOT) and California Air Resources Board (CARB). Per the expansion agreement, BlueLA powered by Blink Mobility will deploy and operate a total of 500 EV charging stations at a miniumum of 100 locations across Los Angeles. The program will also progressively increase its electric vehicle fleet up to 300 EVs based on utilization rates.

“We’re very pleased to expand our exclusive car sharing and EV charging agreement with the city of Los Angeles. The program further reinforces our commitment to providing affordable electric vehicle accessibility and EV charging infrastructure to underserved communities across the city,” stated Michael D. Farkas, Chief Executive Officer of Blink Charging.

The Los Angeles Department of Transportation (LADOT) announced the expansion of the program on Twiiter, stating ‘[the BlueLa powered by Blink Mobility] program was approved to add 200 more shared EV-cars and 300 more chargers to areas such as South LA, Boyle Heights, Pico-Union, and East Hollywood.’

“BlueLA powered by Blink Mobility is playing a key role promoting and enabling electric vehicle use by deploying accessible, state-of-the-art chargers and EVs in convenient locations across the city. We’re excited to have this opportunity to grow Blink Mobility’s footprint significantly while making the transition to zero-emissions vehicles a seamless and effortless choice. We look forward to continuing to leverage our network and technology to grow our market presence in LA, the epicenter of EV adoption,” said Farkas.

Blink Mobility is the exclusive provider of EV-sharing services to the City of Los Angeles. Currently, the Program operates 190 charging stations at 39 locations in the city. New charging station locations under this expansion agreement are currently being identified and assessed.

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ABOUT BLUELA POWERED BY BLINK MOBILITY

BlueLA powered by Blink Mobility, and operated by Blink Charging, a leader in EV charging infrastructure since 2009, is fully committed to providing access to affordable and clean transportation alternatives. The all-electric car-sharing service began in 2018 when the City of Los Angeles was awarded a grant from the California Air Resources Board through California Climate Investments to pilot electric vehicle car-sharing in low-income communities of Los Angeles. The program currently serves the communities of Westlake, Koreatown, Pico-Union, Downtown, Echo Park, Boyle Heights, and Chinatown. Project implementation and outreach efforts are supported by the LA Mayor’s Office of Sustainability, Shared Use Mobility Center, and a committee of community-based organizations.

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 across 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 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 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 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 Contact
PR@BlinkCharging.com

Blink Investor Relations Contact
IR@BlinkCharging.com


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Source: Blink Charging Co.

2021 GlobeNewswire, Inc., source Press Releases

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Financials (USD)
Sales 2021 19,2 M - -
Net income 2021 -52,6 M - -
Net cash 2021 126 M - -
P/E ratio 2021 -29,0x
Yield 2021 -
Capitalization 1 533 M 1 533 M -
EV / Sales 2021 73,3x
EV / Sales 2022 44,7x
Nbr of Employees 91
Free-Float 86,1%
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Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 36,33 $
Average target price 41,43 $
Spread / Average Target 14,0%
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Managers and Directors
Michael D. Farkas Chairman & Chief Executive Officer
Brendan S. Jones President, Chief Operating Officer & Director
Michael P. Rama Chief Financial Officer
Josh Winkler Senior Vice President-Product & Technology
Harjinder S. Bhade Chief Technology Officer
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