BLNK stock has continued to trend higher on November 12, 2021, in the wake of the infrastructure spending bill.
Blink Charging Well-Positioned to Deploy EV Charging Stations to Help Achieve the Nation’s Electrification Goals
On November 8, 2021, Blink Charging Co. (Nasdaq: BLNK, BLNKW), a leading owner, operator, and provider of electric vehicle (“EV”) charging equipment and services, is proud to support the historic bipartisan infrastructure bill and applauds the Biden Administration and congressional lawmakers who are taking an important step to improve our nation’s infrastructure, and accelerating the adoption of electric vehicles.
“We are excited by the inclusion of $7.5 billion for EV infrastructure to build out our nation’s EV network,” stated Michael D. Farkas, Founder and Chief Executive Officer of Blink Charging. “The passage of the federal infrastructure package brings us one step closer to achieving significant funding for the development and deployment of EV infrastructure, a critical component to unlocking mass EV adoption, curbing transportation related emission and creating new jobs with this fast-growing industry. In addition, the bill aligns with the President’s goal that half of the vehicles sold in the United States in 2030 will be zero-emissions vehicles and his aspiration to have 500,000 EV charging stations in place by that same year.”
“This bill furthers the commitment we are already witnessing from local, regional, federal and utility partners who are committed to making EV charging a reality across the country. Thus far in 2021, Blink has been awarded nearly $25 million in existing EV infrastructure grants, rebates, and incentives. Due to Blink’s unique owner and operator modality, we can amplify the impact of these grants, rebates, and incentives to create a robust ecosystem of EV infrastructure,” said Farkas. “In fact, due in part, to these opportunities, Blink has been able to accelerate efforts to widely deploy public EV charging stations across the country.”
“With this legislation, the momentum we are seeing today is just the start of where the industry will go. This commitment by bipartisan lawmakers is pivotal in propelling the industry forward in a strategic and methodical manner, where public actions complement the efforts of private industry to develop the infrastructure required to realize significant and meaningful change for electric vehicles,” said Farkas.
BLINK CHARGING ANNOUNCES THIRD QUARTER 2021 RESULTS
On November 11, 2021, Blink Charging Co. (Nasdaq: BLNK, BLNKW) announced financial results for the third quarter ended September 30, 2021.
- Record Revenues in Q3 2021, up 607% over prior year period
- Service Revenues increased 425% year over year
- 3,016 charging stations contracted or sold in Q3 2021, an increase of 351% compared to last year
“Our third quarter results continued the momentum built during the first half of 2021, exceeding our internal expectations with record revenues in both product sales and service revenues as we continued to expand our footprint of charging stations and enhanced our brand recognition around the world,” said Michael D. Farkas, Blink’s Chairman and Chief Executive Officer. “During the quarter, we made great strides increasing our network of property partners, winning exclusive, multi-year agreements that we anticipate will result in additional charging station deployments and revenueThe income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... generation. We are focused on continuing to grow our owner-operator business model, which differentiates us in the industry, because we not only install and maintain the charging equipment, but we also benefit from its ongoing utilization. This is an exciting time for Blink as the transition to EV use gains traction, driven by environmental concerns and legislative directives. We are well-positioned to play a critical role in the establishment of convenient, reliable EV infrastructure and we’re energized by the opportunities and interest we’re seeing in the marketplace. We anticipate winning many more future grant awards, coupled with a robust pipeline of opportunities ahead, we look forward to finishing the year strong and carrying this momentum into 2022.”
Blink Charging Awarded Grant Funds to Deploy DC Fast Chargers by Michigan Consumers Energy and the Michigan Department of Environment, Great Lakes and Energy
- Blink has deployed Six DC fast chargers along federally designated alternative fuel corridors across the state of Michigan
On November 3, 2021, Blink Charging Co. (Nasdaq: BLNK, BLNKW) announced that it has been awarded a grant from Michigan Consumers Energy and an additional grant from the Michigan Department of Environment, Great Lakes and Energy (EGLE) for the installation of DC fast charging stations across the state of Michigan. The six DC fast chargers were installed at two separate locations in Traverse City and Clare, Michigan.
These grants are part of a larger effort by the state of Michigan to create a strategic, accessible network of EV chargers for its residents and visitors and are funded by the Michigan Consumers Energy “Power MI Drive” program and EGLE. The EGLE grant is funded through the Volkswagen mitigation trust fund as part of the emission settlement and comes at no cost to the Michigan taxpayer.
“We are thrilled to have been awarded these grant funds from Michigan Consumers Energy and EGLE and to continue to grow our footprint of EV chargers in the state,” said Brendan Jones, President of Blink Charging. “Minimizing barriers to EV charging is critical to increasing consumer adoption of EVs, and these new fast charging locations provide residents and visitors the confidence in Michigan’s charging infrastructure needed to help drive the electric mobility transformation.”
The chargers are equally distributed between two strategic locations in Traverse City and Clare, Michigan, with the grant award locations including agreements between Blink and consumer brands that will serve as site host partners. Specifically, in Traverse City, Blink deployed three DC fast chargers at a Burger King along route 31, serving the many travelers that visit the popular travel region. In Clare, Blink deployed three DC fast chargers at Witbeck’s Family Foods off of State Route 127, providing easy dwell-charging access to residents and supporting efforts to turn Route 127 into a robust charging corridor.
The Michigan grant award further increases Blink’s footprint in the state. The company recently announced the deployment of 27 charging ports at six locations across Traverse City in partnership with Traverse City Power & Light and funded in part by a grant from EGLE.
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BLNK Stock Technical Analysis
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