Blink Charging Announces Joint Venture Agreement with Envoy Technologies to Deploy Electric Vehicles and EV Charging Stations

Potential deployment of up to 7,000 chargers within the next 5 years, 2,000 of which are expected within the next 12 months, with a total MSRP value of $24M

Miami Beach, FL, June 11, 2020 (GLOBE NEWSWIRE) -- 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.”