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.”
“We’re excited to work with Blink on the deployment of their fast Level 2 charging stations as part of our exclusive electric car-sharing service. The vision of our two companies is aligned: to advance the adoption of electric vehicles. To continue to drive the growth and success across our expanding locations, we have to ensure that our clients have easy and efficient access to high-quality, reliable charging equipment. Blink has an established reputation as an innovator in the EV market, and we are thrilled to add them as a preferred partner,” commented Aric Ohana, CEO of Envoy.
The first deployments of 46 Blink IQ 200 charging stations have been completed early in 2020 and are paving the way for accelerated deployments throughout the year. The IQ 200 charging stations are currently the fastest Level 2 chargers available, delivering up to 65 miles of charge in an hour. No assurances can be given as to the number of chargers that will be deployed over the next 12 months or succeeding years, or the price of chargers sold to users or the resulting sales revenue to the Company, pursuant to the Envoy agreement.
Based in California, Envoy provides a unique electric car-sharing model that is ideal for today’s economic climate. As commercial real estate is eagerly looking for ways to attract and retain residents, and residents are looking to cut expenses like their unused daily commuting vehicle, Envoy provides the perfect solution; affordable, safe, convenient electric vehicles available on-demand through Envoy’s mobile app.
Interested property owners or managers can contact Envoy about providing this car-sharing amenity for their tenants, while simultaneously taking advantage of government and utilities incentives to upgrade its infrastructure to support additional charging stations. www.envoythere.com/property-owners
ABOUT BLINK CHARGING
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment that has deployed over 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of its charging locations worldwide. The Company’s principal line of products and services is its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network utilizes a 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 to rollout adoption across numerous location types, including parking facilities, multi-family residences and condos, workplace locations, healthcare/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/.
ABOUT ENVOY TECHNOLOGIES
Envoy Technologies, a Culver City-based provider of turnkey electric vehicle car-sharing services, offers on-demand vehicles where people live, work and stay (i.e. apartments, student housing, office campuses, co-working spaces, hotels). Envoy equips real estate owners and operators with a new and innovative way to enhance the lifestyle of their tenants, members, and guests by providing Mobility as an Amenity. Learn more at https://www.envoythere.com/.
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 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’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 undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
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