Blink Charging and EVSTAR Introduce Comprehensive 5-Year Protection Plan for EV Charging Infrastructure
Rhea-AI Summary
Blink Charging Co. (NASDAQ: BLNK) has partnered with EVSTAR to offer an optional 5-year extended warranty for its U.S. customers. This comprehensive plan aims to enhance confidence in charger reliability and covers accidental damage, OEM connection issues, power surges, and more. EVSTAR, backed by a leading global insurance organization, will manage claims and schedule repairs.
The extended warranty may help customers avoid out-of-pocket expenses for eligible claims, including full replacement, repairs, de-installation, or re-installation within the warranty term. This initiative aligns with Blink's ongoing efforts to improve charger availability and reliability, allowing customers to focus on expanding their EV charging networks without worrying about repair logistics.
Positive
- Introduction of a comprehensive 5-year protection plan for EV charging infrastructure
- Partnership with EVSTAR, a national renewable energy service and warranty administrator
- Extended warranty coverage for accidental damage, OEM connection issues, and power surges
- Potential reduction in out-of-pocket expenses for customers with eligible claims
Negative
- None.
News Market Reaction
On the day this news was published, BLNK declined 6.32%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Blink and EVSTAR team up to elevate confidence in charger reliability by offering Blink’s U.S. customers an extended warranty coverage option.
Bowie, Md., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading global manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, has announced a strategic agreement with EVSTAR to introduce extended warranty coverage options for Blink customers. This new, optional extended warranty program aims to boost customer confidence and includes coverage in cases of accidental damage, OEM connection issues, power surges, and more.
EVSTAR, a national renewable energy service and warranty administrator backed by a leading global insurance organization, brings decades of EV technology service warranty and repair expertise to Blink customers.
"This collaboration marks a significant milestone in enhancing the reliability and longevity of our charging solutions,” said Mike Battaglia, Chief Operating Officer at Blink. “With EVSTAR managing claims and scheduling repairs, our customers who purchase this extended warranty can enjoy peace of mind, knowing their investments in EV infrastructure are better protected."
Blink has been continuously making progress in developing initiatives to increase the availability and reliability of chargers. Customers with this extended warranty may avoid out-of-pocket expenses for eligible claims, even if the charging station requires full replacement, repairs, de-installation, or re-installation within the 5-year warranty term. For eligible claims, this comprehensive extended warranty covers mechanical and electrical failures, normal wear and tear, accidental damage, and power surges, allowing customers to focus on expanding their EV charging networks without the hassle of managing repair logistics.
"We are excited to announce our strategic collaboration with Blink, marking a pivotal moment for both companies and the EV charging industry,” said Andrew Hoehner, CEO of EVSTAR. “Pooling our strengths, we are introducing groundbreaking solutions and redefining EV charger protection and warranty standards to ensure existing and future devices will always be functional. Together, we are eager to harness our expertise and resources to foster mutual growth and deliver unmatched charging experiences and value to customers and stakeholders."
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About EVSTAR
EVSTAR is a national renewable energy service and warranty administrator backed by an AM Best A-rated global insurance carrier. The company has assembled a dedicated team of industry experts with decades of experience in EV technology, service, warranty and repair, while delivering unique services for its customers. EVSTAR’s mission is to deliver financially secure products that are underwritten and backed by leading global financial firms; to offload financial exposure and protect partners’ future so they can focus their attention on growth and enlightening their customers. With its underwritten products, EVSTAR ensures that funds are always there to repair and/or replace EV charging devices, remove finger-pointing, and deliver the highest uptime while helping to grow the EV industry as a whole and continue to assist in building its partners’ brands. For more information or to contact EVSTAR, visit: EVSTAR.com
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK) is a global leader in electric vehicle (EV) charging equipment and services, enabling drivers, hosts, and fleets to transition to electric transportation through innovative charging solutions easily. Blink’s principal line of products and services include Blink’s EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network utilizes proprietary, cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. Blink 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://blinkcharging.com/
Blink Media Contact
Nipunika Coe
PR@BlinkCharging.com
305-521-0200 ext. 266
Blink Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446
FAQ
What is the new 5-year protection plan offered by Blink Charging (BLNK) and EVSTAR?
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