Blink Charging Awarded Utah State Contract Making EV Charging Procurement Easier and More Convenient for Government Agencies

Rhea-AI Summary

Blink Charging Co. has been selected as a State Contract Awardee by the Utah Division of Purchasing, prioritizing their products and services for government agencies in Utah. Salt Lake City International Airport has already deployed ten of Blink's chargers through the contract. Blink's Q2 2023 earnings were strong, with total revenues reaching nearly $33 million for the quarter. The company has raised its 2023 revenue target and aims to achieve a positive adjusted EBITDA break-even run rate by December 2024.

Positive

• Blink selected as State Contract Awardee by Utah Division of Purchasing
• Successful deployment of Blink chargers at Salt Lake City International Airport
• Strong Q2 2023 earnings with total revenues reaching nearly $33 million

Negative

• None.

As a direct result of the contract, Blink was selected by Salt Lake City International Airport for their EV charging needs.

Miami Beach, Fla., Sept. 07, 2023 (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, today announced it has been selected as a State Contract Awardee by the Utah Division of Purchasing (the “Blink Utah State Contract”). The contract prioritizes Blink products and services for government, non-profit, K-12, and higher education agencies in Utah, preparing their properties and facilities for the growing demand for EV charging nationwide.

Salt Lake City International Airport (“SLC International”) has already utilized Blink’s Blink Utah State Contract. Operated and managed by the Salt Lake City Department of Airports, a department of Salt Lake City Corporation, SLC International selected Blink through the contract and has successfully deployed ten of Blink’s Series 7, 48-amp Level 2 (L2) chargers.

“Being recognized as a trusted supplier by the State of Utah is an important step for Blink, making our products more accessible to public agencies in building their EV infrastructure, as demonstrated at Salt Lake City International Airport,” said Mike Battaglia, Chief Revenue Officer for Blink Charging. “We’re thrilled to witness this in action with the airport, as the Blink Utah State Contract streamlines the process and assists local and state agencies in procuring, installing and powering their EV charging infrastructure.”

The Blink Utah State Contract (#AR4038 contract) offers a comprehensive range of Blink products such as the Blink Series 7 and Series 8, as well as Blink’s line of DC Fast Chargers. Blink’s chargers operate on its newly rebuilt Blink Network host portal, which enables customers to conveniently manage their chargers, customize charge rates for specific user groups and zones, and monitor energy consumption and associated fees during a charging session. 

The Blink Utah State Contract further includes a comprehensive package offering options for extended warranties, 24/7 customer support, various Blink unique business models options ranging from hybrid to turn-key solutions, station and fleet management software, smart reporting tools, and more. Agencies are able to leverage Blink’s flexible service models to suit their specific needs and circumstances.

Today’s announcement follows Blink’s Q2 2023 earnings release, the strongest in Company history, which saw total revenues increase to nearly $33 million for the quarter. Blink also announced it raised its 2023 revenue target from $100 – $110 million to $110 – $120 million and is targeting a positive adjusted EBITDA break-even run rate by December of 2024. Blink’s growth comes as the only U.S. vertically integrated EV charging company, manufacturing and selling charging equipment while also owning and operating chargers connected to its Blink network.

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About Blink Charging 
  
Blink Charging Co. (Nasdaq: BLNK), a global leader in electric vehicle (EV) charging equipment, has contracted, sold, or deployed nearly 73,000 charging ports worldwide, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of Blink’s charging locations. Blink’s principal line of products and services includes the Blink EV charging network (“Blink Network”), EV charging equipment, EV charging services, and the products and services of recent acquisitions, including SemaConnect, Blue Corner, BlueLA and Envoy. 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 half of passenger cars sold in the US by 2030, 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://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, 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 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
Jon Myers
PR@BlinkCharging.com
305-521-0200 ext. 266

Blink Investor Relations Contact
Vitalie Stelea
IR@BlinkCharging.com
305-521-0200 ext. 446