Blink Charging Co Stock Price, News & Analysis

Blink Charging Co. (Nasdaq: BLNK, BLNKW) has signed a five-year agreement with the City of Chula Vista, California, to install 31 Blink IQ 200 fast Level 2 charging stations. This initiative is aimed at enhancing EV charging accessibility and reliability for residents and visitors, supporting both local and state climate action goals. With a maximum output of 80 amps, Blink's IQ 200 chargers are recognized as some of the fastest available. This move aligns with California's aim to have 5 million zero-emission vehicles on the road by 2030.

Blink Charging Co. (Nasdaq: BLNK, BLNKW) welcomes the signing of the Inflation Reduction Act of 2022 by President Biden, which renews the $7,500 tax credit for electric vehicle (EV) purchases for ten years. The Act also eliminates the previous cap of 200,000 units per manufacturer and introduces an additional $4,000 credit for used EVs. Moreover, it extends the tax credit for EV charging installations until December 31, 2032. This legislation aims to bolster the EV infrastructure in the U.S., aligning with Blink's mission to develop a robust national EV charging network.

Blink Charging Co. (Nasdaq: BLNK, BLNKW) announced a partnership with AES El Salvador to deploy 50 fast Level 2 chargers across El Salvador over the next few years. This initiative aims to enhance the country's electric vehicle (EV) charging infrastructure, facilitating a transition to more sustainable transportation. The chargers will connect to the Blink Network, enabling users to locate stations and track usage in real-time. With EV numbers expected to double annually in Latin America, this collaboration represents a strategic move to promote electric mobility.

Blink Charging Co. reported a remarkable 164% increase in total revenues, reaching $11.5 million for Q2 2022, compared to $4.4 million in Q2 2021. Service revenues surged by 154% to $2.2 million during the same period. The company expanded its portfolio with the acquisition of SemaConnect and EB Charging, adding over 12,800 chargers and enhancing vertically integrated manufacturing capabilities. However, Blink faced a net loss of $22.6 million or ($0.52) per share, worsening from a $13.5 million loss year-over-year.

Blink Charging Co. (Nasdaq: BLNK, BLNKW) will present at the J.P. Morgan 2022 Auto Conference in New York City on August 10, 2022, at 1:30 PM ET. CEO Michael D. Farkas will discuss the company's growth strategy, recent acquisitions, and its compliance with Buy American mandates. Blink has established itself as a leader in electric vehicle charging, deploying over 48,000 charging ports globally. The firm anticipates significant growth in the EV market, projecting 10 million vehicle sales by 2025, and has formed strategic partnerships across diverse locations to enhance charging infrastructure.

Blink Charging Co. (Nasdaq: BLNK, BLNKW) has appointed Mahi Reddy to its Board of Directors. Reddy, who is currently the CEO of SemaConnect, brings extensive experience in the electric vehicle (EV) industry, which is expected to strengthen Blink’s growth strategies and product offerings. His background in information technology and embedded systems will be beneficial as Blink expands its market reach. Blink has deployed over 48,000 charging ports in 19 countries, positioning itself as a leader in the EV charging sector.

Blink Charging Co. (Nasdaq: BLNK, BLNKW) has entered a referral cooperation agreement with ZEVX's ATHENA, aimed at enhancing fleet electrification solutions for clients. ZEVX specializes in converting traditional vehicles into electric ones using affordable LG battery kits. The partnership allows Blink to provide charging solutions, benefiting fleet customers with extensive support services, including a nationwide network of installers and financing options. Blink boasts over 48,000 charging ports across 19 countries, crucial for meeting rising global EV demand.

Blink Charging Co. (Nasdaq: BLNK, BLNKW) is enhancing its electric vehicle charging solutions for school districts, deploying nearly 400 Level 2 chargers in 14 states. The Biden administration's Infrastructure Investment and Jobs Act allocates $5 billion for cleaner school buses, with half designated for electric models. Additionally, the EPA's $500 million Clean School Bus rebates will drive demand for EV charging infrastructure. Currently, only 1,800 of the 480,000 school buses in the U.S. are electric, highlighting significant growth potential in this market segment.

Blink Charging Co. (Nasdaq: BLNK, BLNKW) will announce its second quarter 2022 financial results on August 8, 2022, after the market close. A conference call and webcast will follow at 4:30 p.m. ET to discuss the Q2 results.

Investors can access the live webcast through the Blink Charging website. For phone participation, dial (888) 506-0062 or (973) 528-0011 for international callers, using access code 399113. A replay will be available until September 7, 2022.