Blink Charging Awarded $7 Million to Implement New Ride Share Service in New Jersey for Underserved Communities
13 April 2023 - 11:15PM
Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a
leading manufacturer, owner, operator and provider of electric
vehicle (EV) charging equipment and services, and parent company to
Blink Mobility LLC, an all-electric car-sharing service company,
today announced the New Jersey Department of Environmental
Protection (NJDEP), New Jersey Board of Public Utilities (NJBPU),
and New Jersey Economic Development Authority (NJEDA), have awarded
Blink $7 million in Regional Greenhouse Gas Initiative (RGGI)
auction proceeds, to bring electric ride-sharing to New Jersey
communities that lack access to reliable transportation.
The award is part of the overall $70 million in
Regional Greenhouse Gas Initiative (RGGI) auction proceed awards
aimed to help reduce the upfront costs of electric trucks, buses,
and equipment in underserved neighborhoods.
“Bringing an electric ride share program to New
Jersey makes great sense and will be a benefit to the low- to
moderate-income communities that may lack access to traditional
public transportation. We are excited to have been selected and
share our expertise and experience in the electric ride share
space,” said Michael D. Farkas, Founder and Chief Executive Officer
of Blink Charging. “Electric ride share services make a positive
impact for residents in underserved areas by reducing harmful
greenhouse gas pollutants that come from gas fueled vehicles.”
Blink currently owns and operates Blink Mobility
that provides electric ride share services in underserved
communities in Los Angeles with 100 EVs and 200 chargers in 40
locations. The ride share service has become the largest 100% EV
car-sharing company in California. In 2022, Blink Mobility’s
vehicle fleet grew by approximately 70% while the average
utilization rate nearly doubled in comparison to 2021 and total
trips increased nearly 37% over the same period. In response to the
car-sharing service’s popularity, an additional 300
street-side EV charging stations at 60 new locations are
planned to be completed in Los Angeles by the end of 2023.
New Jersey Governor, Phil Murphy, announced the
award as part of his comprehensive approach to mitigate the effects
of climate change by investing its RGGI auction proceeds in
programs that reduce greenhouse gas emissions, drive forward
projects that boost clean energy, and protect the health of
residents in environmental justice communities. Given
transportation is the number one source of harmful greenhouse
gasses, the advancement of an electric ride sharing program is a
significant effort towards reducing air pollutants by providing
cleaner transportation to citizens who may not own their own
vehicle.
For a list of projects to be funded with the $70
million in RGGI auction proceeds, visit NJ DEP-
StopTheSoot.org.
For more information on New Jersey’s vehicle
electrification goals and strategies,
visit www.drivegreen.nj.gov.
###
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK), a leader in
electric vehicle (EV) charging equipment, has deployed nearly
66,000 charging ports across 27 countries, many of which are
networked EV charging stations, enabling EV drivers to easily
charge at any of Blink’s charging locations worldwide. 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 and BlueLA. 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. and 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
MyersPR@BlinkCharging.com305-521-0200 ext. 266
Blink Investor Relations
Contact Vitalie SteleaIR@BlinkCharging.com
305-521-0200 ext. 446
Blink Charging (NASDAQ:BLNKW)
Historical Stock Chart
From Apr 2024 to May 2024
Blink Charging (NASDAQ:BLNKW)
Historical Stock Chart
From May 2023 to May 2024