Blink Charging to Install 42 EV Chargers in New York

Source: Streetwise Reports   04/08/2021

Blink Charging Co. shares traded 14% higher after the company reported that it will be installing 42 Blink IQ 200 chargers at 10 locations throughout New York.

Electric vehicle (EV) charging station operator and equipment provider Blink Charging Co. (BLNK:NASDAQ) announced “the upcoming deployment of 42 charging ports at ten Four Brothers Pizza Inn locations across New York.” The company stated that 21 Blink owned dual port chargers are being deployed with the backing of the New York State Energy Research and Development Authority’s (NYSERDA) Charge Ready program along with Make Ready incentives from New York utilities.

Blink Charging advised that the “NYSERDA provides rebates of up to $4,000 per charging port to deploy EV charging stations in the state.” In addition to these rebates that are available from NYSERDA, utility providers across New York also offer additional Make Ready incentives that when combined with those from NYSERDA effectively subsidize the installation of Blink’s fast IQ 200 chargers at very little to no cost to both Blink and Four Brothers Pizza Inn.

The firm stated that presently several other destination locations with similar characteristics to Four Brothers where EV drivers stop for an extended period of time are now reaching out to Blink to take advantage of these incentives to expand EV charging infrastructure.

Blink Charging’s President Brendan Jones commented, “As electric vehicle use continues to gain popularity, drivers are looking for convenient and reliable charging options at dining establishments and entertainment venues, where they can park and charge. We’re pleased to have this opportunity to partner with Four Brothers, an historical and respected family business, utilizing our owner/operator model…We’re confident that EV drivers, among their clientele, will recognize the value of our fast Level 2 chargers. We look forward to opportunities to support future Four Brothers locations.”

John Stefanopoulos of Four Brothers Pizza Inn remarked “We are excited to join the ranks of the EV community by offering Blink EV charging stations to our customers and patrons while they dine or even catch a movie at our Amenia location drive-in theater. We are happy to be part of a greener future for generations to come and support the EV expansion across the state with more EV charging destinations at our locations.”

Hank Bessinger, also of Four Brothers, added, “We’re excited to be partnering with Blink on this momentum shift towards a greener world. While the value is clear in the short term, the long term benefits will be monumental for our planet, customers, and business.”

The company indicated that the chargers will utilize its local load management technology that “allows one IQ 200 dual port charger to be deployed on a single 100 amp circuit while providing up to 80 amp of output.”

The firm stated that Four Brothers plans to roll out the Blink EV charging stations at seven of its restaurants across New York along with three other stations that will be deployed at the Millerton Inn, the Yiannis Hotel in Chatham and at its drive-in movie theater location in Amenia.

Blink Charging is a designer, manufacturer, owner and operator of EV Charging Stations headquartered in Miami Beach, Fla. The company noted that to date it has deployed greater than 23,000 mostly networked EV charging stations, which enables owners and drivers of EVs to easily charge at any of its worldwide charging sites. The firm’s business consists of its Blink EV charging network, EV charging equipment and EV charging services. Blink’s network runs on its own proprietary, cloud-based software that manages all charging activities.

The company noted that the global annual market for EVs is expected to rise to 10 million units by 2025. The firm typically aims to install its EV charging stations at numerous locations including parking lots, multifamily residences, offices, medical centers, universities, airports, auto dealers, hotels, municipalities, parks, churches, restaurants, retailers, stadiums, supermarkets, transportation hubs and many other convenient locations.

Blink Charging started the day with a market cap of around $1.7 billion with approximately 42 million shares outstanding and a short interest of about 32%. BLNK shares opened about 2% higher today at $41.3843 (+$0.7443, +1.83%) over yesterday’s $40.64 closing price. The stock has traded today between $41.00 and $46.35 per share and is currently trading at $46.37 (+$5.73, +14.10%).

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