Blink Charging’s (Nasdaq: BLNK) wholly-owned subsidiary, Blink
Mobility, LLC, a growing all-electric car-sharing service, today
announced the acquisition of Envoy Technologies, Inc., a software
and mobility service company offering shared electric vehicles as
amenity for national real estate developers and owners. Blink
Mobility’s acquisition of Envoy, combined with its existing EV
car-sharing service, and with the recently awarded $7.5 million to
develop an electric car-sharing programs in New Jersey, will create
one of the largest all-electric car-sharing companies in the United
States leveraging one of the most robust platforms in the industry.
Blink Charging’s Board of Directors has
authorized its management to start planning for the spin-off of
Blink Mobility. Blink Charging plans to distribute a
majority of its shares of Blink Mobility as a pro
rata dividend to its existing shareholders at a future
date. The terms and timing for this transaction have not been
determined, and there is no guarantee that it will occur.
“We are pleased to welcome Envoy into the Blink
Mobility family and the opportunity it brings to take advantage of
its experience in the EV car-sharing space and maintain and advance
our mission to promote electrification of the nearly $13 billion
projected car-sharing industry in the U.S.,” said Michael
D. Farkas, the Executive Chairman
of Blink Mobility and Chief Executive
Officer at Blink Charging. “There
continues to be tremendous opportunity among various communities,
including inner city areas, for the need of clean, reliable, and
accessible transportation.”
Envoy developed a car-sharing platform and
mobile app that provides on-demand electric vehicles as an amenity
to apartments, office buildings and hotels. Envoy equips real
estate owners and operators with a new and innovative way to
enhance the lifestyle of their tenants, members and guests by
providing a “Mobility as an Amenity™ service,” a platform that
offers technology to reserve and access vehicles, driver insurance,
maintenance, electric vehicle chargers, electric fleet, fleet
maintenance, full-service mobile app, customer support and robust
analytics.
Since its inception by its founders Aric Ohana
and Ori Sagie in 2017, Envoy has deployed over 300 electric
vehicles at more than 150 multifamily properties and office
buildings and installed more than 150 EV charging stations. Envoy
deploys a variety of electric vehicle brands including Tesla (Model
S, 3, X, Y), Rivian R1T, Porsche Taycan, Polestar 2, Audi e-tron,
Chevy Bolt, and the Nissan Leaf. The car-sharing service is offered
across the United States, including in
Florida, California, Oregon, Washington, New
York and Illinois.
“We are excited to be joining Blink Mobility and
to advance our mission in offering electric car-sharing as an
amenity service to even more hotels, multifamily properties and
workplaces around the country, showcasing Envoy’s innovative
platform and technology,” said Aric Ohana,
CEO at Envoy Technologies. Ohana
added that “with Envoy’s vast experience in the electric
car-sharing space and Blink Mobility’s depth of knowledge
partnering with local municipalities and being a pioneer in the
electric vehicle charging industry, we look forward to continue
working with our strategic investors and partners, such as Douglas
Elliman, Goodyear Ventures, and Shell Ventures, to continue to
advance the electric car-sharing industry with Blink Mobility.”
Envoy’s mobile app and fleet management platform
were built in-house from the ground up based on 5+ years of
operational experience. It is the first platform designed
exclusively for the needs of electric vehicles. The app provides a
best-in-class reservation system, BLE-enabled car access, EV
telematics and charger management, and supports round trip and
one-way bookings.
Dan Sachar, Managing Director of New
Valley Ventures, one of Envoy’s investors explained that
“at New Valley Ventures, we invest in innovative, future-oriented
businesses that can benefit the Douglas Elliman family of
companies. We invested in and partnered with Envoy to bring
cutting-edge services to residential condominiums like 565 Broome
Soho. As part of this collaboration, we are proud to offer its
residents exclusive access to two Envoy Tesla’s, making it one of
the building’s most coveted amenities. We are thrilled Envoy has
been acquired and that its services will continue with Blink
Mobility.”
In 2020, Blink Mobility acquired BlueLA
Carsharing LLC, an EV car-sharing service company focused on
providing public access to affordable and clean transportation
alternatives utilizing EVs and integrated charging solutions. The
service was first made possible with a grant awarded to the City of
Los Angeles by the California Air Resources Board through
California Climate Investments to pilot EV car-sharing in
disadvantaged communities of Los Angeles. Blink Mobility continues
to work with the City of Los Angeles, the LA Mayor’s Office of
Sustainability, the Shared Use Mobility Center, and a committee of
community-based organizations in operating the service.
Blink Mobility has become the largest 100% EV
car-sharing company in California. In 2022, Blink Mobility’s
vehicle fleet grew by approximately 70%, the average utilization
rate nearly doubled, and total trips increased by nearly 37%
compared to 2021. In response to the car-sharing service’s
popularity, the Los Angeles City Council agreed to expand the
service and add an additional 300 street-side EV
charging stations across 60 new locations, and to expand the
number of EVs in the fleet to 150. The expansion is expected to be
completed by the end of 2023.
Blink Mobility provides a valuable service to
local communities and underserved neighborhoods, allowing access to
affordable and modern transportation. The car-sharing service will
benefit from recent Federal legislation setting greater funding
targets for EVs in disadvantaged communities. Recognizing the
popularity and growth of the electric car-sharing industry due to
demographic shifts, societal attitudes toward EV ownership, and
technological advances, the acquisition of Envoy will significantly
impact the shared mobility space. Envoy, together with Blink
Mobility, will provide EV car-sharing solutions to meet the needs
of riders. With Blink Mobility’s years of experience working with
municipalities and community leaders, and Envoy’s business practice
working with commercial property owners and businesses, along with
its innovative platform, car-sharing is now even more accessible
and convenient.
Matt
Petersen, CEO of
LACI and Chair of the Transportation
Electrification Partnership commented, “LACI is proud that
Envoy is one our portfolio companies as well as of the innovations
we piloted together to provide EV car-sharing and charging in
disadvantaged communities, including the nation's first program
dedicated fully to public housing residents with the Housing
Authority of the City of Los Angeles. To help ensure equitable
access to EVs and accelerate adoption like the Transportation
Electrification Partnership's target of 80% of all cars sold in LA
County to be BEVs by the time of the 2028 Olympic and Paralympic
Games, Envoy joining forces with Blink Mobility is the kind of
market force we need."
To further demonstrate the popularity and growth
of electric car-sharing programs, 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, and Envoy nearly $500,000
in Regional Greenhouse Gas Initiative (RGGI) auction proceeds, to
bring electric car-sharing (both city-wide deployments and
apartment amenity carshare) to New Jersey communities that lack
access to reliable transportation.
All Blink Mobility deployments of EV mobility
and car-sharing activities and services will be carried out in
collaboration with Blink Charging, which will be the sole supplier
of charging services to hundreds of EVs this year. This press
release does not constitute an offer of any securities for
sale.
###
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, including numerous
acquisition-related risks including the process of integrating
acquired assets into Blink Mobility’s operations, unforeseen
operating difficulties and expenditures, significant management
attention and incurrence of debt and contingent liabilities and
amortization expenses related to goodwill and other intangible
assets, 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 Investor Relations Contact
Vitalie SteleaIR@BlinkCharging.com+1 (305)
521-0200 ext. 446
Blink Media ContactJon
MyersPR@BlinkCharging.com
+1 (305) 521-0200 ext. 266
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