New innovative battery energy storage unit will lead to reduction in demand charges and energy costs for electric vehicle drivers and hosts
Miami Beach, Fla., (May 16, 2023) – Blink Charging Co. (NASDAQ: BLNK) (“Blink” or the “Company”), a leading manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, today announced the commissioning of their new integrated battery storage and DCFC chargers unit that will integrate with four Blink EV chargers at the Southport Plaza in Philadelphia, PA. This marks the first battery storage energized DCFC chargers to go online in the state and a milestone for EV charging resiliency.
The new state-of-the-art battery energy storage system (BESS) efficiently stores energy onsite then provides that power to EV drivers when they need it most. This allows the energy to be captured during off-peak usage times when electricity prices are lowest and releases that energy to charge EVs during peak-usage times when electricity prices are higher, to offset the costs of demand fees. This stored energy enables reduced stress on the grid, allowing drivers to charge even during black-out conditions. The technology allows for demand charge reduction from utilities companies for individuals and businesses, benefiting both the environment and the bottom line.
“This innovative battery storage technology is an exciting innovation to EV charging and we’re proud to launch this unit in Pennsylvania as we look ahead to other regions where this technology can be used,” said Brendan Jones, President and Chief Executive Officer of Blink Charging. “We have made it a goal at Blink to address the concerns of EV drivers, such as grid dependency, and work with our world-class engineers and stakeholders to develop solutions. This battery storage unit certainly does that.”
The project includes using three Blink 50kW DCFC chargers and one 175kW DCFC charger, all of which will be paired with the battery storage unit. Engineered by Blink, the project was supported by a grant from the Pennsylvania Department of Environmental Protection Driving PA Forward program, which uses Pennsylvania Volkswagen settlement funds to replace old diesel vehicles with cleaner transportation options and encourage use of zero-emission electric vehicles by investing in charging infrastructure.
Following the successful inaugural activation of the battery storage unit in Philadelphia, Blink looks to expand this innovative solution in Florida installing the unit in up to 25 sites across the state that will also include solar canopies with EV chargers.
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK), a 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/.
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.
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