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BOWIE, Md. - Blink Charging Co. (NASDAQ: NASDAQ:BLNK), a prominent player in the electric vehicle (EV) charging sector, has appointed Chris Carr as Senior Vice President of Sales & Business Development. Carr brings over a decade of sales leadership experience, with a significant focus on the renewable energy industry, including solar, energy storage, and hydrogen fuel cells.
In his recent role as Director of EV Charging for Gotion, Carr has been credited with accelerating growth and developing innovative charging solutions tailored to evolving market demands. His expertise in the EV charging industry is expected to be instrumental in advancing Blink’s strategic goals, which include acquiring valuable owner/operator sites and enhancing the company’s product offerings. InvestingPro data reveals that while Blink’s revenue grew by 15% in the last twelve months, the company faces challenges with cash burn - one of 14 key insights available to subscribers.
Carr’s appointment comes at a time when Blink Charging is aiming to expand its global brand recognition and market presence. Mike Battaglia, President and CEO of Blink Charging, expressed confidence in Carr’s ability to drive growth and foster customer loyalty, citing his unique blend of business development, energy, and technological experience as key assets for the company’s future.
Blink Charging’s portfolio encompasses the Blink Network, a cloud-based software system that manages and monitors EV charging stations and data, as well as a range of EV charging equipment and services. The company has established strategic partnerships to promote EV adoption across various location types.
The announcement of Carr’s appointment is based on a press release statement and has been made amidst Blink’s efforts to achieve profitability and maintain market leadership in the EV charging industry. While the company currently maintains a "FAIR" financial health score according to InvestingPro analysis, it holds more cash than debt on its balance sheet and shows strong liquidity with a current ratio of 2.52. The company has cautioned that forward-looking statements in the press release are subject to market conditions and other risks that could impact actual results.
Investors and interested parties are reminded that Blink Charging’s statements regarding anticipated growth and the impact of Carr’s leadership are forward-looking and actual outcomes may vary. Blink does not commit to revising these statements unless required by law.
In other recent news, Blink Charging Co. has reported significant developments impacting its operations and strategic direction. The company announced a new collaboration with the City of Alameda, California, to install up to 50 electric vehicle (EV) charging ports, with an initial phase of 13 ports set to begin soon. Additionally, Blink Charging has launched 76 EV charging ports across 23 Royal Farms locations in Maryland and Delaware, with plans to exceed 100 ports. In a leadership transition, Michael Battaglia has been appointed as the new President and CEO, succeeding Brendan Jones. Battaglia, who has been with the company since 2020, has been credited with growing Blink’s revenue from $3 million in 2019 to $140.6 million in 2023. Barclays (LON:BARC) has adjusted its financial outlook for Blink Charging, reducing the price target to $1.50 while maintaining an Equalweight rating, citing a decrease in revenue estimates. The firm’s revised revenue projection for fiscal year 2024 is now $125 million, aligning with the lower end of Blink’s guidance. These developments underscore Blink Charging’s ongoing efforts to expand its EV infrastructure and adapt to market conditions.
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