Blink Charging to install over 700 EV chargers across West Yorkshire

LONDON - Blink Charging UK Ltd., a subsidiary of Blink Charging Co. (NASDAQ:BLNK), has been selected to deploy 716 electric vehicle (EV) chargers across West Yorkshire as part of a £1,410,000 initiative, according to a press release statement issued Monday. The company, which has seen its stock surge over 140% in the past six months according to InvestingPro data, maintains a strong balance sheet with more cash than debt.

The project, partially funded by the UK government’s Local Electric Vehicle Infrastructure Pilot Fund (LEVI), involves 15-year agreements with Bradford, Calderdale, Kirklees, Leeds, and Wakefield councils. Installation is scheduled to begin later this year. While the company’s current market capitalization stands at approximately $209 million, InvestingPro analysis indicates the stock is trading near its Fair Value.

The charger network will include a mix of Standard (3.7kW to 8kW), Fast (8kW to 49kW), and Rapid (50kW to 149kW) charging stations, designed to serve various charging needs throughout the region.

West Yorkshire Mayor Tracy Brabin said the new charge points will "bring huge benefits to people without off-street parking and contribute to improving air quality in our communities."

The initiative aims to support the West Yorkshire Combined Authority’s goal of achieving net-zero carbon emissions by 2038 by making EV charging more accessible to residents without suitable off-street parking options.

Parliamentary Under Secretary of State Keir Mather noted that the LEVI funding will help make it "more convenient to charge on the go, no matter where you live."

Blink already maintains existing chargers in most of the participating districts and continues to expand its UK presence through partnerships with local authorities and businesses. Despite reporting revenue of $104.8 million in the last twelve months, analysts anticipate sales challenges ahead. For deeper insights into Blink Charging’s financial health and growth prospects, including 12 additional exclusive ProTips, visit InvestingPro, where you’ll find comprehensive analysis in our Pro Research Report.

In other recent news, Blink Charging Co. has secured a contract to develop electric vehicle charging infrastructure for the City of Richmond. The agreement positions Blink as one of five vendors selected to provide public charging solutions, which includes site assessment, installation, maintenance, and repair services. Additionally, Blink Charging has completed the installation of eight 120kW DC fast chargers at the new Power Up Plaza in Chicago’s West Garfield Park, with partial funding from the Illinois Environmental Protection Agency.

Moreover, Blink Charging announced a strategic collaboration with Hubject to integrate its charging network into Hubject’s intercharge eRoaming platform across North America. This partnership aims to expand charging options throughout the United States, Canada, and Mexico. In the UK, Blink Charging has integrated its network with Paua, adding approximately 3,500 connectors across 850 public charging locations to Paua’s platform.

Furthermore, Blink Charging plans to integrate cryptocurrency payment options across its charging network by the end of 2025. This initiative will allow EV drivers to pay for charging sessions using digital currencies through the Blink Charging App. These developments highlight Blink Charging’s ongoing efforts to expand and innovate within the electric vehicle charging industry.

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