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LONDON - Blink Charging Co. (NASDAQ:BLNK), a $248 million market cap EV charging infrastructure company, announced Wednesday that its UK subsidiary has been selected by Wakefield Council to install, own, and operate 184 electric vehicle chargers across the district as part of a regional net-zero initiative. According to InvestingPro data, the company maintains a strong liquidity position, holding more cash than debt on its balance sheet.
The project includes 54 on-street and 130 off-street EV chargers, with installations planned over the next two years. The expansion is partially funded by a £282,000 investment from the UK government’s Local Electric Vehicle Infrastructure (LEVI) fund secured through the West Yorkshire Combined Authority. This expansion comes as InvestingPro analysis shows the company generated $104.8 million in revenue over the last twelve months, though analysts anticipate some sales decline in the current year.
According to the announcement, the chargers will focus on areas where access to charging infrastructure has been limited, particularly targeting residents who lack home charging capabilities. The initiative aims to support Wakefield’s commitment to achieve fully electric transportation by 2030.
"Wakefield is taking purposeful action to improve access to EV charging," said Alex Calnan, Managing Director of Europe at Blink Charging.
Councillor George Ayre, Wakefield Council’s Cabinet Member for Climate and Environment, noted the practical benefits: "It means residents whose homes don’t allow for private EV chargers will only be a few minutes’ walk from a charger."
The program specifies that a minimum of 20% of the chargers will accommodate residents with various accessibility requirements. This deployment represents Blink’s continued expansion in the UK market, according to the company’s press release statement.
The LEVI fund was established to support local authorities in expanding EV charging networks throughout the UK, helping bridge the gap between national emissions goals and practical electric vehicle adoption at the community level. With an overall Financial Health score rated as ’FAIR’ by InvestingPro, which offers comprehensive analysis through its Pro Research Reports covering 1,400+ US stocks, Blink Charging shows potential despite current market challenges.
In other recent news, Blink Charging Co. reported a significant development with its UK subsidiary securing a £1,410,000 initiative to deploy 716 electric vehicle chargers across West Yorkshire, England. This project is supported by the UK government’s Local Electric Vehicle Infrastructure Pilot Fund and involves long-term agreements with five district councils. Additionally, Blink Charging has been awarded a contract to develop EV infrastructure for the City of Richmond, positioning itself as one of five vendors to provide public charging solutions in the area.
Moreover, Blink Charging completed the installation of eight 120kW DC fast chargers at the Power Up Plaza in Chicago’s West Garfield Park, enhancing EV infrastructure in the region. The project received partial funding from the Illinois Environmental Protection Agency. In a strategic move, Blink Charging announced a collaboration with Hubject to integrate its network into Hubject’s intercharge eRoaming platform, aiming to expand charging access across North America.
These developments reflect Blink Charging’s ongoing efforts to enhance EV infrastructure and expand its reach in various regions.
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