Blink Charging Becomes a Provider of Electric Vehicle Charging Solutions for Royal Farms
Royal Farms locations throughout Maryland and Delaware will utilize Blink to provide EV charging for customers.
Miami Beach, Fla. — Blink Charging Co.(NASDAQ: BLNK) (“Blink” or the “Company”), a leading global manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and services, today announced it has been selected to provide EV charging solutions for Royal Farms. The Baltimore-based convenience retail chain will install a total of 30 Blink state-of-the-art DC Fast Chargers (DCFC), providing 60 charging ports and bringing more accessible EV charging to a critical region of the Mid-Atlantic.
Royal Farms will install the EV chargers at more than a dozen locations throughout Maryland and Delaware. Six locations will install the Blink 180kW DC fast charging units, and 12 locations will each receive the Blink 60kW charging unit(s). Additional locations are anticipated to follow. Funding was secured in part through the Maryland Department of the Environment’s Electric Corridors Grants Program.
“EV charging must be convenient to be most effective, and this is an exciting step towards bringing convenience and accessibility to EV drivers in Maryland and Delaware,” said Jim Nemec, Chief Revenue Officer of Blink Charging. “Blink’s expansive range of charging solutions will help Royal Farm satisfy customer demand for EV charging at retail locations.”
As forecasted by S&P Global Mobility, the United States must quadruple the number of EV chargers between 2022 and 2025 to meet increased demand for charging stations from growing EV sales. Blink’s efforts will help to improve the EV charging infrastructure and promote EV adoption throughout the Mid-Atlantic.
“We are excited to announce our collaboration with Blink Charging that will expand charging capabilities to much of our network and delight our customers. Royal Farms looks forward to working with Blink on building out the EV charging network in the mid-Atlantic region,” said Tom Ruszin, Fuel and Environment Leader for Royal Farms.
Established in 1959 and now expanding to nearly 300 stores, Royal Farms locations are ideal for Blink’s EV charging solutions. In addition to the new Blink chargers, Royal Farms stores are fitted with convenience store goods and a full kitchen for customized fresh orders to take on the go or eat on-site while customers charge up.
Today’s announcement follows Blink’s Q2 2023 earnings release, the strongest in Company history, which saw total revenues increase to nearly $33 million for the quarter. Blink also announced it raised its 2023 revenue target from $100 – $110 million to $110 – $120 million and is targeting a positive adjusted EBITDA break-even run rate by December 2024.
About Royal Farms
Royal Farms is a renowned operator of fast and friendly neighborhood convenience stores with nearly 300 locations throughout the Mid-Atlantic. Royal Farms opened its first store in Baltimore, MD in 1959 under the name White Jug. Today, the chain has locations in Maryland, Delaware, Pennsylvania, New Jersey, Virginia, West Virginia, and North Carolina. Royal Farms has been satisfying customers’ hunger for Real Fresh food served Real Fast. The Royal Farms Kitchen is well known for its Always Fresh, Never Frozen World-Famous Royal Farms Chicken that is lightly hand-breaded and pressure-cooked in Trans Fat Free cooking oil to golden brown perfection. Royal Farms Western Fries are hand-cut from fresh Idaho potatoes, hand-breaded, and cooked right in store. Most locations are open 24 hours, 365 days a year. For more information about Royal Farms, visit: www.royalfarms.com
About Blink Charging
Blink Charging Co. (Nasdaq: BLNK), a global leader in electric vehicle (EV) charging equipment, has contracted, sold, or deployed more than 78,000 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 account for 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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