Blink Charging Co.

01/21/2020 | Press release | Distributed by Public on 01/21/2020 08:26

INTERENERGY ENGAGES WITH BLINK CHARGING AND PURCHASES $1.2 MILLION IN EV CHARGING EQUIPMENT FOR THE DOMINICAN REPUBLIC AND PANAMA

The Latin America Energy Provider Purchases 200 Blink Fast Charging Stations to Deploy

Miami Beach, FL, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK, BLNKW) today announced that InterEnergy, an owner and operator of power generation, transmission and distribution assets in Latin America, including the Dominican Republic where its CEPM subsidiary provides energy solutions to more than 66% of the national tourism sector, has enlisted Blink to bring EV charging infrastructure to the Dominican Republic and Panama.

As part of InterEnergy's total investment in the deployment of 500 charging stations for electrical vehicles, the company announced the initial acquisition of 200 Blink Charging stations, including Level 2 charging stations, DC Level 3 fast chargers, and networked residential smart units for a total initial purchase of $1.2 million in Blink hardware. Approximately 30% of the purchase price has been paid to Blink, with the balance payable upon shipment of the units, expected to occur later in the first quarter of 2020.

As pioneers in the implementation of the first national charging stations network, InterEnergy aims to facilitate the installation of 500 charging stations throughout the Dominican Republic and Panama supported by its EVerGO network. 'This is a significant step on InterEnergy's efforts to eliminate thousands of tons of CO2 emissions per year initially in the Dominican Republic which as an important tourist destination demands clean energy generation, representing multiple benefits to the environment,' stated Rolando Gonzalez Bunster, Chairman of InterEnergy.

Miami Beach-based Blink Charging is a leading owner and operator of electric vehicle charging stations in the United States. This relationship with InterEnergy further expands the company's reach internationally, which now serves half a dozen countries.

The Blink Level 2 chargers, Blink IQ 200, are the fastest AC charging stations available, producing 80 amps of output. This fast Level 2 technology is best used for locations in commercial centers, shopping malls, workplaces and multifamily residential dwellings. The DC Level 3 fast chargers can charge more rapidly, producing 50 kW of power, making them reliable for roadside charging where distance traveling is common.

All Blink charging stations are suitable for advances in battery technology found in electric vehicles and capable of charging any battery-electric or plug-in hybrid vehicle providing consumers with easy access to fast charging. Blink's chargers are OCPP compliant and meet all of the requirements for utilization in the Dominican Republic.

'We are excited to work with a pioneer in green-focused renewable energy, while providing their customers the best equipment available. Bringing EV charging infrastructure to the Dominican Republic is only the first step of our engagement with InterEnergy and we look forward to future expansion in Panama City and further into the Caribbean and South America,' said Blink Founder and CEO Michael D. Farkas. 'As more consumers are choosing to drive EVs, the need for charging infrastructure will make it possible for countries across the globe to move towards full adoption of EVs and a clean transportation future,' added Mr. Farkas.

The initial order of 200 Blink charging stations followed InterEnergy's thorough assessment of available EV charging equipment in the marketplace. According to InterEnergy, Blink's products were found to be the fastest, most resistant for environmental conditions, particularly for an island, and best designed for ongoing operations. Reviewing Blink's equipment led InterEnergy to choose Blink as its sole provider for EV charging equipment in the Dominican Republic, InterEnergy noted.

Bloomberg New Energy Finance 's EV Outlook 2019 reports that the number of EVs sold has increased in the past decade, from only a few thousand to over 2 million in 2018 and is forecasting a rise of 10 million in 2025, 28 million in 2030, and 56 million by 2040. According to the study, despite the Latin American EV market being significantly smaller than in North America, the industry is rapidly growing. The availability of EV charging at these locations will reassure drivers of electric vehicles that they can find somewhere to charge and continue on their way.

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ABOUT INTERENERGY GROUP

InterEnergy owns and operates power generation, transmission and distribution assets as well as fuel logistics businesses in Latin America and the Caribbean. With a significant footprint in the Dominican Republic, Panama, Jamaica and Chile, InterEnergy's generation portfolio aggregates approximately 1,250MW of installed capacity across the region. It is also the exclusive supplier of electricity to the fast-growing tourism resort area of Punta Cana-Bavaro, covering more than 50,000 hotel rooms and over 40,000 low-tension clients.

A pioneer in renewable energy, InterEnergy developed the first wind farms in the Dominican Republic, the largest wind farm in Central America, and several solar power projects throughout the region. By supplying over 320 MW of renewable energy generation throughout the region, InterEnergy eliminates hundreds of thousands of tons of CO2 emissions per year. For more information about Interenergy, please visit www.interenergy.com

ABOUT BLINK CHARGING

Blink Charging is a leading owner/operator of EV charging stations in the United States and a growing presence in Europe, Asia, Israel, the Caribbean and South America. With a long history as a pioneer in the EV industry and a dedicated team with knowledge of the industry, Blink continues to be the trusted partner in EV charging station technology. The company is a driving force with more than 150,000 registered EV driver members and more than 15,000 EV charging stations deployed. For more information, please visit www.blinkcharging.com. Nasdaq: BLNK

Forward-Looking Statements

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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Source: Blink Charging Co.

Released January 21, 2020