Is using the cash earned in its recent initial public offering to expand its network of charging stations ahead of the expected consumer shift to electric vehicles.
Based in Miami Beach, Florida, the company owns, operates, and supplies charging stations, leveraging investors’ enthusiasm for green stock to raise approximately $ 221.4 million in a January offer. .. The sale of shares has increased Blink Charging’s cash balance by approximately eight times.
Blink Charging’s shares, which were released in 2018 and closed at $ 34.64 each on Wednesday, soared from about $ 9 to about $ 60 earlier this year after the proposed presidential election. Infrastructure investment Reduce carbon emissions.
Michael Rama, who became Chief Financial Officer of Blink Charging last February, said:
Earlier this month, Blink Charging acquired Blue Corner NV, an Antwerp-based charging company in Belgium, for approximately $ 24 million in cash and equity transactions. The deal, which adds about 7,000 charging stations, will help expand overseas operations based on existing operations in countries such as Greece and Israel, Rama said. Blink Charging operated or sold a total of approximately 23,000 charging stations internationally prior to the contract.
Blink Charging plug-in stations can be found in grocery stores, hotel parking lots, and apartments. Following the Blue Corner deal, the company employs about 150 people and makes money by selling stations to commercial and residential customers. It also owns several stations, makes money through contracts with real estate owners, and splits the revenue generated by selling electricity to drivers.
“As the EV market continues to expand, we can increase revenue from these charging stations,” Rama said. Quarterly sales as of March 31 reached $ 2.2 million, an increase of 72% over the previous year. The company posted a net loss of $ 7.4 million in the quarter ended March 31, compared to a loss of approximately $ 3 million in the year-ago quarter.
Asked about Blink Charging’s profit-turning timeline, Rama declined to comment, but said he would need more electric cars to get out on the road.He pointed out recent efforts In California Massachusetts plans to phase out gasoline engine sales by 2035 as a policy measure that may encourage investment in the industry.
Blink Charging’s business model is based on the premise that consumers want to buy an electric vehicle. But that hasn’t happened on a large scale yet, said Gabe Daoud, managing director of the sustainable energy sector.
Financial services company.
Nevertheless, automakers have recently announced plans to increase production of electric vehicles.
Say it this week Expect 40% Registration of electric vehicles in the United States (substitute for sales of vehicles powered solely by electricity) increased 8% year-on-year to 254,642 units in 2020, accounting for about 2%.According to the entire market
IHS Markit Co., Ltd.
, Data provider.
Efforts in Washington to help build green infrastructure, such as the president’s plan, could also strengthen Blink Charging’s operations.President Biden Called For 500,000 new charging stations nationwide, as part of a larger proposal that is to be partially funded by a corporate tax hike. “We are very encouraged by the new administration’s plans,” Rama said.
Blink Charging competitors Used Investor interest in clean energy to pursue public listing.
It also offers a plug-in station, which was unveiled earlier this year in a merger with a special-purpose acquisition company. Other companies, including another plug-in station company, Volta Industries Inc., have also announced plans to make it public through the acquisition of SPAC.
Write to Christine Broughton Kristin.Broughton@wsj.com
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