Yahoo Finance Blink (BLNK) Takes Initiatives to Bolster its EV Capabilities
Blink Charging BLNK recently announced that it has signed a distribution agreement with ZOOZ Power, a leading supplier of flywheel-based power-boosting EV charging solutions, for the distribution, sale and deployment of ZOOZ’s kinetic power booster, the ZOOZTER 100. The solution uses advanced technology to store kinetic energy in flywheels to power EV DC fast chargers.
The ZOOZTER 100, with patented flywheel technology, outlasts battery chargers as it drives unlimited high-power charge and discharge cycles with a lifespan of more than 15 years. It also ensures a sustainable solution, being 100% recyclable, with a much smaller carbon footprint and significantly smaller ownership cost compared to chemical battery solutions.
Presently, there is a huge demand for ultra-fast charging around the world, and the trend is expected to rise. In light of the situation, building adequate power infrastructure to ensure the grid is not constrained is the need of the hour. Blink and ZOOZ intend to address this issue with their joint solution.
Blink was chosen by ZOOZ for its reputation in the EV-charging industry and its position as a global industry leader. The agreement marks Blink’s fourth year of collaboration with ZOOZ Power, supported by the U.S.-Israel Bilateral R&D foundation. It is set to reach its peak with a joint pilot installation in Florida. The pilot site is currently underway and is expected to become functional in the second quarter of 2023.
Both companies are enthusiastic about the agreement as they seek to provide EV drivers with reliable and sustainable solutions and contribute their share toward carbon neutrality.
In another development, Blink announced that its management has approved three significant additions to its executive leadership with the appointment of Michael Battaglia as Chief Revenue Officer, Mark Pastrone as Chief Operating Officer and Aviv Hillo, Esq. as Executive Vice President of Mergers and Acquisitions. These appointments imply a focus on Blink’s accelerated growth and meeting the industry’s demand for reliable charging solutions on the back of rising EV sales.
Mike Battaglia has served as senior vice president of sales and business development for Blink since December 2020. He will supervise Blink’s global sales organization, develop go-to-market strategies and identify new overseas expansion opportunities.
Mark Pastrone has initially served as Chief Operating Officer of Blink’s subsidiary SemaConnect, acquired in June 2022. He will now serve in the same position for Blink as the two companies align all operational activities. He will focus on achieving synergies and operational efficiencies for Customers Service, Installation Operations and Charger Production.
Aviv Hillo, Esq. has served as General Counsel since June 2018, and besides those duties, will focus on the company’s M&A strategies as Blink continues to expand its position in the market.
As the EV industry grows exponentially, Blink is putting efforts into capturing the market trend, providing best-in-class procedures and establishing an efficient, customer-focused portfolio. Blink aims to cover as many regions as possible to enhance its EV charging capabilities.
Shares of BLNK have lost 58% over a year compared with the industry’s 10.8% decline.
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Zacks Rank & Key Picks
BLNK currently carries a Zacks Rank #3 (Hold).
Here are some better-ranked players in the auto space – CarParts.com PRTS, sporting a Zacks Rank #1 (Strong Buy), and Allison Transmission Holdings ALSN and Genuine Parts Company GPC, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
CarParts has an expected earnings growth rate of 85% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 72.7% upward over the past 30 days.
Allison has an expected earnings growth rate of 26.1% for the current year. The Zacks Consensus Estimate for ALSN’s current-year earnings has remained constant in the past 30 days.
Genuine Parts has an expected earnings growth rate of 18.1% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
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Blink Charging Co. (BLNK) : Free Stock Analysis Report
