Blink Charging (BLNK) Receives Contract from U.S. Postal Service
Blink Charging BLNK has received an indefinite delivery or indefinite quantity contract (IDIQ) contract from the U.S. Postal Services (USPS) to sell nearly 41,500 electric vehicle charging units. These charging units will support USPS’s EV charging infrastructure.
Michael D. Farkas, founder and CEO of Blink Charging said, “The Postal Service’s recent announcement of purchasing more EVs and building the necessary charging infrastructure is another step in developing a complete transition in going electric. This move towards electrification sets a precedent that we are hopeful all fleet owners will follow.”
Blink will sell its Series 7 dual-port charger to USPS. The charger comes with 80 amps of power at each port, which allows two vehicles to charge parallelly on the Universal J1772 connector at 19.2kW. Blink’s NEMA 3R enclosure allows flexible installation. The 18-foot standard charging cable provides greater flexibility in postal locations.
In another development, BLNK unveiled its revamped Blink mobile charger, through which stranded vehicles will receives sufficient power to reach the nearest EV charging station, eliminating the need for the vehicle to be towed. The roadside assistance market is expected to reach $35 billion by 2030, resulting in increased demand for this mobile charger.
Blink’s innovative hardware, management software and ability to develop EV charging infrastructure optimize power management costs and lifetime vehicle maintenance costs.
As we know, Biden-Harris Administration and DOT’s newly established Charging and Fueling Infrastructure program will bestow $2.5 billion to cities, counties and local governments. Blink will work with states and local communities to acquire the funding and will provide local charging capabilities for everyday citizens.
The EV charging equipment and service provider will make its Blink mobile charger immediately available.
Zacks Rank & Key Picks
BLNK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A few top-ranked players in the auto space are Volvo VLVLY, Michelin MGDDY and Wabash National WNC, all of which sport a Zacks Rank #1.
The Volvo Group is a manufacturer of trucks, buses, construction equipment, diesel engines and marine and industrial engines. The Zacks Consensus Estimate for VLVLY’s 2023 earnings imply year-over-year growth of 6.25%.
Michelin manufactures and sells tires for all kinds of vehicles, publishes maps and guides and operates several digital services. The Zacks Consensus Estimate for MGDDY’s 2023 sales and earnings implies year-over-year growth of 9.15% and 21.57%, respectively.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings implies year-over-year growth of 13.06% and 28.89%, respectively.
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