Blink Charging Co. (NASDAQ:BLNK) shares are trading lower on Tuesday. The company inked a strategic agreement with Stable Auto to enhance its EV charging network.
Stable's data-driven solutions are expected to enable Blink to offer enhanced services to its customers and EV drivers. These include improved accuracy of the Blink network app and partner mapping tools, expanded charger listings in third-party apps, and more options for drivers to locate charging stations.
Mike Battaglia, Chief Operating Officer and CEO-Elect at Blink stated, "We have already experienced the staying power of utilizing this platform. For example, we achieved a 34% improvement in efficiency, increasing the net revenue across 60 locations. Blink has always maintained a 'right charger, right place, right time' mindset, allowing us to proactively meet the growing infrastructure demands of every kind of EV driver."
On Monday, the company disclosed that it plans to support EV charging station hosts impacted by Enel X's decision to exit North American operations.
The company plans to offer former Enel X and JuiceBox customers a chance to switch to Blink's EV charging solutions.
By joining a revenue share program, Blink covers the cost of the charging equipment, warranty, and maintenance, while customers only need to prepare their site.
Battaglia said, "At Blink, we design our charging stations to be future-ready, addressing all aspects of hardware, software, services, and technology. With advancements like vehicle-to-grid technology on the horizon, our chargers are built to support the future of electric vehicles. Our inventory is ready to ship and replace immediately."
In September, the company disclosed that it had exceeded 100,000 electric vehicle (EV) chargers sold, deployed, or contracted worldwide.
Recently, Blink revealed a plan to reduce its workforce by 14% to cut costs, with Battaglia set to take over as CEO in February 2025.
Investors can gain exposure to the stock via WisdomTree Trust WisdomTree Battery Value Chain and Innovation Fund (BATS:WBAT).
Price Action: BLNK shares are down 0.75% at $1.975 at the last check Tuesday.
Photo courtesy: Blink Charging
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