Benefits to Blink include mitigating peak pricing periods, maximizing utility incentives, easier installation and operation of charging equipment, and controlling costs
MIAMI BEACH, Fla., March 17, 2020 (GLOBE NEWSWIRE) -- Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner and operator of electric vehicle (EV) charging equipment and services, today announced certification by the OpenADR Alliance of the Blink Network under OpenADR 2.0 to facilitate communication utility suppliers and Blink’s vast EV charger network.
EV chargers represent a growing load to the electric distribution system. Utilities can use demand response programs to reduce peak load when needed, thereby offsetting the energy supply cost for peak periods. Demand response can also offset the cost of investment needed to otherwise upgrade the distribution infrastructure. Through OpenADR 2.0, a widely adopted standard, a utility or load management entity can readily integrate our entire charging network within their territory to enable load management control. This allows Blink charging stations to reduce their power draw in response to a request from the utility when in heavy demand. Blink’s solution enables the chargers to be controlled individually or in programmed groups. When a utility operator sends a demand response event signal, the Blink network will identify individual chargers and groups impacted and automatically initiate curtailment.
Blink and its Hosts can benefit by cost-effectively facilitating participation in demand response programs to receive payment for reducing load in response to a utility load event reducing our cost to serve. Drivers benefit by receiving the lowest possible rates for charging their vehicles.
“Our membership in the OpenADR Alliance and commitment to their standards is just one of many upcoming technical deployments for the Blink network and our Level 2 charging equipment,” said Michael D. Farkas, Chief Executive Officer of Blink. “The Blink IQ 200 design planned for these types of Smart Grid features and local load management capabilities to address energy and EV charging stations needs not only for today, but for the future as well. We’re very excited to be a part of the energy revolution through the adoption of electric vehicles.”
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About Blink Charging
Blink Charging (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and networked EV charging stations, enabling EV drivers to easily charge at any of its 15,000 charging. The Company’s principal line of products and services is its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network utilizes a proprietary cloud-based software that operates, maintains, and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to rise to 10 million by 2025 from approximately 2 million in 2019, the Company has established key strategic partnerships to rollout adoption across numerous location types, including parking facilities, multi-family residences and condos, workplace locations, healthcare/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs. For more information please visit: https://www.blinkcharging.com.
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 the potential benefits that we may obtain by being a member of the OpenADR organization and 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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