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Blink Charging announces joint venture agreement with Envoy Technologies

Blink Charging Co., a leading owner and operator of electric vehicle charging stations, announced a joint venture agreement with Envoy Technologies Inc., a provider of shared on-demand, community-based electric vehicles (EVs). The multi-year agreement is designed to bring electric vehicles and EV charging to urban residents across the United States through the deployment of Blink charging stations across Envoy property locations.

Envoy partners with some of the largest commercial real estate companies in the country to provide exclusive electric car-sharing as a property amenity for apartments, hotels, and workplaces; Mobility as an Amenity. The turnkey solution includes EV charging infrastructure and Blink will be among the preferred EV charging station providers for the Envoy car-sharing programme as well as additional charging stations at client properties, available to the public, for use by all EV drivers. Envoy’s community-based electric vehicle mobility platform grew 350% over the past two years.

Blink founder and CEO, Michael D. Farkas, said, “We are optimistic about this agreement with Envoy, which mirrors Blink’s mission of making electric vehicles and EV charging stations accessible to all. Envoy’s innovative business model provides Blink with a potential deployment of 7,000 fast, Level 2 Blink chargers in the next 5 years, of which 2,000 are expected in the next 12 months and the rest 5,000 in the following 4 years. While the chargers will be deployed through a variety of business models that Blink offers its clients, including models where Blink contributes the hardware, and while Envoy will enjoy preferred volume pricing for units deployed under the Agreement, the total MSRP value of the Blink chargers expected to be deployed in the next 5 years is approximately $24 million. We believe that Envoy’s car sharing model should help with the acceleration of EV adoption in 2020, it’s an exciting time to be in our industry.”

“We’re excited to work with Blink on the deployment of their fast Level 2 charging stations as part of our exclusive electric car-sharing service. The vision of our two companies is aligned: to advance the adoption of electric vehicles. To continue to drive the growth and success across our expanding locations, we have to ensure that our clients have easy and efficient access to high-quality, reliable charging equipment. Blink has an established reputation as an innovator in the EV market, and we are thrilled to add them as a preferred partner,” commented Aric Ohana, CEO of Envoy.

The first deployments of 46 Blink IQ 200 charging stations have been completed early in 2020 and are paving the way for accelerated deployments throughout the year. The IQ 200 charging stations are currently the fastest Level 2 chargers available, delivering up to 65 miles of charge in an hour. No assurances can be given as to the number of chargers that will be deployed over the next 12 months or succeeding years, or the price of chargers sold to users or the resulting sales revenue to the Company, pursuant to the Envoy agreement.

Based in California, Envoy provides a unique electric car-sharing model that is ideal for today’s economic climate. As commercial real estate is eagerly looking for ways to attract and retain residents, and residents are looking to cut expenses like their unused daily commuting vehicle, Envoy provides the perfect solution; affordable, safe, convenient electric vehicles available on-demand through Envoy’s mobile app.

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