LONDON - Blink Charging UK, a subsidiary of Blink Charging Co. (NASDAQ:BLNK), has announced a partnership with Evri, the UK's largest dedicated parcel delivery company, to install electric vehicle (EV) chargers at Evri's Rugby sorting center. This installation marks the beginning of a broader initiative to equip Evri's sites across the UK with EV chargers in support of its commitment to achieve net-zero emissions by 2035.
Evri selected Blink for the Rugby site due to the reliability and scalability of its EV charging equipment, as well as the company's extensive experience with fleet operations. The Rugby charging hub will operate around the clock, with chargers expected to be in use between 60-80% of the time. The hub's chargers, part of the Eve Single Pro line, will provide up to 22kW of power per vehicle and comply with the IEC 61851:2017 standard.
The Rugby site, a purpose-built automated parcel distribution hub, is one of the UK's largest, capable of processing over a million parcels daily. The addition of Blink's charging solutions is part of Evri's strategy to expand its low carbon fleet, which currently includes 167 electric vans and a growing number of e-cargo bikes.
Alex Calnan, Managing Director of Blink Charging UK, expressed enthusiasm for the collaboration, highlighting the importance of supporting one of the UK's major parcel delivery companies in advancing towards net-zero emissions. Pauline Potter, Director of Procurement and Sustainability at Evri, also emphasized the partnership's role in fostering a sustainable future for parcel delivery services.
Blink Charging UK operates over 2,000 chargers across the United Kingdom and Ireland and serves various sectors, including local authorities, healthcare trusts, educational institutions, and fleets. The company is planning to expand its offerings in these regions with new commercial and home chargers, global network services, apps, and fleet management tools.
This initiative is based on a press release statement.
InvestingPro Insights
Blink Charging Co. (NASDAQ:BLNK) is at the forefront of providing EV charging solutions, as evidenced by its recent partnership with Evri to install chargers at one of the UK's largest parcel sorting centers. As the company continues to expand its infrastructure, investors may be looking at the financial health and performance metrics of Blink Charging to gauge its potential for growth and sustainability in a competitive market.
InvestingPro data shows that Blink Charging holds a market capitalization of 236.83 million USD, reflecting its position in the market relative to peers. Despite the company's aggressive expansion, it's important to note that Blink Charging is not profitable over the last twelve months as of Q1 2023, with a reported revenue of 140.6 million USD and a high revenue growth of 129.96%. This growth is indicative of the increased demand for EV charging infrastructure as the world shifts towards electric mobility.
The company's price has fallen significantly over the last year, with a 67.32% decrease in the one-year price total return, which could present a buying opportunity for investors who believe in the long-term prospects of the EV charging sector. However, it is essential to consider that the stock trades with high price volatility, as the InvestingPro Tips highlight. This volatility might be attributed to the rapidly evolving EV market and varying investor sentiment.
For investors seeking a deeper analysis, there are 11 additional InvestingPro Tips available for Blink Charging, including insights on cash flow and earnings revisions. These tips can provide a more comprehensive understanding of the company's financial nuances and help in making an informed investment decision. To access these tips and additional company metrics, interested readers can visit https://www.investing.com/pro/BLNK and use the coupon code PRONEWS24 for an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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