By Michael Elkins
Blink Charging (NASDAQ:BLNK), a leading owner, operator, and provider of electric vehicle charging equipment, announced today that they have signed a distribution agreement with ZOOZ Power, a leading supplier of flywheel-based Power Boosting EV charging solutions, for the distribution, sale, and deployment of ZOOZ's Kinetic Power Booster, the ZOOZTER-100.
"We are very excited to strengthen and step-up our cooperation with Blink Charging, one of the leading EV-charging companies in the USA, with presence in 25 countries worldwide," said Boaz Weizer, ZOOZ Power CEO. "I recognize the agreement with Blink to be another significant milestone in our penetration into the U.S. market, which is developing rapidly and will offer enormous business potential in the coming years."
The ZOOZTER-100 utilized the company's patented flywheel technology to drive unlimited high-power charge and discharge cycles with a lifespan of more than 15 years. The system can charge an EV battery in less than 15 minutes even where the grid is power-constrained, and provides a valuable sustainable solution, being 100% recyclable.
Blink was selected by ZOOZ for its pioneering experience in the EV-charging industry and its long-time activity in the field that has made Blink a global industry leader. The distribution agreement follows Blink’s fourth year of collaboration with ZOOZ Power, supported by the BIRD foundation (U.S.-Israel Bilateral R&D), which will soon reach its peak with a joint pilot installation in Fort Lauderdale, Florida. The pilot site is currently under construction, expected to become operational in the 2nd quarter of 2023.
"This is an exciting time in the advancement of reliable energy solutions, and we are proud to continue our cooperation with ZOOZ Power and to support its ability to reduce dependency on the electrical grid and provide ultra-fast, carbon-neutral EV charging stations almost anywhere," said Michael D. Farkas, Executive Chairman and Chief Executive Officer of Blink Charging. "As the demand for convenient and accessible long-range EV charging grows, it is imperative that we provide EV drivers with dependable and sustainable solutions and in cooperation with ZOOZ, we provide just that."
Shares of BLNK are down 0.97% in early trading on Monday.