C-Suite Memo

Happy New Year! 

As we welcome a new year, I can’t help but reflect on what a year 2021 has been. For many of us, it was a year defined by highs and lows, but at Blink, there were many great moments of enthusiasm, optimism, and success. We are committed, more than ever, to being the driving force to help make EVs mainstream and charging accessible for all.

Blink started 2021 with a capital raise of over $232.1 million and inclusion on Forbes’ List of Best Companies and Russell 2000 Index. This set the tone for a successful year filled with much we have to be proud of:

Realized Record Sales, Revenue, and Stock Value Growth 

In 2021, Blink sold or deployed more than 10,605 EV chargers and realized record revenues in Q3 2021 vs. Q3 2020. In fact, our revenue in Q3 2021 was higher than all of 2020 combined. We also were awarded over $26.5 million in grant funds due in part to our leading technology, equipment and business model flexibility.

We’re proud to have strengthened or built new relationships with several significant brands such as Audi, General Motors, CarMax, AutoNation, Cushman Wakefield, Lion Electric, Cleveland Clinic, and Lehigh Valley Health, among many others. These clients, as site hosts, play a critical role in making EV charging accessible and our long-term agreements allow us to expand EV charging with them as the industry grows.

Leveraged Opportunities for Strategic Growth 

In 2021, we grew not only our revenues and business outlook but also our team to meet future demands on the organization. We acquired Blue Corner in Europe to expand our global footprint by more than 7,000 chargers. In Los Angeles, BlueLA powered by Blink Mobility is making electric mobility a viable option for all, while we continue to expand our charger count in the city by more than 500 through this program.  

Blink onboarded more than 70 employees to the Blink U.S. team including in key roles in technology and fleet solutions. Our European team continues to expand with the onboarding of 46 professionals in 2021. Furthering our international expansion, we launched our India office with 11 new dedicated Blink developers. We have also launched the Blink Network internationally and are proud to see Blink technology – hardware and/or software – in more than 18 countries.

Industry Acceleration in 2021

At Blink, the team has much to be proud of but so do EV drivers, US legislators, automakers, and the global community helping to make widespread EV adoption a reality. Together, 2021 is estimated to be a record year for EV sales with 5.6 million EVs sold globally. That is 83% higher than 2020 and a 168% increase over 2019 sales, according to BNEF. In 2021, the Biden Administration committed $7.5 billion to the funding of EV infrastructure and has released their strategy for bringing 500,000 more charging stations to the country and looking to the future, auto manufacturers are bringing 46 electric vehicles to market in 2022 to much-anticipated consumer demand. The industry is just getting started and years of preparation puts us in a great position for future success.

Bringing Advanced Technology to Market

This week, our team launched seven new products at the Consumer Electronics Show. The new hardware and software products will further reinforce our leadership position as a comprehensive source for EV charging with a wide range of products and flexible business models that will fit any site host’s location and needs. 

Our continued focus on making EV charging convenient and accessible is also why we are focused on upgrading all our currently deployed equipment to 4G LTE service. As we continue to look for opportunities to improve the EV charging experience for our EV driver members, we are working with other EV charging providers to make interoperability a reality making the charging environment seamless and easy.

As the industry expands, Blink will continue to actively look for opportunities for strategic growth and expansion of the Blink network both organic and through acquisitions. We continue to identify high-growth regions and industries and are excited for the opportunities 2022 will bring.

As a leading owner and operator of EV infrastructure, we continue to evolve and define our industry. We are excited for continued growth, technological innovations, and further success in 2022, thank you all for being a part of our journey we could not have done any of this without our amazing team. Have a very happy new year.

Michael D. Farkas

Founder and CEO, Blink Charging

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