July 24, 2020
From: The Desk of the CEO
Friends,
"When we strive to become better than we are, everything around us becomes better too."
--Paulo Coehlo, The Alchemist
These words are well-suited during what I think we can all agree is one of the most challenging times for our nation and the world. It takes a collective effort to make positive change. Each day we see evidence of incremental changes for the common good. At Blink, our business has been built upon our dedication to making it easier for drivers to embrace the EV lifestyle, which has shown is good for the environment. As leaders and innovators, we are continually evolving our business. And we've been busy. In the coming weeks, we will be introducing new features and more benefits to create a better overall Blink experience. The announces will only further strengthen our position as one of the industry's premier providers of EV charging services.
And the timing could not be better. A recent article in The Wall Street Journal reported, "Despite some coronavirus-related setbacks, car companies in the coming months are expected to unleash a wave of new plug-in models in an effort to catch up with Tesla Inc. and meet governments' tightening restrictions on how much vehicles can pollute. While there have been some delays and cancellations tied to the health crisis, executives say that longer-term trends make continued investment in this technology a necessity."
We're excited about the momentum we're seeing in the EV space, which drives accelerated interest in our products and services, making our business more timely than ever. As more EVs take to the road, the location and availability of charging stations becomes increasingly relevant – as demonstrated by Apple's recent announcement that the new Apple Maps on iOS14 will include EV charging trip routing. As a leading operator of EV charging stations across the nation, we're excited to be included in Apple's new EV routing trip planning.
In addition, we recently announced an exciting multi-year joint venture agreement with Envoy Technologies, a provider of shared on-demand, community-based electric vehicles. The venture brings electric vehicles and EV charging to urban residents across the United States by deploying Blink charging stations at Envoy property locations. Envoy's community-based electric vehicle mobility platform grew 350% over the past two years. We think our charging technology will be a great complement to their operations, further entrenching Blink in the growing market of carsharing services. Envision Solar International's EV ARC™ electric vehicle charging infrastructure product is powering two Blink 80 amp Level 2 charging stations to charge Envoy's On Demand shared electric vehicles in Los Angeles County. According to Navigant Consulting, global carsharing services revenue is expected to be US$6.2 billion in 2020, with over 12 million members worldwide and is poised to grow at a CAGR of over 24% between 2020 and 2026.
We continue to expand our national footprint with new and existing partners. In association with Virginia Clean Cities, a long-time partner of ours, we were awarded a grant to deploy 200 Blink Fast Level 2 – 19.2 kW charging stations across the mid-Atlantic region. This exciting initiative brings together strong local and regional partners with the shared vision of creating an enduring regional ecosystem to promote and support electric vehicles' use.
Despite what has been a challenging last few months, Blink has continued to make great progress in strengthening our brand recognition, increasing our market penetration, and firmly planting our leadership position as an essential provider of EV charging stations. I thank our employees and partners for their dedication to our collective success. I am excited about the coming weeks of announcements and news. I know that it will propel our company further faster.
We feel the future is bright. We will continue to strive to become better than we are so that we may positively influence everything around us.
Best,
Michael D. Farkas
Founder and Chief Executive Officer
