June 22nd, 2020
Blink Charging
From: The Desk of the CEO
Why The EV Industry Will Emerge from COVID-19 Stronger Than Ever
Friends,
The world we live in today is drastically different from the one we woke up to at the start of 2020. COVID-19 continues to force society to adapt to this new reality. Fortunately, the economy has started to rebound – and nowhere is this more apparent than the EV industry.
The EV industry is set to emerge from the COVID-19 storm stronger than ever. Demand for EVs continues to grow, and lawmakers in many states, including our home state of Florida, have committed to building EV infrastructure and have passed legislation to pave the way forward.
We were very excited here at Blink to see a recent market report by BloombergNEF that a projected need for 290 million charging points, valued at $500 billion worldwide by 2040. Another market forecast from Research and Markets estimates the global EV charging infrastructure market to reach $140 billion by 2030, growing at an estimated 31% CAGR until then.
Whereas traditional automobile makers have had to deal with the oil market’s recent volatility, the EV industry can by-and-large sidestep the commodity turmoil. Whether oil prices are high or low, EVs remain a significantly cleaner mode of transportation and much better for the environment. Even Big Oil giants like BP, Shell, and Total are making significant investments in EV charging these days, as they recognize the industry transformation underway. EVs account for 3% of car sales currently, but they are projected to account for 7% of car sales by 2023. Obviously, more EVs on the road will require more charging stations.
While I’m confident in the long-term strength and sustainability of the EV market as a whole, I’m particularly proud of what we’ve accomplished at Blink during this time. Despite the challenges posed by COVID-19, Blink has continued to strengthen its position as one of the EV industry’s premier providers of charging services. In the first quarter of 2020, we posted record revenue, and we recently installed our 1000th Level 2 Fast Charging Station within a short period. These are two huge milestones that speak to the market acceptance of our products and the fundamental acceleration we are enjoying. Furthermore, we are continuing to expand our footprint locally and globally through the deployment of charging equipment as well as strategic partnerships, such as our recent JV announcement with Envoy Technologies. These and several upcoming announcements further showcase Blink as particularly well-positioned to take advantage of the EV market’s strength around the world.
It’s true that we’re not out of the woods yet with COVID-19 – but I am gratified by our success and the industry’s success at large. Many factors are signaling bright prospects ahead for the EV industry. The transition away from traditional internal combustion engines to EVs is not going to reverse course, COVID-19, or not. We strongly believe Blink will continue to blaze new trails in this EV revolution through product innovation and market penetration.
Best,
Michael D. Farkas
Founder and Chief Executive Officer
