From: The Desk of the CEO
Dear friends,
Although 2021 is off to a tumultuous start on the national stage, at Blink, the beginning weeks of the new year have been filled with incredible productivity. Last week, we completed an equity raise that resulted in approximately $221.6 million of net proceeds, which we intend to utilize to accelerate our growth. Barclays, a preeminent investment bank, led the public offering, and we are pleased with the high level of interest and quality of the institutional investors who participated in the capital raise.
Following the offering, Blink is even better positioned to secure new partnerships, develop technology, and acquire new locations to improve our charging infrastructure footprint domestically and internationally. We intend to use the proceeds to supplement our operating cash flow, continue funding an aggressive deployment of EV charging stations and acquire competitive and complementary businesses, products, and technology. Additionally, the proceeds will go towards working capital and general corporate purposes.
In December, we were named to Forbes' List of America's Best Small Companies; this recognition is a testament to our employees' hard work during a challenging year. We have an incredible team of people here at Blink, and as we move through 2021, we are focused on strategically expanding our employee base to support our growth.
We continue to enlarge our customer base and partnerships while also executing our acquisition strategy. Some recent progress includes:
- We entered into a reseller agreement with Lion Electric USA and Lion Electric Canada, a leading manufacturer of zero-emission buses and trucks. Through the agreement, Lion Electric will offer Blink's full line of charging stations to the school systems and bus fleets that utilize the company's all-electric school buses.
- We enhanced our presence in the healthcare sector, announcing recent deployment agreements utilizing our owner/operator model with Lehigh Valley Health Network and St. Luke's University Healthcare facilities (Pennsylvania) as well as with Blessing Health System (Illinois)
- We acquired EV charging operator U-Go Stations, Inc., and its portfolio of 44 DCFC charging locations. The purchase included multiple grants for the deployment of additional new DCFC charging stations. The charging stations are located across ten states, expanding Blink's DCFC footprint.
We begin 2021 in a stable position. EVs are here to stay, and Blink is providing the charging infrastructure to keep the vehicles running. The global EV market is expected to grow at a 31% CAGR from 2020 through 2030, and by 2030, EV sales are projected to account for almost 30% of all global vehicle sales.1 Additionally, OEMs have committed $300 billion to EV engineering, production, and support to bring approximately 400 BEV and PHEV (plug-in hybrid electric vehicle) models to market by 2025.2 If you have doubts regarding the industry's commitment to EVs, just take a look at the new logo General Motors unveiled last week; yes, it's designed to look like a plug!
We are excited and proud of our accomplishments over the last few months and the momentum we see in the marketplace. Blink is a truly unique provider in the EV space; we design, produce, and sell our equipment, but we also own and operate charging stations. Rather than just a hardware sale, our distinct owner/operator model generates ongoing revenues from charging stations, providing Blink with a competitive advantage as we grow our Company.
The new year is synonymous with fresh starts and new beginnings. At Blink, we see 2021 as a year of opportunity and look forward to expanding our footprint of owned and operated EV charging stations. We are proud to play a critical role in the national and worldwide rollout of EV infrastructure at this pivotal moment in EV history.
Thank you for your continued support and belief in Blink.
Best,
Michael D. Farkas
Founder and Chief Executive Officer
1 Bloomberg New Energy Finance, data as of May 2020
2 BCG, “Who Will Drive Electric Cars to the Tipping Point?” (2020)
