BOWIE, Md. – Blink Charging Co. (NASDAQ: NASDAQ:BLNK), a prominent provider of electric vehicle (EV) charging equipment and services, has been designated as the exclusive EV charging services provider for the Keystone Purchasing Network (LON:NETW) (KPN), effective March 1, 2024. KPN, a cooperative purchasing program, seeks to streamline procurement for public sector entities, particularly educational institutions, by leveraging collective demand to secure competitive pricing.
The contract with KPN, which operates under the Central Susquehanna Intermediate Unit, a Pennsylvania educational service agency, includes options for extension of up to three additional years. This agreement allows Blink to further penetrate the education sector, where it has already installed around 2,000 charging stations. The partnership is anticipated to significantly increase the number of installations in the future.
Jim Nemec, Chief Revenue Officer at Blink Charging, expressed the company's commitment to the education sector, highlighting the importance of introducing the next generation of Americans to EV technology. KPN's Associate Director of Cooperative Purchasing, Mark Carollo, also noted the rising demand for EVs and the consequent need for accessible charging services, which the cooperative purchasing model aims to address.
KPN is part of the Association of Education Purchasing Agencies (AEPA), a national organization that unites educational agencies to ensure equal purchasing opportunities. Through AEPA's contract, Blink has been chosen as an EV charging provider by various educational agencies, including Green River Regional Educational Cooperative and InterMountain Education Service District (IMESD).
Blink Charging's network, which utilizes cloud-based software to manage and monitor connected charging stations and data, is part of the company's comprehensive suite of EV charging solutions. The company has formed strategic partnerships to support the adoption of EVs across various locations, including schools, workplaces, and other public venues.
This announcement is based on a press release statement.
InvestingPro Insights
Blink Charging Co. (NASDAQ: BLNK) has recently been in the spotlight for its strategic partnership with the Keystone Purchasing Network, which could signal growth opportunities for the company. To better understand Blink's financial health and market performance, let's take a look at some key metrics from InvestingPro and glean InvestingPro Tips that might be of interest to investors.
InvestingPro Data reveals a substantial revenue growth for Blink Charging, with a notable increase of approximately 130% over the last twelve months as of Q4 2023. Despite this impressive top-line expansion, the company's operating income margin remains deeply negative at -73.98%, indicating challenges in translating revenue into operational profitability. Additionally, the market has reflected this performance with the stock price falling significantly over the last year, showing a decline of -66.79% in the one-year price total return as of early 2024.
From the InvestingPro Tips, it's worth noting that analysts have recently revised their earnings upwards for the upcoming period, which could suggest a potential upside or a positive outlook on the company's future earnings. However, it's also important to recognize that Blink Charging is not expected to be profitable this year, and its stock has experienced high price volatility, which could be a factor for risk-averse investors to consider.
For those looking to delve deeper into Blink Charging's financials and market predictions, InvestingPro offers additional insights. There are currently 12 more InvestingPro Tips available for BLNK, which could provide a more comprehensive understanding of the company's financial position and future prospects. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable information and analytics.
As Blink Charging continues to expand its footprint in the EV charging sector, these financial metrics and expert insights can help investors keep a pulse on the company's performance amidst its new ventures.
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