Blink, Envoy Technologies agree EV charging JV

US operator of electric vehicle (EV) charging stations Blink Charging Co (NASDAQ: BLNK) on Thursday said it has agreed to form a joint venture (JV) with community-based shared mobility platform Envoy Technologies Inc.

As part of the multi-year partnership, Blink will provide EV charging stations for Envoy's car-sharing programme offered for apartments, hotels and workplaces. In addition, charging stations will be installed at client properties and made available to all EV drivers.

Taking advantage of Envoy's business model, Blink will be able to deploy 7,000 EV chargers in the coming five years, 2,000 of which in the first year, according to the company.

"While the chargers will be deployed through a variety of business models that Blink offers its clients, including models where Blink contributes the hardware, and while Envoy will enjoy preferred volume pricing for units deployed under the agreement, the total MSRP value of the Blink chargers expected to be deployed in the next 5 years is approximately USD 24 million [EUR 21m]," said Blink founder and CEO, Michael Farkas.

With 46 Blink IQ 200 charging stations deployed in early 2020, deployments can be stepped up throughout the year.

(USD 1.0 = EUR 0.879)

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