Blink Charging Co. and InterEnergy Systems to establish a Joint Venture to deploy EV Charging Stations within the Caribbean and Latin America
MIAMI BEACH, FL, March 05, 2019 (GLOBE NEWSWIRE) -- Blink Charging Co. (NASDAQ: BLNK, BLNKW) (“Blink” or the “Company”), a leading owner, operator and provider of electric vehicle (EV) charging station products and networked EV charging services, has entered into a memorandum of understanding (“MOU”) with InterEnergy Systems, the technology focused wholly owned subsidiary of InterEnergy Group (“InterEnergy”), a leading owner and operator of power generation and distribution assets in Latin America and the Caribbean.
Blink and InterEnergy plan to form a joint venture entity (“JV”) to develop EV charging infrastructure throughout the Dominican Republic and Panama, with the objective of expanding the business to other Latin American and Caribbean markets in the near future. Blink will provide the JV with its EV charging stations, the Blink Network and expertise, while InterEnergy will provide operational support, local resources and power sector expertise in the markets where the JV will operate.
The exact terms and conditions of the JV are to be outlined in a detailed agreement to be executed between the two parties.
“This joint venture to bring EV charging infrastructure to the Caribbean and Latin America will make it possible for these countries to begin importing EVs and join the movement from fossil-fuel driven economies to sustainable green ones,” stated Blink’s Founder and Executive Chairman Michael D. Farkas. He continued, “the Caribbean and Latin America are facing a classic chicken and egg scenario -- the lack of EV charging infrastructure is stopping the importation and sale of EVs and vice versa. Our JV intends to solve the puzzle. Our JV will invest in developing, deploying, managing, and maintaining the charging infrastructure and will begin to expand the availability of charging ports in the Caribbean and Latin America so that the citizens and guests of those countries can enjoy the benefits of driving EVs.”
Rolando Gonzalez Bunster, InterEnergy Chairman and CEO, stated that the fundamental objective of promoting EVs is to empower customers to control their energy consumption in a practical and convenient way so that, together with our customers, we can contribute to a more sustainable planet. “We are very excited to enter the electric mobility market. We see the roll-out of a network of EV charging stations as a key part of our mission to continue to bring reliable and cost-effective energy alternatives to our region”, said Gonzalez Bunster.
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About Blink Charging Blink Charging Co. (NASDAQ: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment and has deployed over 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of the Company’s charging locations worldwide. Blink Charging’s principal line of products and services include its Blink EV charging network (“Blink Network”), EV charging equipment and EV charging services. The Blink Network uses proprietary, cloud-based software that operates, maintains and tracks the EV charging stations connected to the network and the associated charging data. With global EV purchases forecasted to rise to 10 million by 2025 from approximately 2 million in 2019, the Company has established key strategic partnerships for rolling out adoption across numerous location types, including parking facilities, multifamily residences and condos, workplace locations, health care/medical facilities, schools and universities, airports, auto dealers, hotels, mixed-use municipal locations, parks and recreation areas, religious institutions, restaurants, retailers, stadiums, supermarkets, and transportation hubs. For more information, please visit www.blinkcharging.com.
About InterEnergy Group (“InterEnergy”). InterEnergy owns and operates power generation, transmission and distribution assets as well as fuel logistics businesses in Latin America and the Caribbean. With a significant footprint in the Dominican Republic, Panama, Jamaica and Chile. InterEnergy’s generation portfolio aggregates approximately 1,250MW of installed capacity across the region. It is also the exclusive supplier of electricity to the fast-growing tourism resort area of Punta Cana-Bavaro, covering over 50,000 hotel rooms and over 40,000 low-tension clients.
A pioneer in renewable energy, InterEnergy developed, the first wind farms in the Dominican Republic, the largest wind farm in Central America, and several solar power projects throughout the region. By supplying over 320 MW of renewable energy generation throughout the region, InterEnergy eliminates hundreds of thousands of tons of CO2 emissions per year.
For more information about Interenergy, please visit www.interenergy.com
Forward-Looking Statements This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, and terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” or other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Blink Charging Co. and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, the Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.