Market News

Blink to Bring EV Chargers to Bridgestone Outlets

Florida-based Blink Charging (BLNK) provides electric vehicle charging solutions. It has secured a deal to install EV charging stations at Bridgestone auto-service centers. Bridgestone operates more than 2,200 tire and vehicle service outlets across the U.S.

Blink will set up 50 charging stations at 25 Bridgestone outlets as a pilot program. The partners will initially target markets with growing electric vehicle adoption such as Austin, Denver, Los Angeles, and San Francisco. The tie-up with Bridgestone is part of Blink’s broader efforts to address the needs of EV drivers.

Blink CEO Michael D. Farkas commented: “Demand for EVs is expected to continue to rise exponentially. More EVs on the streets brings a need for EV car services in addition to increased demand for convenient charging stations for EVs to fuel up…Collaborations with mainstream consumer brands, such as Bridgestone, play an important role in the pursuit of widespread EV adoption in the U.S.”

Strategic Partnerships

Blink explains that the type of EV charging technology it will bring to Bridgestone service centers is designed to reduce charging time and enable maximum flexibility for customers. The company is reaching out to strategic partners to help it roll out its technology across numerous locations.

Blink recently secured a deal to bring its EV chargers to General Motors (GM) dealerships in the U.S. and Canada. It will work with facility solutions provider ABM Industries (ABM) to help with the installation of the chargers at the GM dealerships.

“We are proud to bring Blink’s EV charging stations to GM dealerships…As transportation continues to shift towards becoming more electric, Blink’s technologically advanced EV charging infrastructure will help play a significant role in accelerating EV mass adoption,” commented Farkas.

Blink has so far deployed more than 30,000 charging ports across 13 countries. It has become one of the most closely watched EV stocks amid the accelerating adoption of electric vehicles. The company says that global electric vehicle purchases will rise to 10 million in 2025, compared to about 2 million in 2019.

Analysts’ Take

Needham analyst Vikram Bagri recently reiterated a Buy rating on Blink Charging stock with a price target of $41, which suggests 107.18% upside potential.

Consensus among analysts is a Moderate Buy based on 3 Buys and 3 Holds. The average Blink Charging price target of $41.67 implies 110.56% upside potential to current levels.

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