Blink Charging’s (BLNK) Blue Corner Signs Agreement With APCOA

Blink Charging’s BLNK subsidiary Blue Corner, a pioneer of electric vehicle (EV) charging in Europe, has signed a four-year agreement with APCOA Parking, Europe’s full-service parking management company, to deploy and maintain its chargers in premium parking sites of APCOA throughout Belgium. APCOA manages more than 1,800,000 parking spaces across 13 countries in different sectors. It also connects parking lots with consumers and their vehicles through its digital platform, APCOA FLOW.

Per the agreement, APCOA will implement a turnkey solution and provide services related to installation, operation, maintenance and customer service. Then again, Blue Corner will provide necessary training, and other logistical and maintenance services to support the availability of its EV charging stations at APCOA parking sites.

Olivier Van Schap, MD at Blue Corner, said that the inclusion of EV charging stations in public parking facilities is crucial because it would provide a valuable service to EV drivers at the most desirable places.

Recently, Blue Corner signed a ten-year agreement with BluePoint, a subsidiary of Belgium’s Technology Trade Federation AGORIA, to deploy 280 EV charging points at BluePoint’s business and network centers throughout Belgium.

In the last reported quarter, Blink’s total revenues increased 184% to $22.6 million from $7.9 million in the same quarter of 2021. Also, its gross profit soared 370% to $6.5 million compared with $1.4 million in the same quarter of 2021.

Blink is tapping into opportunities that are coming its way to grow and improve its margin performance. It estimates revenues of $100-$110 million and gross profit of more than 30% for fiscal 2023.

Zacks Rank & Key Picks

BLNK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A few better-ranked players in the auto space are Geely Automobile Holdings Limited GELYY, BYD Company Limited BYDDY and Ferrari N.V. RACE, all of which sport a Zacks Rank #1 at present.

Geely is engaged in automobile manufacturing and related areas. The Zacks Consensus Estimate for GELYY’s 2023 sales and earnings imply year-over-year growth of 57.5% and 7.4%, respectively.

BYD is engaged in the research, development, manufacture and distribution of automobiles, secondary rechargeable batteries, and mobile phone components. The Zacks Consensus Estimate for BYDDY’s 2023 sales implies year-over-year growth of 175%.

Ferrari is engaged in designing, manufacturing and selling sports cars. The Zacks Consensus Estimate for RACE’s 2023 sales and earnings imply year-over-year growth of 14% and 19.8%, respectively.

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