Migdal Insurance and Financial Holdings Ltd., one of Israel’s largest insurance companies, will add Blink’s EV charging stations at its owned buildings throughout Israel to accommodate its approximate 5,200 employees and its tenants.
Tel Aviv, March 19, 2020 – Blink Charging Ltd. (Israel), a wholly-owned subsidiary of Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the “Company”), continues its expansion through its latest agreement with Migdal Insurance and Financial Holdings Ltd. (“Migdal”), one of Israel’s largest insurance companies. This is the latest partnership that will allow Blink to expand its footprint internationally, now reaching into six countries across three continents. The company is seeing significant interest in their EV charging equipment, and network as worldwide demand for electric vehicles (EVs) grows.
Migdal Insurance will deploy Blink EV charging stations at Migdal-owned buildings in Israel. Blink, a leading provider of EV charging infrastructure, including equipment and a charging network, will provide a turnkey solution under this agreement.
“This agreement is an exciting opportunity to increase our Blink EV charging station footprint, mainly in countries that have publicly committed to growing their EV infrastructure,” remarked Blink Charging CEO and Founder, Michael D. Farkas. “Migdal’s commitment to bringing EV charging and EV network connectivity to citizens makes them a beneficial and strategic partner. Furthermore, given Migdal’s worldwide presence, we believe this is the first step in a much larger opportunity to expand our presence throughout the rest of the world.”
This mutually beneficial agreement between Blink and Migdal is a significant step in the build-out of EV infrastructure within Israel and potentially other emerging EV markets. In addition to a list of locations specified in the agreement, over the next few months, Blink will work with Migdal to identify additional locations outside of Israel that are ideal for EV charging stations.
This announcement showcases the increased interest in EV charging following the country’s plan to eliminate gasoline or diesel-powered vehicles after 2030. According to The Jerusalem Post, the government has already started encouraging the adoption of electric vehicles through incentives for EV charging stations and a significant reduction of taxes on electric vehicles.
Migdal Insurance is among the largest insurance companies in Israel, with properties throughout the country, as well as an expansive portfolio of properties in America and Europe. It serves 2.3 million private and business customers, employs more than 5,200 people, and has business relations with 2,800 insurance agencies and agents.
ABOUT MIGDAL INSURANCE HOLDINGS LTD
Migdal Insurance Holdings is the leading insurance and finance group in Israel and offers its customers a wide and varied range of products related to insurance, pension, and long-term financial assets management services. The Group’s insurance, pension, and provident activities are carried out by Migdal Insurance and its subsidiaries.
ABOUT BLINK CHARGING
Blink Charging Co. (Nasdaq: BLNK, BLNKW) is a leader in electric vehicle (EV) charging equipment that has deployed over 23,000 charging stations, many of which are networked EV charging stations, enabling EV drivers to easily charge at any of its charging locations worldwide. The Company’s principal line of products and services is its Blink EV charging network (“Blink Network”), EV charging equipment, and EV charging services. The Blink Network utilizes a 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 to rollout adoption across numerous location types, including parking facilities, multi-family residences and condos, workplace locations, healthcare/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: https://www.blinkcharging.com/.
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 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, including those described in Blink Charging’s periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Blink Charging undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
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