Blink Charging Applauds the Signing of the Inflation Reduction Act Moving America Closer to Building Out Much Needed EV Infrastructure
August 16 2022 - 5:12PM
Blink Charging Co. (Nasdaq: BLNK, BLNKW) (“Blink” or the
“Company”), a leading owner, operator, and provider of electric
vehicle (“EV”) charging equipment and services, applauds President
Biden for signing the Inflation Reduction Act of 2022. The
legislation includes numerous components that will help propel the
EV economy forward in the coming years.
“The Inflation Reduction Act is a major victory
for the EV industry,” said Michael D. Farkas, Chairman and CEO at
Blink Charging. “I am thrilled to see Congress pass such a
significant and historic piece of legislation and to be a partner
with them in building a vibrant national EV infrastructure. We
should all be proud that America is leading the way in developing
policies that will set the EV industry up for success.”
The Inflation Reduction Act lifts the
200,000-unit-per-manufacturer cap on EV sales while keeping the
$7,500 consumer income tax credit for purchasing a new EV. There is
now an additional new $4,000 credit for purchasing a used EV. The
law extends the tax credit for alternative fuel refueling property
(EV Charging) to property placed in service before December 31,
2032 and removes the per location limitation. In addition, the law
provides $3 billion for the U.S. Postal Service to purchase
zero-emission vehicles.
The Inflation Reduction Act follows another
recent significant move by the Biden Administration to drive the
country toward greater electric vehicle EV adoption. Last month,
the U.S. Postal Service (USPS) announced plans to electrify at
least 40 percent of its new delivery fleet. Currently, the Postal
Service operates the largest vehicle fleet in the United States,
with over 200,000 delivery and mail collection vehicles.
Mr. Farkas added, “the President’s signing of
the Inflation Reduction Act of 2022 is a historic step in the right
direction that will positively impact the EV industry. Blink looks
forward to working with our partners in the public and private
sectors to ensure that our nation’s charging infrastructure is in
place to service America’s EV industry.”
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About Blink Charging
Blink Charging Co. (Nasdaq: BLNK, BLNKW), a
leader in electric vehicle (EV) charging equipment, has deployed
over 51,000 charging ports across 25 countries, many of which are
networked EV charging stations, enabling EV drivers to easily
charge at any of Blink’s charging locations worldwide. Blink’s
principal line of products and services include the Blink EV
charging network (“Blink Network”), EV charging equipment, EV
charging services, and the products and services of recent
acquisitions, including SemaConnect, Blue Corner and BlueLA. 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 vehicles by 2025 from
approximately 2 million in 2019, Blink 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 https://www.blinkcharging.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 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.
Blink Investor Relations
Contact IR@BlinkCharging.com 855-313-8187
Blink Media
Contact PR@BlinkCharging.com
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