LONDON - Blink Charging UK (Blink UK), a subsidiary of Blink Holdings BV and part of Blink Charging Co. (NASDAQ:BLNK), has secured a three-year contract to enhance electric vehicle (EV) charging infrastructure at Princess Royal University Hospital, part of the King's College NHS Trust. This initiative, set to commence in May 2025, involves the installation of 41 EV chargers and 21 contactless payment terminals, aimed at supporting the hospital's patients, visitors, and staff. According to InvestingPro data, Blink Charging maintains a strong liquidity position with a current ratio of 2.52, while holding more cash than debt on its balance sheet. The company appears undervalued based on InvestingPro's Fair Value analysis.
The installation project will place 35 chargers on the ground floor and six on the first floor of the hospital's car park, incorporating vehicle-to-grid technology. This technology is expected to contribute to the development and efficiency of EV charging infrastructure. The contactless payment terminals will be positioned for ease of use within the car park and surrounding areas. With revenue of $138.73 million in the last twelve months and a gross profit margin of 35.9%, Blink Charging continues to expand its infrastructure footprint.
Alex Calnan, Managing Director of Blink UK, expressed the company's enthusiasm for the collaboration with King's College NHS Trust, emphasizing the shared commitment to promoting sustainable mobility. As part of King's Green Plan, the Trust is taking steps to minimize its environmental impact, which includes offering sustainable travel options. This plan aligns with the broader Greener NHS initiative aiming for a Net Zero health service.
Blink UK was chosen for this contract through a competitive tender process involving 20 potential suppliers via the Crown Commercial Framework. With this latest contract, Blink UK now holds 14 NHS Trust contracts, positioning it as one of the leading providers of EV charging solutions within the NHS network in the UK.
The information in this article is based on a press release statement from Blink Charging Co.
In other recent news, Blink Charging and ChargePoint (NYSE:CHPT) have seen significant developments in the electric vehicle (EV) charging sector. Both companies have faced downgrades from financial advisory firms due to concerns over revenue growth and market conditions. Needham downgraded Blink Charging and ChargePoint to a "Hold" status, citing the lack of visibility for sustained market improvement. Similarly, UBS analyst William Grippin downgraded Blink Charging's stock rating to "Neutral" and reduced the company's price target to $2.00, due to an expected slowdown in EV adoption.
Blink Charging reported a third-quarter revenue of $25.2 million, falling short of the projected $36 million. Despite this, the company improved its gross margin to 36%, up from 29% the previous year, and reported a 70% sequential increase in charger deployment, totaling 6,978 units globally. The company anticipates positive adjusted EBITDA in the second half of 2025.
In other developments, Blink Charging has formed a strategic partnership with ChargeHub to expand its electric vehicle charger access, aiming to enhance user experience by integrating Blink's public EV chargers into ChargeHub's Passport roaming hub. Despite the recent downgrades, Benchmark maintains a Buy rating for Blink Charging, anticipating a rebound in the company's product sales. These are the latest developments for Blink Charging and ChargePoint.
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