Blink Charging BLNK, a global leader in electric vehicle (EV) charging equipment and services, has announced a partnership with Catalyst Power Holdings LLC, an integrated provider of cleaner energy solutions for the commercial and industrial sector. This collaboration aims to offer EV charging services to businesses in the Northeast and Mid-Atlantic regions, expanding Catalyst's existing suite of clean energy solutions.
Catalyst Power's current offerings include custom-priced energy service, Connected Microgrids, Free Onsite Solar Viability Assessment, and community solar. These cleaner energy solutions enable companies to reduce energy costs, monetize their rooftops, achieve sustainability goals and ensure energy resilience. The addition of Blink's EV charging services, which are available in a variety of deployment configurations, will further enhance Catalyst's portfolio.
Brendan Jones, president of BLNK, stated, “We anticipate tremendous growth in the number of EV's that will be on our roads and highways in the coming years. Commercial and industrial businesses, and their parking lots, will be a critical part of the overall charging infrastructure to service EV drivers – as customers, clients, or employees. We're excited to work with Catalyst Power to provide those businesses with the most advanced EV charging solutions on the market.”
Catalyst Power utilizes a proprietary technology platform to deliver cleaner energy solutions to small- to industrial-sized businesses. Their services range from Connected Microgrids and community solar subscriptions to retail clean energy, onsite solar, and EV charging. By incorporating advanced data analytics, Catalyst Power can identify, underwrite, fund, and provide cost-effective onsite energy projects for their retail energy clients.
The partnership between Blink Charging and Catalyst Power holds significant implications for BLNK stock. As EV adoption continues to grow, the demand for charging infrastructure is expected to increase as well. This collaboration positions Blink Charging to capitalize on this burgeoning market, potentially leading to increased revenues and a positive impact on its stock performance.
Investors in BLNK should closely monitor the progress of this partnership and its effect on the expansion of EV charging services for commercial and industrial businesses. As the collaboration gains traction and captures a larger share of the market, it may contribute to the long-term growth of both Blink Charging and Catalyst Power, ultimately benefiting BLNK stockholders.
Zacks Rank & Key Picks
Blink Charging currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for BLNK’s 2023 bottom line has remained unchanged over the past 60 days.
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 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Geely is engaged in automobile manufacturing and related areas. The Zacks Consensus Estimate for GELYY’s 2023 sales and earnings implies 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 implies year-over-year growth of 14% and 19.8%, respectively.
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