What Does Electric Charging Have In Common With Gassing Up?

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According to some analysts, the world may need more electric vehicles to reduce reliance on fossil fuels, but there still will be a very large number of cars on the road requiring gasoline for decades to come.

Michael Farkas, founder and now chairman and CEO of Blink Charging Co. BLNK, says he recognizes the contradiction as the reality.

Miami-based Blink provides electric vehicle (EV) charging equipment and services. The company has thousands of charging stations across the United States in a variety of settings, including commercial, transit, educational, retail and residential centers.

Farkas is also a co-founder and current shareholder of EZFill Holdings Inc. EZFL, a Miami-based provider of on-demand fuel services serving individuals, commercial and specialty fleets. EZFill is expanding into other major cities in Florida such as Orlando and Tampa and plans to be operational in other states across the country.

International Footprint

Blink, which started trading publicly on the Nasdaq Stock Market in February 2018, has expanded internationally, building on its presence in the U.S.

Recently, the company completed an international upgrade of its Blink Network, making its proprietary software available in 17 countries and U.S. territories with local currency support and four languages. In addition, Blink’s wholly-owned subsidiary Blue Corner Network is available in four European countries.

The company has hired 54 employees outside of the U.S. to help grow its international operations.

Blink reported revenue of $20.9 million in 2021 compared to $6.2 million in 2020.

EZFill’s focus for now is smaller as it builds on its growing presence in the Miami area. It plans to launch a pilot program in New York.

The company, which completed its initial public offering (IPO) in 2021, reported revenue of $7.2 million in 2021, up from $3.6 million in 2020.

On-demand fuel service may continue to be a growing sector amid changing consumer habits and declining numbers of gas stations in the U.S. Big oil players such as Shell plc SHEL and Exxon Mobil Corp. XOM have also reported investing in the sector.

Farkas and others are counting on consumer and investor interest in the EV industry to increase.  

“With our new and existing portfolio of products, we believe Blink is ideally positioned to capitalize on the growing market demand for EV charging as the transition to EVs progresses,” he said at the announcement of Blink’s most recent financial results.

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Picture credit: Ernest Ojeh on Unsplash

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