Blink Charging Co., a leading manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, announced that it will implement its planned operational cost reduction actions designed to position the Company for short and long-term success within current economic conditions.
The cost reduction plan anticipates reducing the global personnel count by 14%, resulting in annualized savings of approximately $9 million. It will begin immediately and be completed in the first quarter of 2025. The plan aims to improve operational efficiencies by streamlining functions across the company.
Blink is focused on strengthening its financial position by improving economic stability, profitability, and competitive positioning. Blink plans to develop a more efficient and resilient organization that supports long-term growth and strategic advantage. These measures aim to strengthen the Company's financial performance and growth potential, benefiting shareholders through increased value and returns.
“The timing of these cost-cutting measures, as indicated in our last earnings announcement, is a proactive step to adapt to current market conditions while preserving our long-term strategy,” said President & CEO Brendan Jones. “We remain fully committed to our mission to develop and deploy energy management services and pursue operational excellence and superior customer experience. These operational changes will make Blink Charging a more efficient and effective organization that is better aligned with our strategic priorities.”
“We believe the current economic and market challenges facing the EV industry are temporary,” added Blink Chief Operating Officer and CEO Elect Michael Battaglia. “We are very optimistic about the future. The operational changes we are announcing today will help us reduce costs and improve our financial performance right away. At the same time, these changes will also help us make faster progress in establishing Blink as a top provider of electric transportation solutions and innovative technologies.”
