The opportunity to charge EVs is vast, with locations ranging from McDonald’s parking lots to your own garage. And as younger Americans look to switch from Uber rides to their own cars, they are choosing EVs over gas-powered alternatives. While government subsidies create opportunity for small operators to enter the fray, they often wind up selling to market leaders.
That’s according to Michael Farkas, Founder Executive Chairman and CEO, Blink Charging (ticker: BLNK), who joined IPO Edge’s November 16 event: Acceleration of Electrification: California’s 2035 Ban and the Future of EVs, Energy Technology and Regulation. Mr. Farkas spoke at the event with The California Governor’s Office of Business and Economic Development, CEOs and senior executives from Blink Charging Co., QuantumScape, XL Fleet, Canoo, Lordstown Motors and Romeo Power, along with Vinson & Elkins LLP and Nasdaq. The event featured data from Sentieo, an AI-enable research platform.
Blink, whose board directors include renowned dealmaker and Drexel Burnham Lambert alumus Donald Engel, has seen its shares more than double since Monday’s event.
“Our model is very simple,” Mr. Farkas told IPO Edge Multimedia Editor Hope King. “Whether it’s at a multifamily residential facility, single family home, retail market, hotel, or if you’re driving along a highway and need to supercharge, we’ll have a solution for you as well.”
He added that while there was a COVID-related drop in miles driven, habits are normalizing. “We are seeing close to where we were beforehand and there are a lot more EVs on the road,” he said.
He also said that millennials prefer EVs, which should be a structural tailwind. “A lot of the younger generation who didn’t want cars are now looking to own cars. And the cars they are looking to purchase are EVs.”
Blink can deploy chargers in virtually every place cars park. “It’s not only McDonald’s. We work with a lot of fast food chains,” Mr. Farkas said. “It’s a perfect place for them to plug into a supercharger and get something to eat.”
Turning to the Biden administration, Mr. Farkas said he is happy to have government help but it’s not needed. “Any subsidies we can receive we will gladly accept,” he said. “It creates competition that maybe isn’t as experienced at what they do. But ultimately that allows us to buy companies for pennies on the dollar.”
To hear more from Mr. Farkas and the other event speakers listed below, watch the full two-hour replay here.
- Tyson Eckerle, Deputy Director, Zero Emission Vehicle Market Development, California Governor’s Office of Business and Economic Development
- Steve Burns, Founder, Chairman and CEO, Lordstown Motors Corp. (NASDAQ: RIDE)
- Michael Farkas, Founder Executive Chairman and CEO, Blink Charging (NASDAQ: BLNK)
- Lionel Selwood, Jr., CEO, Romeo Power (Merging with RMG Acquisition Corp., NYSE: RMG)
- Tod Hynes, Founder and Chief Strategy Officer, XL Fleet (Merging with Pivotal Investment Corp. II, NYSE: PIC)
- Jagdeep Singh, Founder and CEO, QuantumScape (Merging with Kensington Capital Acquisition Corp., NYSE: KCAC)
- Paul Balciunas, CFO, Canoo (Merging with Hennessy Capital Acquisition Corp. IV, NASDAQ: HCAC)
- Jack Cassel, Vice President, Listings & Capital Markets, Nasdaq
- Mark Saraiva, Managing Director and Head of Transportation Group, Cowen Inc.
- Ramey Layne, Partner, Capital Markets and Mergers & Acquisitions, Vinson & Elkins
- Hope King, Multimedia Editor, IPO Edge
- Jarrett Banks, Editor-at-Large, IPO Edge
- John Jannarone, Editor-in-Chief, IPO Edge
John Jannarone, Editor-in-Chief