Blink Charging Shares Rose Following ZOOZ Power Distribution Agreement

Blink Charging (NASDAQ: BLNK) shares closed 1.18% higher on Monday after the electric vehicle company announced it had signed a distribution agreement with ZOOZ Power.

ZOOZ is a supplier of flywheel-based power-boosting EV charging solutions. Blink Charging revealed the deal is to distribute, sell, and deploy ZOOZ’s Kinetic Power Booster, which uses “advanced technology” for storing kinetic energy in flywheels to power EV DC fast chargers.

Blink Charging shares closed Monday’s session at $14.59 per share. However, the stock has suffered this year, down over 46.85%. In the last 12 months, it has declined by almost 60%.

Blink Charging explained that ZOOZ Power’s ZOOZTER 100 has flywheel technology that “drives unlimited high-power charge and discharge cycles,” outlasting battery chargers.

“The ZOOZTER-100 enable [sic] to charge an EV battery in less than 15 minutes even where the grid is power-constrained,” Blink said in its statement.

“As the demand for convenient and accessible long-range EV charging grows, it is imperative that we provide EV drivers with dependable and sustainable solutions and in cooperation with ZOOZ, we provide just that,” commented Michael Farkas, Executive Chairman and Chief Executive Officer of Blink Charging.

ZOOZ said it is “very excited” to strengthen and step up its cooperation with Blink Charging, adding that it will be a” significant milestone” in its penetration into the U.S. market.