Blink Cutting Workforce by 20% Amid Downturn for EV Charging Market
BOWIE, Md. — Blink Charging said Monday it is reducing its workforce by about 20% in a bid to “streamline” operations amid an ongoing decline in revenue.
The company said the job cuts, which will be carried out into the fall, are expected to lead to more than $11 million in annualized savings, after an initial expenditure of up to $1.5 million to cover severance packages and restructuring costs.
“Today’s decisions, while challenging, are crucial for propelling our BlinkForward strategy and ensuring the long-term success of Blink,” said Mike Battaglia, Blink’s president and CEO, in a written statement.
“We are deeply grateful for the contributions of our departing colleagues and are committed to supporting them through this transition. This restructuring is a proactive step to build a more efficient and robust organization, better aligned with our strategic goals and poised to lead in the next phase of our growth.”
He added, “We are confident that this strategic realignment, under the banner of the BlinkForward initiative, will strengthen our competitive positioning, improve financial performance, and create a solid foundation for future innovation and market leadership.”
While the company did not go into detail about why the staff reduction is taking place, a press release announcing the move suggested the cuts were taking place to better align “strategic” priorities and to build a more focused and “agile” organization.
Dan can be reached at [email protected] and @DanMcCue
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