Blink Charging To Axe Around 20% Of Jobs

(RTTNews) - Blink Charging Co. (BLNK), a provider of electric vehicle charging equipment and services, said on Monday that it has decided to slash its global workforce by around 20 percent to reduce costs and boost operating efficiencies.

With this, Blink estimates that it will incur $1 million to $1.5 million of related costs, consisting of cash severance, other severance benefits, and other related restructuring costs.

This staff reduction and other steps are expected to result in annualized savings of over $11 million.

Mike Battaglia, CEO of Blink said: "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."

The workforce reduction is anticipated to be completed by the end of the third quarter of 2025.

BLNK was down by 2.28% at $0.730 per share in the pre-market trade on the Nasdaq.