One of the big winners on Thursday was an electric vehicle stock that’s become quite popular recently. Although the company in question doesn’t necessarily produce EVs, it does produce something very important that all electric cars need. Blink Charging (NASDAQ: BLNK), one of the main producers of electric charging stations used by EVs, announced on Thursday that it had just received a big government contract from the state of Ohio to develop charging stations across the state.
The company said that it had received a grant award from the Ohio Environmental Protection Agency’s Diesel Mitigation Trust Fund. The grant would let Blink build 144 fast-charging stations in 32 different locations across the state. For the most part, these locations will be un urban centers where most people will have access to EV charging stations. If things go well, it’s possible that the state of Ohio could commission Blink to build more stations in the future.
“We are pleased to have won this significant deployment opportunity from the state of Ohio as it expands the EV charging footprint and strengthens the charging infrastructure across several counties,” said Michael D. Farkas, Founder and CEO of Blink Charging. “This award demonstrates Ohio’s commitment to promoting the transition to cleaner driving technologies, and its confidence in Blink to bring accessible and fast charging alternatives to the state’s EV drivers.”
While it might not be that big of a deal in terms of the number of stations being installed, it definitely still is a symbolic victory for the company. At the same time, this opens up the possibility of other states offering contracts to Blink Charging as well. While these 144 stations are just the start, Ohio could ask Blink to build more stations across the state as EV popularity grows.
Shares of Blink Charging are up around 17.0% in response to the news, helping push prices back up to where they were back in February. Although Blink has seen an extraordinary rise over the past year, shares have peaked in late January and have since been tumbling alongside most other EV stocks. Tesla (NASDAQ: TSLA), for instance, also fell around 25% during this period. Since then, however, the EV sector appears to be making a small comeback.
Regardless of how prices move in the short-term, most Wall Street analysts remain highly optimistic about Blink right now, given the growing demand for electric vehicles, especially in China, where monthly sales are up around 200% from last year. Some analysts that have just initiated coverage on Blink Charging, like Cowen analyst Gabe Daoud, have an extremely bullish assessment of the company going forward.
Blink Charging Company Profile
Blink Charging Co is an owner, operator, and provider of electric vehicle (EV) charging services. The company offers both residential and commercial EV charging equipment, enabling EV drivers to easily recharge at various location types. Its principal line of products and services are Blink EV charging network (the Blink Network) and EV charging equipment (also known as electric vehicle supply equipment) and EV related services. – Warrior Trading News
