Hot Electric-Vehicle Charging Stock Rallies On Big Texas Deal
Blink Charging (BLNK), a maker of electric-vehicle charging equipment, inked a deal to install EV charging stations in San Antonio, Texas. Blink Charging stock jumped.
The company has agreed to deploy up to 140 level 2 charging ports and 3 DC fast-charging stations throughout the city. Blink offered the city a cost-neutral proposal for the EV charging program. Under terms, the company and the city of San Antonio will share ongoing revenue from the charging stations.
Meanwhile, in the first phase of this plan, Blink will install 50 dual-port chargers deployed in strategic locations around the city.
Emissions from the transportation sector are the second-largest contributor to San Antonio’s greenhouse gas emissions. The Blink project is part of the city’s EV San Antonio program, designed to support electric transportation and EV drivers.
To fund part of the project, Blink plans to apply for grant funds from the statewide Texas Volkswagen Environmental Mitigation Program. The $10.4 million fund is for establishing Level 2 charging across Texas in order to improve air quality. The fund was created from a settlement agreement with Volkswagen (VWAGY), Audi and Porsche. That settlement was related to the car companies’ use of defeat devices to pass emission standard tests.
Additionally, Blink has deployed over 23,000 charging stations worldwide. Its charging network uses proprietary, cloud-based software to operate, maintain and track EV charging stations. Charging stations are located in numerous locations, including parking facilities, multifamily residences and workplaces. Also, medical facilities, supermarkets and transportation hubs.
Blink Charging Stock Surges 500% In 3 Months
Shares leapt 14% to close at 59.38 on the stock market today. Blink Charging stock has surged amid excitement for clean-energy stocks following the election of President Joe Biden. A Democratic White House and Congress are seen as a positive for environmental policies.
And the stock broke out on Nov. 20, as shares surged 134% to 22.67, according to MarketSmith chart analysis. In just the last three months, Blink Charging stock has soared nearly 500%.
The relative strength line is soaring, and its RS Rating is a top-notch 99. But the EV charging equipment maker has yet to make a profit and had just $5.5 million in revenue in 2020. And competition among EV charging companies is fierce.
Rival ChargePoint, which is expected to start trading on the NYSE this month with the ticker symbol CHPT, had $144.5 million in 2020 revenue. EVgo, which announced last month that it was going public via a special purpose acquisition company, with the ticker EVGO, had $14 million in sales in 2020.
Source: investors
