By Sam Boughedda
Investing.com — Blink Charging Co (NASDAQ:BLNK) and SG Blocks announced they will collaborate to use Blink's EV charging equipment and network in SG Blocks' modular designs, expanding on the previous agreement from last year.
The expanded deal now includes SGDC, SG Blocks' real estate subsidiary, with Blink's electric vehicle charging equipment used in all current and future development sites. The first project will see over 300 EV chargers deployed at an SGDC site in Lago Vista, Texas.
After falling as low as $30.12, Blink shares have regained most of those losses and are now down 0.33% from Friday's close.
"We couldn't think of a better project to kick-off our relationship with SG Blocks than Lago Vista in Austin, Texas," said Michael Farkas, CEO of Blink Charging. "Austin is a leading city in innovation and is positioning Texas at the forefront of EV technology and infrastructure."
The deal to include SGDC sees Blink expand its residential offerings further as it looks to capitalize on the infrastructure bill, which is encouraging an increase in electric vehicle adoption.
SG Blocks said it plans to use Blink EV's charging services for development projects in infrastructure and transit, with the two companies currently working on completing due diligence on a transit development project.
“We intend to dedicate the time and resources to grow in this space,” said Paul Galvin, chairman & CEO of SG Blocks. “We will be opportunistic in public and transit-oriented developments.”