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Blink Charging Stock Rises After Being Awarded Grant for EV Chargers

Published 11/03/2021, 11:07 AM
Updated 11/03/2021, 11:15 AM
© Reuters.

© Reuters.

By Sam Boughedda

Investing.com — Blink Charging Co (NASDAQ:BLNK)announced Wednesday that it has been awarded a grant from Michigan Consumers Energy and further funding from the Michigan Department of Environment, Great Lakes and Energy (EGLE) to install DC fast-charging stations across the state of Michigan.

Blink shares are up around 1%, trading near the $33.24 mark in morning trading. The shares initially hit a high of $34.32 in the first hour of the session.

The six DC fast chargers were installed at two separate locations in Traverse City and Clare, Michigan, Blink said.

The grants were part of a plan by the state of Michigan to create a more accessible network of EV chargers for its residents and visitors. The EGLE grant is financed through the Volkswagen mitigation trust fund as part of the emission settlement.

There was no mention of the amount granted to Blink.

“We are thrilled to have been awarded these grant funds from Michigan Consumers Energy and EGLE and to continue to grow our footprint of EV chargers in the state,” said Brendan Jones, president of Blink Charging. 

“Minimizing barriers to EV charging is critical to increasing consumer adoption of EVs, and these new fast-charging locations provide residents and visitors the confidence in Michigan’s charging infrastructure needed to help drive the electric mobility transformation.” 

Last week, Needham analyst Vikram Bagri lowered Blink's price target to $32 from $37 but kept a buy rating on the shares. The analyst said the company's capital-intensive business requires a high level of discipline and charger utilization will remain low while expenses remain high due to the required expansion.

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