What Happened?
Shares of EV charging infrastructure provider Blink Charging (NASDAQ: BLNK) jumped 4.9% in the afternoon session after the company announced the completion of a major electric vehicle (EV) charging infrastructure project in Porterville, California.
The $1.6 million initiative involved installing 34 charging ports across three city-owned locations. Specifically, Blink added 19 DC Fast Chargers (28 ports) and three Level 2 stations (6 ports), upgrading and replacing all public EV charging ports at key municipal sites like the Porterville Transit Center. The project was primarily funded by the Federal Transit Administration, which covered 80% of the cost, with the remaining 20% coming from Local Transportation Funds. This successful deployment highlights the company's ability to execute significant public-private partnerships and expand its charging network.
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What Is The Market Telling Us
Blink Charging’s shares are extremely volatile and have had 74 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 5 days ago when the stock gained 2.1% on the news that the company announced a partnership to install electric vehicle (EV) charging stations at National Health Service (NHS) properties across the United Kingdom. The collaboration, through its subsidiary Blink Charging UK Ltd. and Flowbird Smart City UK, aims to enhance the EV charging infrastructure at approximately 3,000 NHS buildings. This agreement allows for the immediate rollout of EV chargers managed on Blink's proprietary platform, significantly expanding the company's footprint. The positive development comes just before a scheduled virtual fireside chat on September 4, where the company's CEO, newly appointed CFO, and new CTO are expected to discuss future business strategy and technology innovations.
Blink Charging is down 27.3% since the beginning of the year, and at $1.09 per share, it is trading 51.6% below its 52-week high of $2.25 from October 2024. Investors who bought $1,000 worth of Blink Charging’s shares 5 years ago would now be looking at an investment worth $168.72.
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