Why Blink Charging Stock Crushed the Market Today

two people enjoying a daylight ride in a convertible car

The company is set to become a larger presence in the Northeast.

A new deal that’s sure to ramp up Blink Charging’s (BLNK 4.93%) presence alongside roads in the Northeast got investors excited about the stock Thursday. They greeted news of the arrangement by trading Blink’s shares up by more than 11% in price that day, a far more robust improvement than the sub-1% gain recorded by the S&P 500 index.

A deal with the Empire State

Shortly before market open that day, Blink announced that it has secured a contract to be an official electric vehicle (EV) charging provider for New York state. In addition to its network of charging stations, Blink is also to provide associated services such as maintenance, repair, and parts and supplies.

The company did not provide any financial details of the arrangement, nor did it specify how long it would be in force.

It quoted chief revenue officer Jim Nemec as saying that this contract would see it “continue to lay the groundwork for an electric revolution.”

“It’s rewarding to have a direct role in reducing emissions while enhancing the EV driver experience in New York. We are grateful for the state’s trust and our shared vision,” he added.

Big state, big money

New York state is certainly a prize; it’s the fourth-largest state by population and No. 3 in terms of gross domestic product. Although it’s a bit tough to determine with any accuracy what impact this could have on the company without knowing the deal’s particulars, it’s surely a win regardless. Blink will become that much more prominent and familiar to the public and reap the benefits of being a top charging provider in the state.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

This article was originally published by a www.fool.com

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