Blink Charging (NASDAQ:BLNK) stock is on the rise Tuesday following news of it expanding its charging network for electric vehicles (EV).
The Blink Charging news includes the company revealing that it has added an additional 539 EV charging stations to its network since the start of the novel coronavirus lockdown. This includes both in the U.S. and internationally.
Blink Charging notes that it erected 300 new EV charging stations in the U.S. from June 2020 to August 2020. Of these 178 were its new level 2 IQ 200 units and 2 were DC fast charging units. The company also notes that 120 of these were upgrades that replaced first-generation charging stations.
Of the 300 new charging stations added in the U.S., Blink Charging owns and operates 209 of them. The remaining 91 units were sold to host locations. The new stations were added to 24 states with California receiving 37% of them.
The Blink Charging news release also points out that it sold 134 residential HQ 100 chargers during the three-month period. The company says that this is a 73% increase from the same period of the year prior.
When it comes to international expansion, Blink Charging sent out a total of 105 charging stations. This includes 52 to the Dominican Republic, 50 to Greece, and three to Israel.
Blink Charging will likely continue to grow its charging network for EVs in the coming years. There’s a trend toward EVs with automotive company’s focus more on the gas alternative. If it continues, BLNK will have plenty of room for growth.
BLNK stock was up 23.5% as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
