Blink Charging (NASDAQ:BLNK) stock is on the rise Wednesday after the electric vehicle (EV) charging company revealed school bus plans.
According to a press release from Blink Charging, the company is working to provide school districts around the U.S. with EV charging solutions. The company notes that it’s already set up nearly 400 Level 2 chargers at educational facilities across 14 states.
Blink Charging points out that this expansion of EV school buses comes after the passing of the Infrastructure Investment and Jobs Act (IIJA). It opens up school districts to make the switch from combustion engines to EVs for student transportation.
While that process has already started, there’s still plenty of room for growth. According to Blink Charging, there are 480,000 school buses across the U.S. Of those, only about 1,800 have switched over to electric engines.
The IIJA bill mentioned earlier includes a total of $5 billion that will be used for the creation of clean energy school buses. Specifically, half of that is set aside for the switch to electric buses.
Michael Farkas, founder and CEO of Blink Charging, said the following about the news.
“We are pleased to see the Biden administration taking such bold action on cleaner transportation for schools with the passing of the IIJA that will get more electric school buses on the roads.”
BLNK stock is up 4.1% as of Wednesday morning.
Investors seeking our more recent stock market news are in luck!
InvestorPlace offers all the latest news with our daily coverage of the market. For Wednesday, that includes what has shares of F45 Training (NYSE:FXLV), Chipotle Mexican Grill (NYSE:CMG), and PayPal (NASDAQ:PYPL) stock on the move. You can find out more at the links below!
More Wednesday Stock Market News
- Mark Wahlberg Sold Off F45 Training (FXLV) Stock Before Major Plunge
- CMG Stock Pops as Chipotle Beats on Earnings, Raises Prices
- PayPal (PYPL) Stock Gains as Activist Investor Elliott Takes Stake
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.