Blink Charging (NASDAQ:BLNK) stock is on the move Tuesday after the electric vehicle (EV) charging company signed a deal that brings its services to McDonald’s (NYSE:MCD).
This comes from an agreement the company signed with Arcos Dorados. This is the world’s largest independent McDonald’s franchisee, with locations largely in Latin America and the Caribbean.
That deal has Blink Charging bringing its EV charging stations to five McDonald’s locations in Puerto Rico. Blink Charging will set up its IQ 200 pedestal chargers in Mayaguez, Fajardo, Ponce, and San Juan by the end of the summer.
Juan Barahona, US & Global Director of Operations for Blink Charging, said the following about the deal:
“We applaud Arcos Dorados for their visionary move and forward-thinking actions in integrating EV charging in their prominent restaurants throughout Puerto Rico. Arcos Dorados’s leadership within the Latin American and Caribbean dining sector sets a remarkable precedent for embracing the EV revolution.”
How This Is Affecting BLNK Stock
The news of Blink Charging EV chargers coming to McDonald’s locations is good news for the company. It expands its presence in the Latin American market, which is already home to 2,138 chargers throughout eight countries.
Unfortunately, shares of BLNK stock are down 1.2% as of Tuesday morning despite the MCD deal. The stock is also down 58% since the start of the year.
Traders keeping an eye out for all of the latest stock market news will want to keep reading!
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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.
