Blink Charging Co. was awarded a state-wide contract to deploy 11 new DC fast chargers across Vermont over the next two years. The provider of electric vehicle (EV) charging equipment and services will deploy IQ 200 Level 2 charging stations in the Vermont locations of Enosburgh, Fair Haven, Johnson, Ludlow, Newport, Randolph, Rutland, South Hero, Springfield, St. Johnsbury, and Wilmington.
Shares of Blink (BLNK) were up by 4.4% in pre-market trading on Feb. 24.
Blink’s Founder and CEO Michael Farkas said, “We are excited to continue expanding our footprint in New England and helping provide a robust network of DC fast charging stations across Vermont. Once these stations are deployed, nearly every Vermont citizen will be within 30 miles of an EV fast-charging station.”
“The stations will be strategically placed across the state, creating a network that spans essentially from the state’s southern border with Massachusetts to its northern border with Canada. Vermont has already seen a huge increase in EV registrations, so the time is right for Blink to help expand the state’s EV charging infrastructure,” Farkas added.
The company will install the EV charging stations through a collaboration with the Vermont Department of Housing and Community Development (DHCD), Agency of Natural Resources, the Agency of Transportation (AOT), the Public Service Department, and the Department of Health. (See Blink Charging Co. stock analysis on TipRanks)
Earlier this month, Roth Capital analyst Craig Irwin initiated coverage with a Buy rating and a price target of $67 on the stock. Irwin said in a research note that the company “has deployed over 23,000 electric vehicle charging units through both consolidation and the pursuit of long-term strategic commercial partnerships with real estate owners.”
The analyst was positive about the stock due to the growth of its charging network and accelerating adoption of EVs.
According to the TipRanks Smart Score system, BLNK scores a 6 out of 10, indicating that the stock is likely to perform in line with market averages.
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