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Blink Charging Co (BLNK) Stock Price Edges Higher with the Expansion of its BlueLA Car Sharing Program

Nigel Firth
Nigel Frith trader
Updated 5 Oct 2021

Blink Charging Co (NASDAQ: BLNK), provider of EV charging stations, has announced today that the company's subsidiary ‘Blink Mobility’ will be expanding BlueLA – an electric car-sharing service functioning in Los Angeles. 

BLNK shares edged slightly higher moving into Tuesday’s premarket, but the move faded sharpish with the stock price now sitting around $26.78, just a 0.30% increase from Monday’s close. 

The expansion received approval from the Los Angeles City Council, meaning Blink can move forward with BlueLA’s growth, including plans to add a further 300 street side EV charging stations at 60 destinations across the city; as well as a substantial increase in Blink mobility’s own fleet of electric vehicles. 

Michael D Farkas, CEO of Blink Charging, announced: “We’re very pleased to expand our exclusive car sharing and EV charging agreement with the city of Los Angeles. The program further reinforces our commitment to providing affordable electric vehicle accessibility and EV charging infrastructure to underserved communities across the city” 

Adding: “We’re excited to have this opportunity to grow Blink Mobility’s footprint significantly while making the transition to zero-emission vehicles a seamless and effortless choice. We look forward to continuing to leverage our network and technology to grow our market presence in LA, the epicenter of EV adoption,”

The Blink Charging stock price has had a rough year and still continues the extension of its bearish trend. Yet with the electric vehicle industry proving to be a critical, ever-expanding sector in the face of environmental awareness – the utility of BlueLA and similar initiatives may still find the spotlight. In late August, Blink Charging shares gained 2% after deploying 27 charging ports at six locations across Traverse City, Michigan.

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Nigel Firth
Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.