Blink Charging Shares Continue Rise Following Citybest Agreement

Blink Charging shares rallied Wednesday, closing the session up 3.24%, adding to its recent share price gains after the company announced a collaborative agreement with Citybest, a sustainable transport mobility App.

Blink Charging shares closed Wednesday's trading session at $12.41 per share, while they are up a further 1% premarket Thursday. So far, in 2023, the stock has climbed over 10%.

Citybest connects passengers with sustainable taxis, drivers, and ride-sharing services, to provide EV chargers in Latin America.

The agreement will see Blink install 50 Blink MQ 200 chargers at hotel chains in Mexico, with a further 20 Blink EQ 200 chargers deployed in Chile. With the initial launch, Citybest will supply free charging to Citybest drivers and “look to open access to public charging in the future.”

The installations in Mexico and Chile will begin in January 2023. Once they have been completed, Blink said it will install additional chargers in Colombia starting March 2023, with the aim to build an EV charging ecosystem in South America.

“We are excited to collaborate with Citybest in this electric ecosystem that provides a valuable service and encourages further adoption of electric vehicles in Mexico and throughout Latin America,” said Michael Farkas, Chairman and CEO of Blink Charging. “With the population of electric vehicles in the region expected to grow to an estimated 1.2 million by 2030, strategic partnerships like these are essential to support this exponential growth and serve EV drivers everywhere.”