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Blink Charging NASDAQ: BLNK) shares are plummeting on Tuesday along with other electric vehicle stocks despite the company announcing a collaboration with the State of Vermont to deploy 11 new DC fast chargers across the state in the next two years.

The electric vehicle charging equipment firm will collaborate 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 to deploy the charging stations in Vermont.

“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,” commented Michael D. Farkas, Founder and CEO of Blink Charging.

“In a state like Vermont that is already accelerating EV adoption, the increase of the number of available charging options will help grow public awareness. We are committed to bringing affordable, convenient, and efficient charging stations to the growing number of EV drivers,” Mr Farkas added.

Despite the seemingly positive announcement, Blink’s shares are currently down over 8% at $38.62, with other electric vehicle stocks such as Tesla down 7.5% and Nikola, which is also 8% lower.

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