Blink Charging (NASDAQ: BLNK), a large provider of electric-vehicle charging services, has today announced a new agreement with real estate giant SGB Development for the implementation of Blink’s charging apparatus throughout SG Blocks’ modular designs. Investors weren’t cheering the move this morning, as stock slipped as much as 6% following the opening Monday bells.
The agreement comes as an extension of the previous 2020 Master Development and Production Agreement involving SGB and Blink in a mission to create affordable multifamily housing developments whilst maximising clean energy initiatives and elevating amenities offered at each location.
Michael Farkas, CEO of Blink Charging, expresses his excitement about the new developments:
“We couldn’t think of a better project to kick-off our relationship with SG Blocks’ development company than Lago Vista in Austin”
“Austin is a leading city in innovation and positioning Texas at the forefront of EV technology. The presence of the Tesla manufacturing plant is further accelerating the city’s need for EV charging infrastructure. We are excited to begin providing what the community needs alongside SG Blocks.”
Contracts like these are critical for the sustainability of EV flag-bearers. In what is still an emerging market, competition is strong and public sentiment is still mixed – making for a reasonably difficult landscape to plant firm, lasting foundations. The agreement will SGB will provide a key hub for Blink’s technology, yet the company will need to keep securing deals – like the contract with BlueLA – to ensure this isn’t just a glimmer of what could be.
BLINK stock has had a mixed year, and is currently showing an annual loss of 13.6%. With a daily loss of 2%, BLINK is trading around the $32.2 mark.
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Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.