Why Blink Charging Shares Exploded

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Blink Charging Co. (NASDAQ: BLNK) shares absolutely exploded to start out the week after it was announced that the firm would be partnering with Amazon.com Inc. (NASDAQ: AMZN). Although this partnership is only in the early stages, the potential for expansion is huge.

Specifically, the firm announced that it has deployed charging stations at three Whole Foods Markets and will be integrated into developing stores when they open. The charging stations are an important ingredient to Whole Foods’ continued commitment to sustainability and customer service.

Like all of Blink’s charging stations, the deployed Whole Foods Market units will connect to the Blink Network, a cloud-based system that operates, manages, and tracks the Blink EV charging stations. Any Whole Foods shopper with an electric vehicle will be able to use the charging stations and locate them with use of Blink’s free app.

So far these stations are located in Lancaster, Spring House and Exton, Pennsylvania.

Blink CEO Mike Calise commented:

Whole Foods Market has always been on the frontlines of innovation in sustainability, and so we are eager to be working with them on their new locations. Whole Foods knows that providing Blink Charging Stations at their stores not only delivers a needed amenity for their EV customers, it also provides the infrastructure for the future of transportation which has already reached a tipping point.

He added:

Providing Blink Charging services to Whole Foods shoppers is an exciting endeavor because it supports our commitment to making EV charging more accessible. Blink is the only charging station provider that is entirely vertically integrated and so with every installation, we’re able to make sure EV drivers will always have a place to charge, no matter where they go.

Excluding Monday’s move, Blink had underperformed the broad markets, with the stock down 84% in the past 52 weeks. In just 2018 alone, the stock was down 67%.

Shares of Blink were jumped more than 176% at $4.28 Monday morning, with a 52-week trading range of $1.28 to $33.70.