Blink Charging (BLNK) signed a deal expanding its charging network for electric cars while a top auto trade group urged U.S. policymakers to back a range of EV incentives, including for chargers. Blink Charging stock rose.
XThe five-year deal with Illinois' Blessing Health System will see Blink deploy 20 of its IQ 200 electric-vehicle (EV) chargers at four health care facilities.
Blink's EV charging network spans 23,000 stations worldwide. Last week, it scored a deal to deploy 26 EV chargers at Burger King locations.
The deals come as rival ChargePoint, which has 30,000 public charging stations, is poised to list on the NYSE by month end. It will merge with blank-check company Switchback Energy (SBE).
Also Tuesday, the Alliance for Automotive Innovation (AAI) called for a series of steps to boost the electric-car market and to revamp regulatory oversight of self-driving vehicles.
Among its recommendations, the trade group that represents auto giants like General Motors (GM), Ford (F), Volkswagen (VWAGY) and Toyota (TM) urged a revision of building codes to make EV charging easier.
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Shares rose 1.7% to 26.52 on the stock market today. Blink Charging stock is far extended from an 11.65 cup-shaped buy point within a larger consolidation, according to MarketSmith chart analysis.
In fact, Blink stock, which went public in 2018, has more than doubled vs. a month ago and has soared more than 1,300% since the start of this year, when shares were less than 2 a share.
Meanwhile, Switchback Energy stock lost 5.9% Tuesday, and battery firm QuantumScape (QS) jumped 7.7%.
Among electric-car stocks, sales are booming in China. Nio (NIO) rallied 6.3%, Xpeng Motors (XPEV) jumped 7.5%, Li Auto (LI) advanced nearly 5% and U.S. rival Tesla (TSLA) added 0.6%.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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