Blink Charging Co. (BLNK) and the City of San Antonio launched the Electric Vehicle San Antonio (EV-SA) Program with a ribbon-cutting ceremony at the San Antonio Zoo to announce the installation of Blink’s first publicly accessible Electric Vehicle (EV) charging station.
Blink provides electric vehicle charging equipment and services and has deployed over 30,000 charging ports in 13 countries. Shares have exploded 287% over the past year. (See Blink Charging stock charts on TipRanks)
The City of San Antonio has initiated the EV-SA program to enhance the city’s climate action and air quality goals. The first phase of the unique partnership between Blink and the city consists of setting up 202 Level 2 charging stations and 3 DC fast-chargers throughout the city. Markedly, along with the San Antonio Zoo deployments, Blink is working to set up five more sites in the coming weeks.
Commenting on the launch, Mayor Ron Nirenberg said, “I’m excited to see this project come to fruition. As the Mayor and EV driver, I support these new charging stations being installed on City property not only as an amenity for our residents but also as a visible sign that we are committed to clean and technologically advanced transportation choices.”
Blink chargers are funded partly through the state-wide Texas Volkswagen Environmental Mitigation Program (TxVEMP) through the Texas Commission on Environmental Quality (TCEQ). Notably, the deployment of Level 2 charging stations across Texas is funded with a $10.4 million fund and is aimed at purifying the city’s air and making EV charging easily accessible to the people.
Speaking at the event, Blink Central Region Manager Ryan Durbiano said, “Blink is honored to support the City of San Antonio and the build-out of its EV charging infrastructure and help the city achieve its climate, sustainability, and air quality goals.”
Recently, D.A. Davidson analyst Matt Summerville initiated coverage of the stock with a Hold rating and a price target of $31, implying 3.7% upside potential to current levels.
Summerville believes that BLNK has industry-leading charging speed and is the only public, integrated operator of EV charging. Moreover, he believes that the company is well-positioned to gain from the continued momentum for charging infrastructure in North America and is building a presence in Europe. Having said that, the analyst noted that BLNK is currently relatively fully valued given the “blend of growth and risk prospects”.
Overall, the stock has a Hold consensus rating based on 1 Buy and 3 Holds. The average Blink Charging price target of $35 implies 17.1% upside potential to current levels.
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