Blink Charging Co. (NASDAQ: BLNK) has disclosed that it has inked an agreement with Greenlight Communities. The five-year agreement will be signed between two firms with two five-year extensions. The agreement with the Arizona-based developer will become an owner of EV charging stations installed in new multifamily residential properties across the Phoenix metro area.
Furthermore, the firm revealed that after installations will be executed, there will be a total of 58 Blink-owned EV charging stations. The installations are being backed by the SRP Business EV Charger Rebate, which provides businesses more than $1,500 per networked Level 2 EV charging station.
Shares of Blink Charging soared 3.69% as the firm has gained +1.26 at the time of writing on Thursday. The firm has recorded a trading volume of 888.27K as compared to the average volume of 2.00 million. In the past 52-week of a trading session, the share of the firm fluctuated between the 52-week low and high range of $5.77 and $64.50, respectively. BLNK has a total market capitalization of $1.42 billion at the time of writing.
Furthermore, the IQ 200 units of Blink are among the quickest level 2 AC charging stations available on the market, having a maximum output of 80 amps. The Blink IQ 200 chargers have been well obtained by prominent EV industry professionals. Since the inception of Greenlight in 2018, it has executed its first three projects. It is a real estate developer successfully building achievable rental housing in the Phoenix area.