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CHICAGO - Blink Charging Co. (NASDAQ:BLNK), currently trading at $1.71 with a market capitalization of $179 million, has completed the installation of eight 120kW DC fast chargers at the new Power Up Plaza in Chicago’s West Garfield Park, according to a company press release. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet.
The charging station, which opened on September 26, brings EV infrastructure to an area that previously lacked convenient charging options. The project was partially funded by the Illinois Environmental Protection Agency. While the company’s expansion continues, InvestingPro analysis shows the stock has demonstrated strong momentum with a 62% return over the past six months, though analysts anticipate sales challenges in the current year. For deeper insights into BLNK’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
Located near United Center and Cook County Hospital with access to a nearby interstate exit, the charging plaza aims to serve local EV drivers on daily commutes.
"The site reflects our BlinkForward initiative to expand DC fast chargers in key locations while also advancing Power Up Plaza’s mission to serve its EV driver community," said Mike Battaglia, President and CEO of Blink Charging.
Justin Clemons, Owner of Power Up Plaza, stated that the installation "brings needed EV infrastructure to the area for the convenience of local EV drivers and represents an important investment in the future for the community."
The collaboration between Blink Charging and Power Up Plaza is positioned as part of efforts to build more equitable and accessible EV infrastructure in Chicago neighborhoods.
Blink Charging operates a network of EV charging stations and provides related equipment and services across various location types including parking facilities, multifamily residences, workplaces, and transportation hubs. The company maintains a healthy current ratio of 1.7, indicating strong ability to meet short-term obligations, though InvestingPro analysis reveals additional important metrics about the company’s operational efficiency and market position.
In other recent news, Blink Charging Co. has made significant strides in expanding its electric vehicle charging network and services. The company announced a strategic collaboration with Hubject to integrate Blink’s charging network into Hubject’s intercharge eRoaming platform across North America, enhancing charging options in the United States, Canada, and Mexico. Additionally, Blink Charging has partnered with the UK’s Paua platform, adding approximately 3,500 EV connectors across 850 public charging locations to Paua’s network, which now boasts over 67,000 EV charger connectors. In a move to diversify payment options, Blink Charging plans to integrate cryptocurrency payments across its charging network by the end of 2025, allowing EV drivers to pay using digital currencies through the Blink Charging App.
Furthermore, Blink Charging has received preliminary court approval for a proposed settlement in a derivative action involving the company and certain current and former directors and officers. The settlement, which is subject to final court approval, includes corporate governance reforms and a payment of $553,750 in attorneys’ fees and expenses by the company’s insurer. No monetary payment is required from the director defendants. Meanwhile, Terra Innovatum, another company in the energy sector, has nominated Katherine Williams, former CEO of Framatome, as Independent Chair of its board, contingent upon the completion of its proposed business combination with GSR III Acquisition Corp.
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