Navitas stock soars as company advances 800V tech for NVIDIA AI platforms
BOWIE, Md. - Blink Charging Co. (NASDAQ:BLNK), a $186 million market cap EV charging infrastructure company, has secured a contract to develop electric vehicle charging infrastructure for the City of Richmond, the company announced Wednesday. According to InvestingPro data, while the company maintains a strong balance sheet with more cash than debt, it faces profitability challenges in the current market environment.
The agreement positions Blink as one of five vendors selected to collaboratively provide public charging solutions for Richmond residents and visitors. The contract includes site assessment, installation, maintenance, repair services, and product training.
Under the terms, Blink will work with city officials to identify strategic locations for EV charging stations throughout Richmond, supporting the city’s climate initiatives outlined in its RVAgreen Climate Equity Action Plan 2030.
"As the need for chargers in Richmond continues to grow, we look forward to the opportunity to develop additional sites in the greater Richmond area," said Mike Battaglia, Blink’s President and CEO, in a press release statement.
Dawn Oleksy, Energy Program Manager for the City of Richmond, noted that Blink’s solutions will help the city "create a thriving and sustainably built environment" as part of its net zero strategies.
The contract represents part of Richmond’s broader efforts to expand EV infrastructure for residents, fleet operators, and visitors. Financial terms of the agreement were not disclosed.
Blink Charging provides EV charging equipment and services globally, operating its own charging network while offering related products and services to various location types including parking facilities, multifamily residences, workplaces, and transportation hubs. For detailed analysis and additional insights about Blink’s financial health and market position, investors can access comprehensive research reports and real-time metrics through InvestingPro, which currently shows the stock trading near its Fair Value.
In other recent news, Blink Charging has completed the installation of eight 120kW DC fast chargers at the new Power Up Plaza in Chicago’s West Garfield Park. This development aims to enhance electric vehicle infrastructure in an area previously lacking convenient charging options, with partial funding from the Illinois Environmental Protection Agency. Additionally, Blink Charging announced a strategic partnership with Hubject to integrate its charging network into Hubject’s intercharge eRoaming platform across North America, facilitating expanded charging options in the United States, Canada, and Mexico.
In further developments, Blink Charging has joined the Paua platform, adding approximately 3,500 EV connectors to its network in the UK. This integration expands Paua’s network to over 67,000 EV charger connectors. Blink Charging also revealed plans to accept cryptocurrency payments at its EV stations by the end of 2025, providing a new payment method through the Blink Charging App.
Separately, Terra Innovatum, a developer of micro-modular nuclear reactors, nominated Katherine Williams, former CEO of Framatome, as the Independent Chair of its Board of Directors. This nomination is part of a proposed business combination with GSR III Acquisition Corp. The board will include nine directors, comprising five independent directors and four Terra Innovatum executives.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.