Sam Boughedda

Investing.com — Blink Charging Co (NASDAQ:)It was announced Wednesday that the Michigan Department of Environment, Great Lakes and Energy (EGLE), has awarded it a grant.

Blink shares rose by 1% in morning trading, and traded near $33.24. Initial trading session high was $34.32, which saw the shares reach a peak of close to $33.24 in morning trading.

Blink explained that six DC fast chargers had been installed in Traverse and Clare (Michigan).

These grants are part of a state plan to make it easier for residents and tourists in Michigan to access EV charging stations. As part of the emissions settlement, the EGLE grant was funded by the Volkswagen mitigation trust funds.

Blink was not mentioned in the article.

“We are thrilled to have been awarded these grant funds from Michigan Consumers Energy and EGLE and to continue to grow our footprint of EV chargers in the state,” said Brendan Jones, president of Blink Charging. 

“Minimizing barriers to EV charging is critical to increasing consumer adoption of EVs, and these new fast-charging locations provide residents and visitors the confidence in Michigan’s charging infrastructure needed to help drive the electric mobility transformation.” 

Vikram Bagri from Needham lowered Blink’s target price to $32 instead of $37 last week but retained a Buy rating. Analyst Vikram Bagri stated that Blink’s capital-intensive business demands a high degree of discipline. Charging usage will be lower while costs rise because of the need for expansion.