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Blink (BLNK) Expands its Sustainable EV Charging Framework

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Blink Charging Co. (BLNK - Free Report) recently made two announcements that expand its distribution channels and ease out the access of its sustainable electric vehicle (EV) charging stations.

It announced that Sourcewell, a self-sustaining government organization offering contract purchasing solutions, has awarded it a cooperative purchasing contract, in the Electric Vehicle Supply Equipment category.

The program includes more than 400 competitively solicited contracts to government, education, and nonprofit bodies. The Sourcewell contracts save time and money for participating agencies by harnessing the collective buying power of more than 50,000 organizations. This brings new clients for product providing companies like Blink.

Blink said that an increasing number of drivers are transitioning to EVs, which call for the easy availability of a reliable charging infrastructure. The purchasing contract will make its EV chargers accessible to a broad range of entities, aiding them in modernizing their procurement process and expediting the use of EVs within local communities.

In another development, Blink has signed a public-private agreement with the city of San Antonio to install its first publicly accessible Blink EV charging station at the San Antonio Zoo.

The unique deal paves the way for the deployment of 202 Level 2 charging stations and 3 DC fast-chargers across the city, as part of the city’s Electric Vehicle San Antonio Program to elevate the city’s goals of improving the climate and air quality. Apart from the deployments that have already been completed, Blink will be installing five additional sites in the coming weeks. The Blink chargers were funded partly through the state-wide Texas Volkswagen Environmental Mitigation Program, which consists of a $10.4 million fund to deploy Level 2 charging across Texas to ensure improved air quality and easy EV charging.

Zacks Rank & Stocks to Consider

Headquartered in Florida, Blink Charging is the leading EV charging company and has deployed more than 30,000 charging ports across 13 countries. Shares of Blink have climbed 287.3% over a year, significantly outperforming the industry’s 5.1% rise.

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The company currently carries a Zacks Rank #4 (Sell). A few better-ranked players in the auto equipment industry are Meritor, Inc. (MTOR - Free Report) , Driven Brands Holdings (DRVN - Free Report) , and XPEL, Inc. (XPEL - Free Report) , each carrying a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.