Blink Charging Co (NASDAQ: BLNK) is flying early on in the market this morning, and for good reason. The company announced that it has entered into a partnership with Whole Foods Market that will likely prove to be a strong revenue driver. Of course, the news led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about:
- The partnership;
- what we’re seeing from BLNK;
- and what we’ll be watching for ahead
BLNK Enters Partnership With Whole Foods Market
As mentioned above, Blink Charging is having an overwhelmingly strong start to the trading session this morning after the company announced that it entered into a partnership. In a press release issued early this morning, the company announced that it has entered into a partnership agreement with Whole Foods Market.
Under the terms of the agreement, BLNK has deployed charging stations at three Whole Foods Markets. Also, under the agreement, BLNK charging stations will be integrated into the development of new stores as they open. As with all charging stations within the Blink Network, these stations will be connected to the cloud-based system that operates, manages, and tracks these charging stations. As a result, any Whole Foods shopper has the ability to use the charging stations and locate them using the company’s free app. In a statement, Mike Calise, CEO at BLNK, had the following to offer:
Whole Foods Market has always been on the frontlines of innovation in sustainability, and so we are eager to be working with them on their new locations… Whole Foods knows that providing Blink Charging Stations at their stores not only delivers a needed amenity for their EV customers, it also provides the infrastructure for the future of transportation which has already reached a tipping point.
What We’re Seeing From The Stock
One of the first lesson that we learn when we start to dig in the market is that the news causes moves. In the case of Blink Charging, the news proved to be overwhelmingly positive. Not only are charging stations already deployed at three Whole Foods locations, they will be integrated in future locations as they are built. That will likely drive strong revenue for the company. So, it’s no surprise that we’re seeing strong gains in the value of the stock today. At the moment (10:33), BLNK is trading at $2.81 per share after a gain of $1.33 per share or 89.86% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on BLNK. In particular, we’re interested in following the story surrounding the company’s relationship with Whole Foods and excited to see how this relationship changes expectations with regard to revenue. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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