Blink Charging Co. (NASDAQ:BLNK) shares are trading higher on Tuesday.
Today, the company has unveiled the creation of a Special Purpose Vehicle (SPV) designed to expand EV charging infrastructure in the U.K. and beyond.
The SPV aims to raise an initial £100 million ($130.10 million), offering investors the chance to capitalize on the rapidly growing EV infrastructure market.
To kick off the project, Blink has partnered with Axxeltrova Capital, a private equity firm focused on digital infrastructure, renewable energy, and sustainable investments. This makes it the SPV's first funding partner.
"While we are in the early stages and agreements are still being formalized, the potential for growth in the EV sector is unmistakable," said Mike Battaglia, CEO-Elect of Blink Charging.
"We invite other investors to join us in this exciting opportunity to shape the future of electric mobility."
Also Read: Thomson Reuters Q3 Earnings: Legal, Corporate Segments Enjoy Revenue Boost As CEO Highlights AI Investment
The SPV's structure is designed to attract further investments, enabling Blink to deploy significant capital to expand accessible charging networks.
The SPV targets projects eligible for subsidies through the UK's Local Electric Vehicle Infrastructure (LEVI) funding.
Recently, the firm disclosed that it has received a nearly $2 million grant from the Illinois Environmental Protection Agency.
This funding will enable Blink to own and operate EV chargers in the state of Illinois, facilitating public charging solutions for employees, residents, and visitors.
Under this grant, the Illinois EPA will cover part of the eligible expenses for new commercial-grade DC Fast Chargers and Alternating Current Level 2 charging stations to be installed at publicly accessible locations throughout Illinois.
Once completed, the project will feature 15 new Blink charging stations across five sites in Illinois, including 10 DC fast chargers with 180kW capacity and five Dual Port Level 2 stations (10 ports total). Blink is contributing a 30% cost share to the program.
Price Action: BLNK shares are up 2.99% at $2.07 at the last check Tuesday.
- Blink To Deploy 15 New EV Charging Stations In Illinois, Backed By $2 Million State Grant
