America is ready to build out its electric vehicle (EV) charging station network — and yet, traders aren’t quite ready to buy Blink Charging (NASDAQ:BLNK) stock. The U.S. government supports the EV charging port buildout, and this should benefit Blink. Besides, the company is working with a variety of businesses across the nation to make EV charging quicker and more convenient.
Of all the tradable EV-related businesses out there, Blink Charging is among the least appreciated on Wall Street. This isn’t a problem, though. Really, it’s just an opportunity for contrarian traders.
As we’ll see, Blink has been very busy lately, bringing its fast-charging experience to America’s towns and districts. Meanwhile, the government is ambitiously working toward a nationwide EV charging network — and this should make BLNK stock investors more optimistic than ever.
BLNK Stock Is Out of Favor Now
Suffice it to say that Blink Charging’s shareholders have been on a bumpy ride in 2022 so far. They’re underwater this year and can’t seem to catch a break.
Now, I’m not recommending buying BLNK stock just because it’s down. You need reasons to own a stake in a company, after all. One reason to invest in Blink Charging is a big one: The U.S. government clearly supports its EV charging infrastructure buildout.
Believe it or not, the number of EVs sold in the U.S. has tripled since President Joe Biden took office. Yet, this might only be the beginning of a much bigger trend. That’s because Biden just allocated $900 million to build EV chargers in the U.S.
The objective is to create a vast network of EV charging stations across 35 states, spanning 53,000 miles of highway. Ultimately, the government’s bigger infrastructure spending package supports the buildout of 500,000 EV charging stations in the U.S. by the year 2030.
Blink Charging Is Charging Ahead
Even with such massive government backing, Blink Charging isn’t just sitting around, waiting for a handout. Rather, Blink is quite busy forming partnerships to make EV charging more accessible in America.
Here are three recent examples of this. First, Blink is partnering with real-estate company Veris Residential to deploy 24 charging ports in New Jersey. These will be established at Veris Residential’s “newly-built, sustainability-focused, luxury apartment high-rise Haus25.”
Next, Blink Charging is working with the City of Newton, Iowa, to install two Blink IQ 200 fast Level 2 charging stations. Granted, that’s not a lot of charging ports, but it’s a start.
Additionally, Blink is collaborating with with Brown Investment Properties to install four charging stations in North Carolina. These are to be established at the Battleground Office Building in the city of Greensboro.
What You Can Do Now
Blink Charging will have governmental support in the coming months and years. That’s fine, but the company is also forging its own path toward profitability.
A few stations here, a few there — it’s all about baby steps with America’s EV charging network buildout. Likewise, you can take baby steps toward a future-ready green portfolio by owning some BLNK stock shares before they eventually become much more expensive.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.