flashing charging (NASDAQ:BLNK) the stock is up on Wednesday after the electric vehicle (EV) charging company revealed plans for school buses.
According to a press release from Blink Charging, the company is working to provide school districts across the United States with electric vehicle charging solutions. The company notes that it has already installed nearly 400 Level 2 chargers at educational institutions in 14 states.
Blink Charging points out that this expansion of electric school buses comes after the passage of the Infrastructure Investment and Jobs Act (IIJA). It allows school districts to switch from combustion engines to electric vehicles for student transportation.
Although this process has already begun, there is still plenty of room for growth. According to Blink Charging, there are 480,000 school buses in the United States. Of these, only around 1,800 have switched to electric motors.
The previously mentioned IIJA bill includes a total of $5 billion that will be used for the creation of clean-energy school buses. More specifically, half of this sum is reserved for the transition to electric buses.
Michael Farkas, Founder and CEO of Blink Charging, had the following to say about the news.
“We are thrilled to see the Biden administration taking such bold steps toward cleaner transportation for schools with the passage of the IIJA that will put more electric school buses on the roads.”
BLNK stock is up 4.1% on Wednesday morning.
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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.