The partnership with leading EV charging equipment and services provider intends to bring solar, off-grid, modular electric vehicle charging solutions to the market.
SG Blocks, Inc. (SGBX) is one of the biggest gainers in the premarket and currently trades at the 6th spot as the leading stock with a trading volume of more than 53 million.
The shares of SG Blocks traded above the $3 mark in the premarket before it began trading on Friday at $3.63. At the time of press, at 1:21 P.M. EDT, SGBX was trading at $2.73 surging by 35.39%.
The recent spike in the shares of SG Blocks is for a good reason as the company recently announced that it entered into an agreement with Blink Charging Co. The following Master Development and Production Agreement will deal with the electric vehicle charging solutions of Blink that will be deployed along with SG’s container-based modular building structures.
This collaboration brings two industry leaders together to establish a fast and cost-effective innovative electric vehicle charging solution. The founder and CEO of Blink, Michael D. Farkas commented that they expect to significantly enhance their geographic footprint helping the company in increasing the EV market. In order to fulfill this increasing demand for charging locations they will be deploying Blink’s leading charging technology in SG Blocks’ modular structures. He further added:
“SG Blocks provides a turn-key solution that is durable and environmentally friendly. It provides the unique ability to deploy EV charging stations quickly and effectively.”
SG Blocks along with Blink will design the EV charging containers to provide off-grid charging solutions via a combination of solar and battery components in various capacities.
The CEO of SG Blocks, Paul M. Galvin said:
“We are excited to partner with Blink to provide a rapid, clean, and durable solution that facilitates Blink’s growth in the EV charging market.”
Both the companies will be looking to provide a better lifestyle to their joint customers by minimizing their carbon footprint. Under this partnership, the companies will co-develop 20-ft and 40-ft solar-powered containers via Blink’s DCFC charging stations and IQ 200. The 20-ft container will have the ability to host up to four 80-amp charging stations while the 40-ft container will host up to eight 80-amp charging stations.
SG Blocks, Inc. (SGBX) will play a key role in this partnership by providing code compliant industrial design, engineering specifications, and architecture for the modular structure.
With the increasing responsibility of making the world green and clean, various companies are pushing towards environment-friendly and clean energy solutions. This collaborative project between SG Blocks and Blink is a step towards supporting green energy.
This partnership brings a bigger opportunity for all the stakeholders involved in this project, making both, SGBX and BLNK stocks for the watch list.