What happened

Shares of Blink Charging (BLNK -6.02%) gained 94.5% in July 2020, according to data from S&P Global Market Intelligence. Stretch out the timeline a bit and you'll see the stock zooming 592% higher since the end of May. The Miami Beach-based company that designs charging stations for electric cars has yet to collect any serious revenue or actually build any charging stations, but the stock is skyrocketing thanks to a number of promising development deals.

So what

The latest stratospheric push came from a Blink agreement to build a charging-station network in Greece with the help of a local telecom and a network of Nissan (NSANY -1.59%) dealerships. That announcement alone drove Blink Charging's stock more than 23% higher in a single day.

That's just one of several value-boosting deals Blink announced in July.

A row of clearly marked but empty car-charging parking spots.

Image source: Getty Images.

Now what

Blink Charging has actually been around since 2009, reporting forgettable revenues in the low single-digit millions per year and burning cash along the way. The stock crossed the $200 million market cap threshold for the first time in early July, and the cap now stands at roughly $367 million. This is a microcap with a handful of contracts in hand, and things could go boom or bust from here. The car-charging market is indeed poised to explode as electric cars drive deeper and deeper into the global mainstream. But nobody knows whether Blink can deliver on its promises and become a serious leader in this space.

Tread carefully, dear reader. Blink Charging might skyrocket over the next few years, but the stock could also collapse if Blink falls short of these speculative expectations. It's a high-risk, high-reward type of investment.