Shares of Blink Charging (BLNK 4.32%) jumped another 69.3% in December, according to data provided by S&P Global Market Intelligence, continuing its incredible run in 2020. Shares have continued to be volatile in the first few days of 2021, however, falling over 10%, only to gain back all of those losses and more at the time of writing.
The month was mostly business as usual for Blink Charging. The company announced some new partnerships and even a new product for street light or utility pole charging. But what fueled the move last month was a stimulus package that should be a boost for renewable energy stocks.
A stimulus deal passed last month extended some of the subsidies for renewable energy and added funding for building next-generation energy technology. Electric charging should benefit overall from more renewables and more EVs on the road, but this could be a preview of what's to come in 2021. President-Elect Biden has said he wants 500,000 new EV charging outlets installed by 2030, so Blink Charging's business could be a huge focus of investment over the next decade.
Blink Charging was a speculative stock in 2020, and that continued in December. But it's definitely going to get tailwinds from policy changes and a rapid increase in EVs hitting the market. I don't know if this crazy run will continue in 2021, but last month the market liked the direction EV chargers were heading.