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Blink Charging Stock Surges as Company Lauds Infrastructure Bill

Blink Charging hails the infrastructure bill as shares rise, while QuantumScape says it secured a new set of buildings in San Jose, Calif.

Blink Charging  (BLNK) - Get Blink Charging Co Report skyrocketed Monday as the provider of electric-vehicle-charging equipment applauded passage of the $1 trillion infrastructure bill.

Shares of the Miami Beach, Fla., company on Monday closed 24% higher at $39.07.

The sweeping legislation includes $7.5 billion for electric vehicles and EV charging infrastructure. An additional $65 billion will be invested toward overall clean energy and renewables for the U.S. electricity grid.

"The passage of the federal infrastructure package brings us one step closer to achieving significant funding for the development and deployment of EV infrastructure," said Michael Farkas, Blink Charging founder and CEO. "A critical component to unlocking mass EV adoption, curbing transportation related emission and creating new jobs with this fast-growing industry."

Farkas said that so far this year, Blink has been awarded nearly $25 million in existing EV infrastructure grants, rebates, and incentives. The company has deployed over 30,000 charging ports in 13 countries.

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Fuel cell power company FuelCell Energy  (FCEL) - Get FuelCell Energy, Inc. Report was also taking off, up nearly 23% to $11.05.

QuantumScape  (QS) - Get QuantumScape Corporation Class A Report also powered higher, up nearly 22% to $37.73 at last check, after the company, which produces batteries for electric vehicles, said it had secured a new set of buildings in San Jose, Calif. 

The company said in a statement that the new campus comprises the current site of QS-0, QuantumScape’s pre-pilot production line, and the adjacent three new buildings. 

QS Campus "is a key building block" of QuantumScape’s multi-year strategic growth plan as it advances closer to commercializing its solid-state lithium-metal battery technology, the company said.

QuantumScape, which has been based in San Jose since its founding in 2010, will take possession of the new buildings and begin outfitting the facilities for specific purposes starting in January