Blink Charging Co. (NASDAQ:BLNK) announced that it has been granted the “In Process” designation by the Federal Risk and Authorization Management Program (FedRAMP) for its EV charging solutions. This development is significant because, once the provider of EV charging equipment is fully accredited, government agencies will be able to enter into contracts with Blink or its resellers for EV charging. Blink expects to achieve full FedRAMP compliance by the third quarter of this year.
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Why is FedRAMP Authorization Important for BLNK?
FedRAMP is a U.S. government program that promotes secure cloud services within the U.S. government through standardized security assessments. The “In Process” designation shows that Blink is working toward FedRAMP Authorization.
In April 2023, federal agencies committed to deploying 24,000 charging stations so that federal fleets could go all-electric by 2035. If Blink achieves full FedRAMP accreditation, it will boost its visibility among federal agencies and contractors needing EV infrastructure. This accreditation will also enable state and local governments to use federal funds to procure Blink’s products and services.
Is Blink a Good Stock to Buy Now?
Analysts remain cautiously optimistic about BLNK stock, with a Moderate Buy consensus rating based on four Buys and three Holds. Over the past year, BLNK has nearly halved in value, and the average BLNK price target of $7.07 implies an upside potential of 110.1% from current levels.
