Blink Charging said on Wednesday that it has received a grant from Michigan Consumers Energy as well as additional financing from the Michigan Department of Environment, Great Lakes, and Energy (EGLE) to deploy DC fast-charging stations across the state of Michigan.

In morning trade, Blink shares are up around 1%, trading near the $33.24 mark. In the first hour of trading, the stock reached a high of $34.32.

The six DC fast chargers were placed in Traverse City and Clare, Michigan, according to Blink.

The subsidies are part of the state of Michigan's effort to build a more accessible network of EV chargers for residents and visitors. As part of the emission settlement, the EGLE grant is funded by the Volkswagen mitigation trust fund.

There was no mention of the monetary award made to Blink.

"We are overjoyed to have been awarded these grant funds from Michigan Consumers Energy and EGLE, and we look forward to expanding our footprint of EV chargers in the state," said Brendan Jones, president of Blink Charging.

Why Blink Charging Stock Is Imploding | The Motley Fool

"Reducing barriers to EV charging is critical to increasing consumer adoption of EVs, and these new fast-charging locations give residents and visitors the confidence they need in Michigan's charging infrastructure to help drive the electric mobility transformation."

Last week, Needham analyst Vikram Bagri reduced Blink's price objective from $37 to $32, but maintained a buy rating on the stock. According to the analyst, the company's capital-intensive industry requires a high level of discipline, and charger utilization will remain low while expenses will remain high owing to the necessary expansion.