BLNK stock moved higher in early trading after the company announced it was sponsoring an electric formula racing team.

Blink Charging Co. (Nasdaq: BLNK), a leading owner, operator, and provider of electric vehicle (EV) charging equipment and services, today announced its sponsorship of the Bearcat Electric Vehicle (BEV) racing team, which is the first all-electric formula racecar team out of the University of Cincinnati and falls under the university’s AIC (Academic Intercollegiate Competitions) category.

The University racing team is comprised of about 40 students, a majority of whom are engineering students. These bright students boast impressive experiences with electric vehicles. Seven current and former students have been interns at Tesla Motors, and ten team members have participated in the SpaceX/Hyperloop competition representing the University of Cincinnati.

“We are proud and honored to be supporting and sponsoring the next generation of young engineers who undoubtedly will continue to bring the EV industry into maturity in the coming decade,” commented Joshua Winkler, Senior VP of Technology and Product Development at Blink Charging. “Technological advances in transportation and many other industrial sectors are often influenced or enhanced by college students’ creativity and competitive endeavors. We are confident the Bearcat EV racing team will innovate its way to victory. We are excited to see young minds focus their experience and enthusiasm within the EV industry to transform modern-day transportation.”

As the BEV team gears up for the Formula SAE design competition in Michigan in May of this year, they are entering the critical and exciting assembly and testing phase of their first electric formula car. The goal of the team is to emphasize sustainable innovation at the University of Cincinnati.

“Our sponsors are what make all this possible! Blink has a hand in actively advancing our team members’ education while increasing the level of innovation we can relentlessly pursue each year. Blink’s generous donation didn’t only increase our team’s chances of success but improved the field of electric vehicles by investing in future engineer,” said Sagar Tiwari, Founder and Student Team Leader.

Recently, Blink has supported and built relationships with several key influencers in the EV innovation space. In February, Blink announced cooperation with Bisimoto Engineering, a California-based automotive designer focused on high-performance EV conversions. Last fall, Blink also announced a working partnership with EV influencer Seth Leitman and Sustainable Westchester to bring more EV charging technology to the northeast.

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