Beam Global Adds Oil and Gas Multinational to Its Customer List

Rhea-AI Summary

Beam Global (Nasdaq: BEEM, BEEMW) announced a significant partnership with a global top 40 oil and gas company to utilize its EV ARC™ system for workplace EV charging. These innovative charging systems generate, store, and deliver clean electricity, enhancing EV infrastructure without utility grid dependence. This enables rapid deployment and significant long-term savings by avoiding construction costs and utility charges. The Inflation Reduction Act supports these initiatives with substantial tax incentives for businesses investing in EV technology, reinforcing Beam's growth potential in the evolving energy sector.

Positive

• Partnership with a major oil and gas company to use EV ARC™ systems enhances market presence.
• EV ARC™ systems offer rapid deployment without utility grid reliance, reducing costs and construction time.
• Inflation Reduction Act provides tax incentives for EV infrastructure, boosting demand for Beam's products.

Negative

• None.

SAN DIEGO, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced that a global top 40 company in the oil and gas industry has begun using the company’s EV ARC™ system to provide workplace charging.

EV ARC™ systems fit in a standard parking space, without reducing available parking, and are equipped with factory installed, ready to charge EV charging stations. Each EV ARC™ system generates and stores its own clean electricity and delivers that electricity to power EVs, day or night, and during inclement weather and power outages. The transportable but permanent systems include an optional Emergency Power Panel for first responder use during blackouts or in locations where there is no utility connection available.

“Oil and gas companies are increasingly becoming broader energy companies as they look to a future beyond using oil as a transportation fuel,” said Beam Global CEO Desmond Wheatley. “That transition is happening faster than many initially anticipated so rapid deployment is a driving force for many of our customers in both the private and public sectors. As more organizations experience the extended times, unpredictable costs and operational disruptions associated with in-ground chargers, they increasingly realize the value of simple, rapid deployment of EV ARC systems. We view the oil and gas sector as a very important growth opportunity and we are delighted to welcome this new and very large player to our growing family of happy customers.”

Requiring no connection to the utility grid, Beam Global products eliminate disruptive construction projects, costly electric circuit upgrades and utility charges to deliver significant long-term savings to customer budgets. They are ideal for locations where there may be hazardous materials below the ground making trenching and foundation work highly risk prone. Because there is no grid connection, EV charging systems are rapidly deployed, readily relocated and can be placed in locations where they are needed most.

The Inflation Reduction Act (IRA) provides nearly $370 billion in climate change investments to help reduce carbon emissions by 40 percent by 2030. It provides significant tax breaks for businesses that purchase new or used medium and heavy-duty electric vehicles and new EV chargers. This includes an Alternative Fuel Vehicle Refueling Property Credit for 30% of total costs of purchase and installation of charging equipment, up to $100,000 per charger.

About Beam Global

Beam Global is a clean technology leader providing innovative, sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media. Core platforms include Beam EV ARC™ and Solar Tree^® sustainable EV charging systems, Beam AllCell™ high-performance energy storage solutions, energy resiliency and disaster preparedness products and a deep patent library.

Beam EV ARC™ EV charging infrastructure systems support any quality brand EV charging service equipment, and Beam AllCell™ battery solutions power micro-mobility, terrestrial EVs, aviation, maritime and recreational vehicles as well as stationery and energy-security platforms.

Beam develops, patents, designs, engineers and manufactures unique and advanced clean mobility solutions that protect the environment, save customers time and money, empower communities and keep people moving. Based in San Diego and Chicago, the company produces Made-in-America products with the mission to Lead the World to Clean Mobility. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW. For more information visit BeamForAll.com, LinkedIn, YouTube and Twitter.

Forward-Looking Statements

This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations, including, but not limited to the following statements: statements regarding the proposed acquisition, its expected benefits, the acquisition’s anticipated timing, and the anticipated future financial performance as a result of the acquisition. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global's actual results to be materially different from these forward-looking statements. There can be no assurances that the proposed acquisition of AllCell will be completed. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

Media Contact:
Next PR
+1 813-526-1195
Press@BeamForAll.com

Investor Relations:
Kathy McDermott
IR@BeamForAll.com
+1 858-799-4583

FAQ

What did Beam Global announce on September 1, 2022?

Beam Global announced a partnership with a global top 40 oil and gas company to utilize its EV ARC™ system for workplace EV charging.

How does the EV ARC™ system work?

The EV ARC™ system generates and stores its own clean electricity, allowing it to charge EVs without being connected to the utility grid.

What are the benefits of the EV ARC™ system according to Beam Global?

The EV ARC™ system offers rapid deployment, significant long-term savings, and avoids the need for construction and utility upgrades.

What tax incentives are available for businesses investing in EV technology?

The Inflation Reduction Act provides tax breaks for up to 30% of the total costs for purchasing and installing EV charging equipment.

Why is the oil and gas sector important for Beam Global?

The oil and gas sector is viewed as a significant growth opportunity for Beam Global, as companies transition to broader energy roles.