Beam Global Announces First European Government Supplier Agreement

Rhea-AI Summary

Beam Global has been named a supplier on the UK's Crown Commercial Service (CCS) Spark Dynamic Purchasing System (DPS), highlighting its commitment to sustainable infrastructure solutions for electrification. The company's solar-powered EV ARC™ EV charging infrastructure products offer off-grid capabilities, clean electricity generation, and emergency power options, aligning with the UK government's zero-emission vehicle goals. This strategic move signifies Beam Global's expansion into the European market and potential growth opportunities in a region focused on sustainability and renewable energy.

Insights

Market Research Analyst

The announcement by Beam Global to join the UK’s Crown Commercial Service Spark Dynamic Purchasing System signifies a strategic expansion into a key foreign market. The UK, with its robust commitment to zero emissions, presents a fertile ground for companies like Beam Global that specialize in sustainable electric vehicle (EV) charging infrastructure. This move aligns with the broader European Union's aggressive targets for reducing vehicle emissions by 2035 and achieving net-zero emissions by 2050.

Considering the size of the European automotive market, surpassing both China and the U.S., the potential customer base for Beam Global's off-grid, solar-powered EV charging solutions is substantial. The operational cost savings and energy security benefits offered by Beam's products, such as the avoidance of construction and utility bills, could be significant selling points for UK government entities looking to meet their sustainability commitments cost-effectively.

Financial Analyst

The inclusion of Beam Global as a supplier on the UK government’s purchasing system could be indicative of future revenue streams and expansion opportunities. This development may be positively received by investors, as it represents not just a contract, but a foothold in a larger market with aggressive sustainability goals. The potential for organic growth within this market could impact Beam Global's financial health and stock performance positively in the long-term.

It is essential to monitor the company's ability to capitalize on this opportunity, including scaling operations and managing the complexities of international expansion. The initial costs and investment required to establish a presence in the European market could affect short-term financials, but the long-term benefits could outweigh these if the company successfully navigates the European regulatory environment and competition.

Environmental Policy Expert

Beam Global's entry into the UK market is a direct response to the region's stringent environmental policies and commitments to a zero-emission future. The UK government's target for government-owned cars and vans to be zero emissions by 2027 and for a significant portion of new cars sold to be zero emissions by 2030, creates a policy-driven demand for sustainable infrastructure solutions.

Beam Global's solar-powered EV charging systems could play a crucial role in supporting the UK's transition to renewable energy and its broader goals of energy security. Their ability to function during blackouts and provide emergency power further aligns with public sector needs for resilient infrastructure amidst increasing concerns about energy stability and climate change impacts.

Named a Supplier on the UK’s Crown Commercial Service (CCS), the Main Purchasing Vehicle for UK Government Entities

SAN DIEGO, March 07, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that the Company has been named as a supplier on the UK’s CCS Spark Dynamic Purchasing System (DPS). CCS is the main purchasing vehicle for UK government entities and supports the public sector to achieve maximum commercial value when procuring common goods and services.

Beam Global has been awarded a place on the Spark Technology Innovation Marketplace DPS agreement RM6094 for the supply of sustainable electric vehicle (EV) charging infrastructure and energy security solutions. Beam Global’s solar-powered EV ARC™ EV charging infrastructure products are off-grid, generate and store their own clean electricity, and are deployed with no electrical work, no construction and no utility bill, reducing the government’s costs through avoided construction, electrical upgrades, operational disruptions and ongoing utility bills. The systems can continue to charge EVs during blackouts and can include the optional Emergency Power Panel that can provide vital electricity to first responders during disasters, emergencies and power outages.

“This marks significant progress in our efforts to grow our European business just a few months after expanding into that market with our acquisition of Amiga and the creation of Beam Europe,” said CEO of Beam Global Desmond Wheatley. “The European automotive market is larger than China or the U.S. and Europe’s commitment to sustainability, electrification and renewable energy is active both at the government and commercial levels. Having a purchasing contract in place with the UK government, which is similar to the GSA schedule we have with the U.S. federal government, is an excellent first step towards unlocking the fantastic potential I believe exists for Beam Global in Europe. I am thrilled at the prospect of expanding our business into markets which I believe will be larger for us than the U.S. where we are currently experiencing such dramatic organic growth.”

HM Government of the United Kingdom has committed that government owned cars and vans be zero emissions by 2027 and that 80% of all new cars sold in the UK in 2030 are zero emissions moving to 100% by 2035. According to Whichcar.com, Europe has approximately 405 million cars compared to approximately 290 million in the U.S. and 319 million in China based on CEIC data. In June of 2022, the European Parliament backed the European Commission’s proposal of zero emissions from new cars and vans by 2035. The EU has committed to reaching net-zero emissions from energy infrastructure by 2050.

About Crown Commercial Service

CCS supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2021/22, CCS helped the public sector to achieve commercial benefits equal to £2.8 billion - supporting world-class public services that offer best value for taxpayers. CCS is an Executive Agency of the Cabinet Office, supporting the public sector to achieve maximum commercial value when procuring common goods and services. To find out more about CCS visit crowncommercial.gov.uk, X (formerly Twitter) and LinkedIn.

About Beam Global

Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbols BEEM and BEEMW. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly 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 acquisition of Amiga, its expected benefits, 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. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

Media Contact:
Skyya PR
+1 651-335-0585
Press@BeamForAll.com

Investor Relations:
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FAQ

What is Beam Global's ticker symbol?

Beam Global's ticker symbol is BEEM.

What is the CCS Spark Dynamic Purchasing System (DPS)?

The CCS Spark DPS is the main purchasing vehicle for UK government entities, enabling them to procure common goods and services with maximum commercial value.

What are Beam Global's solar-powered EV ARC™ EV charging infrastructure products known for?

Beam Global's products are off-grid, generate and store clean electricity, and can charge EVs during blackouts. They also offer an Emergency Power Panel for first responders during disasters.

What are the UK government's goals regarding zero-emission vehicles?

The UK government aims to have government-owned cars and vans be zero emissions by 2027 and 80% of new cars sold in the UK by 2030 to be zero emissions, moving to 100% by 2035.

What is the European Parliament's target for zero emissions from new cars and vans?

The European Parliament aims for zero emissions from new cars and vans by 2035, backed by the EU's commitment to reach net-zero emissions from energy infrastructure by 2050.