Beam Global Announces Increase in Orders from County-Level Government Entities

Rhea-AI Summary

Beam Global (Nasdaq: BEEM, BEEMW) announces over 20% increase in new unit sales year-over-year from county-level entities for solar-powered EV charging infrastructure products. The company is seeing growth in public charging at county parks, hospitals, and civic centers, and considers county governments as a significant growth opportunity.

Insights

Financial Analyst

Beam Global's announcement of a 20% increase in new unit sales year-over-year from county-level entities is a strong indicator of the company's growth trajectory within the sustainable infrastructure sector. The diversification of their customer base, with a near even split between new and returning customers, suggests a healthy market penetration and customer retention strategy.

The company's focus on providing solar-powered EV charging solutions that require no grid connection, no construction and no ongoing utility costs is particularly attractive to county governments looking to reduce expenses. This cost-effective approach, combined with the ability of the systems to function during blackouts and emergencies, adds a layer of resilience to public infrastructure, potentially increasing the value proposition for these government entities.

Given the current emphasis on sustainability and infrastructure resilience, the expansion into county-level markets could signal a long-term upward trend for Beam Global. The availability of products through the California DGS and federal GSA contracts could further lower barriers to procurement for government entities, potentially accelerating adoption rates.

However, it's essential to monitor how this sales growth translates into financial performance. Factors such as profit margins, operational costs and the scalability of production will be critical in assessing the long-term profitability and sustainability of this growth. Additionally, competitors in the EV infrastructure space could influence Beam Global's market share and pricing power.

Industry Analyst

The strategic move by Beam Global to target county governments taps into a significant market, as there are over 3,000 counties in the U.S. alone. The EV ARC™ systems' compatibility with various county facilities, from parks to hospitals, demonstrates the product's versatility and alignment with the growing demand for electric vehicle (EV) infrastructure.

Beam Global's positioning in the market is strengthened by its inclusion in both California DGS and federal GSA schedules, granting it access to a wider governmental customer base. This access is a competitive advantage that can lead to increased sales volume and market share.

From an industry perspective, the shift towards EVs and the need for supporting infrastructure is a global trend and Beam Global's focus on off-grid, sustainable solutions positions it well within this movement. The company's ability to provide emergency power during disasters is another aspect that aligns with global trends towards disaster preparedness and climate resilience.

However, the industry is subject to rapid technological advancements and regulatory changes. Beam Global will need to continue innovating and adapting to maintain its competitive edge. The impact of these market dynamics on Beam Global's business model and the broader industry should be continuously evaluated.

SAN DIEGO, Dec. 20, 2023 (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 over 20% increase in new unit sales year-over-year from county-level entities with a balance of new county customers (56%) and returning repeat county customers (44%).

County parks, county hospitals, court systems, public works (water and utility), public transit centers, fleet facilities and child support services are among the recipients of the solar-powered EV ARC™ EV charging infrastructure products. Off-grid EV ARC™ systems generate and store their own electricity, and are deployed with no electrical work, no construction and no utility bill, reducing the county governments’ costs through avoided construction, electrical upgrades, operational disruptions and ongoing utility bills. The systems can continue to charge EVs during blackouts and include an optional Emergency Power Panel that can provide vital electricity to first responders during disasters, emergencies and power outages.

“County level entities have a broad area to cover and are expanding EV charging infrastructure to support sustainability initiatives, community programs, fleet electrification and emergency preparedness,” said Beam Global CEO Desmond Wheatley. “In the past we’ve seen strong orders for county fleet vehicles, which continue to grow, and this year we are also seeing an expansion in public charging at county parks, hospitals and civic centers, allowing more and more people to Drive on Sunshine.”

There are 3,143 counties in the United States. Beam Global is supplying EV ARC™ systems to a growing number of them and considers county governments as another significant growth opportunity. Local, state and federal government entities, including utilities and academic institutions can procure Beam Global products using the California Department of General Services (DGS) contract #1-22-61-16 which is open to government entities outside California and ensures the best negotiated pricing. Beam Global products are also on the federal General Services Administration (GSA) Multiple Award Schedule (MAS) Contract Number 47QSWA21D0006 as part of GSA's Disaster Purchasing Program which allows state and local government entities to buy directly from all GSA Schedules to facilitate disaster preparation, response, or major disaster recovery.

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:
Core IR
+1 516-222-2560
IR@BeamForAll.com

FAQ

What is the ticker symbol for Beam Global?

The ticker symbol for Beam Global is Nasdaq: BEEM, BEEMW.

What is the significance of the 20% increase in new unit sales year-over-year for Beam Global?

The 20% increase in new unit sales year-over-year indicates strong growth in demand for Beam Global's solar-powered EV charging infrastructure products from county-level entities.

How is Beam Global contributing to sustainability initiatives?

Beam Global is contributing to sustainability initiatives by providing solar-powered EV ARC™ systems that generate and store their own electricity, reducing county governments’ costs and supporting fleet electrification.

How can county governments procure Beam Global products?

County governments can procure Beam Global products using the California Department of General Services (DGS) contract #1-22-61-16, which is open to government entities outside California and ensures the best negotiated pricing.

What opportunities does Beam Global see in county governments?

Beam Global sees county governments as a significant growth opportunity and is supplying EV ARC™ systems to a growing number of them, including county parks, hospitals, and civic centers.