Beam Global Launches BeamSpot™ Curbside EV Charging Product Line

Rhea-AI Summary

Beam Global (Nasdaq: BEEM) has launched BeamSpot™, a sustainable curbside EV charging solution that integrates with existing streetlight infrastructure. This patented system combines solar, wind, and utility-generated electricity into proprietary integrated batteries, providing resiliency, lighting, and EV charging.

BeamSpot™ is designed for public use in areas where EV charging is most needed but traditional installation methods are challenging, such as street parking, multi-unit housing communities, and public access complexes. The product aims to expand charging access while minimizing disruptive construction and electrical work. It can reduce installation time, cost, and complexity of expanding EV charging infrastructure, while also lowering utility costs and increasing grid resiliency.

Positive

• Launch of innovative BeamSpot™ curbside EV charging product line
• Integration with existing streetlight infrastructure reduces installation costs and complexity
• Combines multiple renewable energy sources with onboard battery storage
• Addresses growing demand for EV charging in challenging urban environments
• Potential to tap into a large addressable market of 304 million streetlights worldwide

Negative

• None.

Technology Analyst

Beam Global's launch of BeamSpot™ represents a significant innovation in EV charging infrastructure. This product cleverly integrates with existing streetlight infrastructure, addressing a major hurdle in urban EV adoption. The combination of solar, wind and utility power with proprietary battery storage offers a resilient and sustainable solution.

The potential market is vast, with an estimated 304 million streetlights worldwide, expected to grow to 352 million by 2025. This presents a substantial opportunity for Beam Global to capture market share in densely populated areas where traditional charging installations are challenging.

However, the success of BeamSpot™ will depend on factors such as installation costs, charging speeds and adoption rates by municipalities. While innovative, the product will face competition from established charging infrastructure providers and emerging technologies.

Urban Planning Expert

BeamSpot™ offers a clever solution to the urban planning challenges associated with EV charging infrastructure. By utilizing existing streetlight foundations and circuits, it minimizes disruptive construction and preserves valuable urban space. This approach aligns well with smart city initiatives and the push for greener urban mobility solutions.

The product's ability to generate and store renewable energy could potentially reduce strain on local power grids and enhance resilience during blackouts. This dual functionality as both lighting and charging infrastructure could make it an attractive option for budget-conscious municipalities looking to modernize their urban environments efficiently.

However, the effectiveness of this solution may vary depending on local regulations, existing infrastructure quality and climate conditions affecting renewable energy generation.

Financial Analyst

The launch of BeamSpot™ positions Beam Global (NASDAQ: BEEM) to tap into the growing EV infrastructure market. With the global push towards electrification, this product could drive significant revenue growth. The acquisition of Amiga DOO enhances Beam's market reach, potentially accelerating adoption in both the U.S. and Europe.

However, investors should consider that the company's success hinges on factors such as production scalability, pricing strategy and competition from established players. While the addressable market is large, the rate of municipal adoption and the product's performance in real-world conditions will be crucial.

Financially, the impact on Beam Global's bottom line will depend on margins, installation costs and the speed of market penetration. Investors should monitor upcoming quarterly reports for indications of BeamSpot's contribution to revenue and profitability.

BeamSpot™ sustainable curbside EV charging solution integrates with existing streetlight infrastructure and addresses the growing demand for EV charging where people need it most

SAN DIEGO, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Beam Global (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced the official launch of the patented BeamSpot™ sustainable curbside electric vehicle (EV) charging infrastructure system. The streetlight replacement combines solar, wind and utility-generated electricity into Beam Global’s proprietary integrated batteries to provide resiliency, lighting and curbside EV charging. BeamSpot™ products are intended for public use in areas where EV charging is needed most but traditional installation methods are most challenging, including on street parking environments, communities with multi-unit housing and public access complexes such as shopping centers, airports, event centers, stadiums and amusement parks.

Last year Beam Global announced the creation of Beam Europe through the acquisition of Amiga DOO, one of Europe’s leading manufacturers of streetlights. One of the many benefits of the acquisition was the enhancement of Beam Global’s ability to bring the BeamSpot™ product to market in both Europe and the U.S.

“We believe our BeamSpot product line will solve real problems both in America and in Europe: expanding access to charging where people need it most, at the curb on the street and in parking lots," said Desmond Wheatley, CEO of Beam Global. “Areas with the most EVs often face significant challenges in deploying infrastructure and managing increased electricity demand. Traditional charging infrastructure can be costly and disruptive to install, often requiring significant modifications to existing public spaces. BeamSpot charging stations minimize the need for disruptive construction and electrical work while providing access to charging where people live, shop, dine, work and play. And because BeamSpot generates and stores renewable energy it will add robust capacity and reduce the threat from blackouts, without the need to build power stations and transmission and distribution infrastructure.”

Using existing streetlight foundations and circuits to power EV charging stations is an innovative approach to expanding EV charging infrastructure but streetlights generally only have sufficient power to energize light bulbs – much less than is needed to provide meaningful charges to electric vehicles. BeamSpot™ replaces existing streetlights with a product that combines multiple sources of renewable energy and onboard battery storage, providing a meaningful EV charging experience without requiring new or upgraded utility-grid circuits or other traditional curbside charging infrastructure requirements like trenching, construction, easements, leasing or complex permitting. BeamSpot™ can reduce the time, cost and complexity of expanding EV charging infrastructure while lowering utility costs, increasing resiliency and balancing the grid.

There are an estimated 304 million streetlights around the world, with this number expected to grow to 352 million by 2025. This represents a significant addressable market opportunity to integrate BeamSpot™ EV charging infrastructure, especially in densely populated areas. In addition, many cities are pushing towards greener and smarter urban mobility solutions, but do not have the space or electrical circuitry required to install new charging stations. By simply replacing existing streetlights with BeamSpot™ systems, EV charging can be added without taking up additional real estate on sidewalks or in parking lots.

The BeamSpot™ system adds to Beam Global’s growing array of sustainable EV charging infrastructure solutions. To learn more about Beam Global products visit BeamForAll.com.

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. Beam Global is headquartered in San Diego, CA with facilities in Chicago, IL and Belgrade and Kraljevo, Serbia. Beam Global is listed on Nasdaq under the symbol BEEM. 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. 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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/21b74d1b-bb7f-4df2-9ec1-46f0124bd7e1

FAQ

What is BeamSpot™ and how does it work?

BeamSpot™ is a sustainable curbside EV charging solution by Beam Global (BEEM) that replaces existing streetlights. It combines solar, wind, and utility-generated electricity into integrated batteries to provide EV charging, lighting, and energy resiliency without requiring significant infrastructure modifications.

Where can BeamSpot™ charging stations be installed?

BeamSpot™ charging stations can be installed in areas with existing streetlight infrastructure, including street parking environments, communities with multi-unit housing, and public access complexes such as shopping centers, airports, event centers, stadiums, and amusement parks.

What are the advantages of BeamSpot™ over traditional EV charging infrastructure?

BeamSpot™ offers several advantages: it minimizes disruptive construction, reduces installation time and costs, doesn't require new or upgraded utility-grid circuits, provides renewable energy generation and storage, and can be installed in challenging urban environments where traditional charging infrastructure is difficult to deploy.

How does BeamSpot™ contribute to grid resiliency?

BeamSpot™ contributes to grid resiliency by generating and storing renewable energy on-site. This reduces the strain on the electrical grid, adds robust capacity, and helps mitigate the threat of blackouts without the need for additional power stations or transmission infrastructure.