Beam Global Receives $7.4M Order from the U.S. Army for 88 Off-Grid EV ARC™ Electric Vehicle Charging Systems

Rhea-AI Summary

Beam Global, a leading provider of sustainable infrastructure solutions, announced that the U.S. Army Corps of Engineers, Army Material Command (AMC) has ordered 88 EV ARC™ sustainable off-grid charging systems to be deployed across 21 locations in 16 states. The purchase was made through a GSA Multiple Award Schedule (MAS) Contract, supporting the federal government's goal of 100% zero-emission federal fleet light duty vehicle acquisitions by 2027. The EV ARC™ charging systems will be deployed at AMC locations in 16 states, with more than 70% of the sites receiving multiple systems per location. Beam Global CEO Desmond Wheatley highlighted the importance of energy security and resilience in building out EV charging infrastructure, emphasizing the use of 100% renewable energy. The company aims to create American manufacturing jobs and serve zero-emission transportation with locally generated, renewable, and resilient energy.

Insights

Market Research Analyst

The order placed by the U.S. Army Corps of Engineers for 88 EV ARC™ sustainable off-grid charging systems from Beam Global represents a significant procurement in the electric vehicle (EV) infrastructure sector. This deployment aligns with the broader governmental push towards sustainability, as highlighted by Executive Order 14057, which mandates a transition to a zero-emission federal fleet. The move towards off-grid, renewable energy-powered charging systems is indicative of a growing trend in the market for infrastructure that supports energy resilience and security.

This contract could signal a bolstering of Beam Global's market position and potentially increase its attractiveness to other government and private entities looking to invest in sustainable infrastructure. The emphasis on American manufacturing and veteran employment adds a socio-economic layer to the investment that may appeal to stakeholders interested in supporting national industry and workforce development.

Financial Analyst

The announcement by Beam Global may have a positive impact on the company's financial performance, given the scale of the order and the involvement of multiple states. The GSA Multiple Award Schedule Contract ensures competitive pricing and simplifies procurement, which could lead to more streamlined revenue recognition for Beam Global. Investors will be interested in the potential for recurring revenue from government contracts, which tend to be stable and long-term in nature.

Furthermore, as federal initiatives drive demand for zero-emission vehicles and related infrastructure, Beam Global's position as a provider of sustainable EV charging solutions may lead to an upward trajectory in its stock valuation. The company's focus on renewable and resilient energy aligns with investor interest in environmentally responsible and sustainable investments, which could result in increased market capitalization.

Energy Policy Analyst

The adoption of Beam Global's EV ARC™ systems by the U.S. Army is a microcosm of the larger shift in energy policy towards renewable sources and infrastructure independence. This procurement is a practical application of the directives outlined in Executive Order 14057, which aims to reduce carbon emissions and promote energy security. The federal government's commitment to converting its fleet to zero-emission vehicles by 2035, with a 100% acquisition target for light-duty vehicles by 2027, underscores the urgency of transitioning to sustainable energy practices.

The policy implications of this purchase extend beyond the immediate environmental benefits. It sets a precedent for other federal and state entities to follow suit, potentially leading to widespread adoption of off-grid, renewable energy-powered solutions. This could have a significant impact on the energy sector, prompting increased innovation and investment in sustainable technologies, as well as influencing energy policy at various levels of government.

SAN DIEGO, Jan. 16, 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 the U.S. Army Corps of Engineers, Army Material Command (AMC) placed an order for 88 EV ARC™ sustainable off-grid charging systems. The systems will be deployed across 21 locations in 16 states. The purchase was made through GSA Multiple Award Schedule (MAS) Contract Number 47QSWA21D0006 which simplifies the federal procurement process and ensures best pricing.

The U.S. Army is building a more sustainable and energy-resilient future for its fleet and its facilities across the country. The EV ARC™ systems support Executive Order 14057 calling for 100% zero-emission federal fleet light duty vehicle acquisitions by 2027 and will support the growing fleet of zero emission vehicles (ZEVs). The EV ARC™ charging systems will be deployed at AMC locations in Alabama, Arizona, California, Colorado, Indiana, Iowa, Kentucky, Missouri, New York, North Carolina, Oklahoma, Pennsylvania, Tennessee, Texas, Utah and Virginia, with more than 70% of the sites receiving multiple systems per location.

“As federal fleet electrification initiatives like Executive Order 14057 gain momentum, we expect continued growth in the federal sector. Energy security and energy resilience is an increasingly important consideration in building out the EV charging infrastructure and we support the goal to have 25% of EV charging infrastructure off-grid and powered by 100% renewable energy,” said Beam Global CEO Desmond Wheatley. “Our sustainable EV charging solutions create American manufacturing jobs to build American made products that serve zero emission transportation with 100% locally generated, renewable and resilient energy. We proudly employ veterans and invite more to join us and our mission to lead the world to clean mobility.”

Executive Order 14057 with its accompanying Federal Sustainability Plan calls for 100% zero-emission federal fleet vehicle acquisitions by 2035, including 100% light-duty acquisitions by 2027. This is prioritizing and accelerating a Federal Clean Electricity and Vehicle Procurement Strategy, calling for clean and zero emissions vehicles (ZEVs) for federal, state, local and tribal government fleets. There are approximately six-hundred and seventy-five-thousand vehicles in the federal fleet.

For more information on how federal, local and state government entities can purchase Beam’s EV ARC™ turnkey sustainable EV charging solutions from the federal GSA contract Number 47QSWA21D0006, please contact The Beam Team at 858-799-4583 or BeamTeam@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. 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

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b305d95a-9005-4d26-b032-4798b332adb9

FAQ

How many EV ARC™ sustainable off-grid charging systems did the U.S. Army Corps of Engineers order?

The U.S. Army Corps of Engineers ordered 88 EV ARC™ sustainable off-grid charging systems.

Through which contract was the purchase made?

The purchase was made through GSA Multiple Award Schedule (MAS) Contract Number 47QSWA21D0006.

What is the goal of the federal government regarding zero-emission federal fleet light duty vehicle acquisitions?

The federal government aims to achieve 100% zero-emission federal fleet light duty vehicle acquisitions by 2027.

In how many states will the EV ARC™ charging systems be deployed?

The EV ARC™ charging systems will be deployed in 16 states.

How many vehicles are there in the federal fleet?

There are approximately six-hundred and seventy-five-thousand vehicles in the federal fleet.