Beam Global Receives $847k Battery Order to Power Recreational Watercraft

Rhea-AI Summary

Beam Global (Nasdaq: BEEM, BEEMW) has secured an $847k order for its energy storage solutions designed for recreational watercraft. This order signifies the growing demand in the electric marine sector, projected to increase over 330% in the next decade. The advanced battery packs feature Beam's patented PCC™ thermal management technology, enhancing safety and energy density. The electric watercraft market is expected to grow from $5.65 billion in 2022 to $19 billion by 2032, driven by environmental concerns and stricter government regulations. Beam Global aims to lead in clean mobility solutions for various sectors.

Positive

• Secured an $847k order for energy storage solutions.
• Electric marine sector projected to grow over 330% in the next decade.
• Advanced PCC™ thermal management technology enhances battery performance.
• Electric watercraft market expected to rise from $5.65 billion in 2022 to $19 billion by 2032.

Negative

• None.

SAN DIEGO, Jan. 24, 2023 (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 an $847k order for Beam Global’s energy storage solutions to power recreational watercraft. The battery packs include Beam’s patented PCC™ thermal management technology for superior safety, higher energy density and longer life. The customer is an American company that designs, assembles and distributes all-electric personal watercraft.

“The global market for the electric marine sector is expected to grow over 330% over the next decade. We are confident that marine solutions powered by Beam’s advanced battery technology are going to be part of that growth,” said Beam Global CEO Desmond Wheatley. “The marine propulsion industry is starting to design seriously for electrification, with an aim to eliminate emissions, reduce water pollution and forge new customer experiences. Tailwinds from the auto industry and increasing government regulations are helping push this market to develop and grow.”

The Beam Global energy storage solution used in this watersport product includes patented PCC™ technology for advanced thermal management and energy density. The advanced, compact, lightweight and long-lasting lithium-ion batteries are manufactured in Beam’s Broadview Illinois facility by our team of world-class engineers and battery experts.

According to Future Market Insights the global electric watercraft market value is projected to increase 336% from US$5.65 billion in 2022 to US$19 billion by 2032. Due to growing worries about environmental and marine pollution, industries are switching to renewable energy sources from fossil fuels and some regional governments are enforcing strict regulations to slow the growth of pollution on the waters. This is expected to drive the electric watercraft market forward.

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 is the value of the recent order secured by Beam Global?

Beam Global secured an $847k order for its energy storage solutions.

How much is the electric marine sector expected to grow?

The electric marine sector is projected to grow over 330% in the next decade.

What technology does Beam Global use in their battery packs?

Beam Global's battery packs include patented PCC™ thermal management technology.

What is the projected value of the electric watercraft market by 2032?

The electric watercraft market is expected to increase to $19 billion by 2032.