Beam Global Receives Orders from California DGS, Multiple Federal Agencies and Private Enterprise Customers

Rhea-AI Summary

Beam Global (Nasdaq: BEEM, BEEMW) announced a follow-on order from the California Department of General Services for 23 EV ARC™ sustainable EV charging systems in Q1 2022. The systems are designed for fleet EV charging, enhancing energy resiliency and disaster preparedness for government entities. This follows a record year of deliveries in 2021, with Q1 2022 showing continued momentum. The company anticipates more growth from federal contracts and California's $22.5 billion climate initiatives budget, which allocates $6.1 billion to EV-related projects.

Positive

• Follow-on order for 23 EV ARC™ systems from California DGS reflects strong demand.
• Record Q1 deliveries in 2022 surpass previous years, indicating growth momentum.
• Increased orders from federal agencies and private enterprises signal market confidence.
• California's budget proposal supports EV initiatives, potentially boosting future sales.

Negative

• None.

SAN DIEGO, May 05, 2022 (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 that the California Department of General Services (DGS) placed a follow-on order for 23 EV ARC™ sustainable EV charging systems in the first quarter of 2022. Several federal agencies and an increasing number of private enterprise customers placed multi-unit orders during the same period, along with other orders.

The government customer systems will be used to charge fleet EVs and to provide energy resiliency and disaster preparedness, providing local, state and federal government entities with access to vital fuel for EVs and electricity for other purposes in emergencies, disasters and grid outages. Private enterprise customers are using the sustainable charging systems to provide rapidly deployed EV charging for employees, visitors and customers as EV adoption gains momentum.

“Beam Global had a record year of deliveries and revenue in 2021 and we have just announced that we made more deliveries in Q1 of ’22 than in any prior Q1 in our history,” said Desmond Wheatley, CEO of Beam Global. “The sales team was busy in the quarter too and we see the momentum continuing with these orders, both repeat and new, from excellent customers. We are delighted to continue to receive orders through the California contract as well as all the others, and we anticipate even more growth from our recently announced Federal Blanket Purchase Agreement.”

California Governor Gavin Newsom presented a $286.4 billion budget proposal, dubbed the “California Blueprint,” in January. The plan suggests spending $22.5 billion to address the burgeoning climate crisis in the state, allocating $6.1 billion to electric vehicle related initiatives. California also became the first state to commit to effectively banning sales of new, internal combustion engine or gas-powered vehicles by 2035. President Biden signed Executive Order 14008 and subsequent Executive Order 14057 with its accompanying Federal Sustainability Plan which calls for 100% Zero-Emission Vehicle Acquisitions by 2035, including 100% light-duty acquisitions by 2027.

California and other state, local and municipal entities can purchase from DGS Contract #1-18-61-16, and federal agencies can purchase from GSA Contract Number 47QSWA21D0006. Both contracts serve to simplify the government procurement process and make chosen solutions available at the best negotiated pricing. For more information on Beam sustainable EV charging and energy storage solutions, please contact BeamTeam@BeamForAll.com or 858-799-4583.

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1d7ffa1b-3c6b-4e29-a9f0-d199013577ee

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e45ad654-eea3-4179-bbc8-ae28a281aacb

FAQ

What recent order did Beam Global receive?

Beam Global received a follow-on order for 23 EV ARC™ systems from the California Department of General Services in Q1 2022.

How did Beam Global perform in Q1 2022 compared to previous years?

Beam Global reported more deliveries in Q1 2022 than in any prior Q1 in the company's history.

What initiatives is California funding that could benefit Beam Global?

California's budget proposal allocates $6.1 billion to electric vehicle initiatives, which could support Beam Global's growth.

What are the stock symbols for Beam Global?

Beam Global is listed under the stock symbols BEEM and BEEMW.

How is Beam Global expanding its customer base?

Beam Global is receiving multi-unit orders from federal agencies and private enterprises, indicating increasing demand for its products.