Beam Global Sees 72% YoY Growth in New Orders from Enterprise and Business Customers from Q1 Through Q3 of 2021

Rhea-AI Summary

Beam Global (BEEM, BEEMW) reported a significant rise in enterprise customers purchasing its EV ARC™ sustainable EV charging systems, including Fortune 50 and Global 500 companies. The off-grid systems, which do not require construction or add utility costs, are favored for employee and tenant charging. The company observed a 72% increase in private sector orders year-over-year, driven by the rising demand for EV charging solutions as COVID-19 effects diminish. Beam's offerings support corporate sustainability initiatives and provide a rapid, risk-free deployment solution.

Positive

• 72% year-over-year increase in private sector orders for EV ARC systems.
• New clients include several Fortune 50 and Global 500 companies, indicating strong market demand.
• EV ARC systems facilitate rapid deployment without construction or utility costs.
• Strong rebound in non-government revenue correlating with EV adoption.

Negative

• None.

SAN DIEGO, Oct. 20, 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 a marked increase in enterprise and business customers purchasing EV ARC™ sustainable EV charging systems. Among the new customer base are several Fortune 50, Global 500, Fortune 500 companies and small-medium businesses. The solar-powered, off-grid EV ARC™ systems are being used for employee and guest charging, tenant charging, corporate fleet charging and as emergency preparedness assets.

Because EV ARC™ systems are off grid, they do not require time consuming, expensive and risky construction which can be particularly disruptive in active retail, entertainment and business locations. They add no demand to the utility grid, generate no utility bill and can be transported to new locations as charging demand and patterns emerge, as leased properties relocate, or during re-surfacing or other parking lot upgrades.

“We are seeing a strong rebound in non-government revenue now that the impacts of COVID 19 are receding and this is coming at a time when our government sales are accelerating and greater than at any time in our history. New orders from the private sector Q1-Q3 have increased 72% year-over-year as EV adoption and charging demand continue a strong upward trajectory,” said Desmond Wheatley, CEO at Beam Global. "Among the sectors ordering EV ARCs are large retail, oil and gas, travel and hospitality, auto OEM, pharmaceutical, rail, construction, manufacturing and commercial real estate. Employees, visitors, customers, tenants and guests of these businesses want EV charging and Beam’s products are the fastest and least risky way for companies of all sizes to deploy EV charging.”

Beam Global’s business customers site a variety of motivations for purchasing EV ARC systems. Retailers need to attract EV drivers, corporations want to save money by avoiding construction, electric upgrades and demand charges, many have prioritized sustainability initiatives, some want to attract and retain employees or make a visible sustainability statement. There is also a new trend of phase two EV charging deployments being attempted by companies that have already installed grid tied charging and have no more available utility capacity on their properties. Beam Global’s EV ARC™ products provide a rapidly deployed, risk-free solution for this problem and the Company views second phase deployments as a major opportunity now and in the future. Beam Global customers share one thing in common: they want rapid EV charging deployment without the risk and cost associated with connecting to the grid. Disruption caused by traditional construction and electrical work to the operations of retailers, travel and hospitality, employers, manufacturers and commercial real estate owners can be costly. The EV ARC deploys rapidly with no construction, no digging, no electrical work and generates no utility bill. It also provides EV charging during blackouts and emergency power when it is most needed.

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 significance of Beam Global's recent press release dated October 20, 2022?

Beam Global reported a 72% increase in private sector orders for its EV ARC systems, indicating growing demand among businesses for sustainable EV charging solutions.

Which companies are purchasing Beam Global's EV ARC systems?

Beam Global's new customers include Fortune 50 and Global 500 companies as well as small to medium-sized businesses.

How do Beam Global's EV ARC systems benefit businesses?

The off-grid EV ARC systems eliminate construction costs and utility bills, allowing for rapid deployment in various business locations.

What trends are driving sales for Beam Global's products?

Sales are driven by the increasing adoption of electric vehicles and corporate sustainability initiatives.

What are the ticker symbols for Beam Global?

Beam Global is listed under the ticker symbols BEEM and BEEMW on Nasdaq.