California Governor Newsom Commits $6B to EV Related Initiatives; Beam Global Delivers Record 2021 Growth in Deployments Through the California State Contract

Rhea-AI Summary

Beam Global reported a record 317% growth in sales of its EV ARC™ charging systems through California's DGS in 2021. This surge is attributed to increased investments in EV infrastructure at state and federal levels, alongside significant California commitments, including a budget proposal allocating $6.1 billion for electric vehicle initiatives. The company expects continued growth in 2022, driven by rising demand for EV charging solutions as California aims to ban gas-powered vehicle sales by 2035. Beam provides scalable infrastructure solutions for all major EV charger brands.

Positive

• 317% increase in EV ARC™ sales via California DGS in 2021.
• Growing investments in EV infrastructure at state and federal levels.
• California's $6.1 billion budget for electric vehicle initiatives enhances market growth.

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• None.

SAN DIEGO, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable technology for electric vehicle (EV) charging, outdoor media and energy security, announced record 2021 deployment growth of its flagship EV ARC™ charging systems ordered through the California Department of General Services (DGS) State Contract #1-18-61-16 which simplifies the procurement process for eligible entities. State and local government agency purchases of EV ARC™ sustainable EV charging systems through DGS in 2021 increased by 317% over the prior year.

Increased EV charging infrastructure spending in California, and other states and at the federal level are contributing to a rapid increase in the electrification of transportation. With a record number of new electric vehicles in the light-, medium- and heavy-duty categories coming to market in 2022, the need for rapidly deployed EV charging infrastructure has never been higher. Beam Global achieved record 2021 growth in this market environment and the Company expects this growth trend to continue.

“Significant California spending commitments and our California contract, combined with the even more material federal spending commitments and our GSA contract, lead us to believe that 2022 can be another record year by a wide margin,” said Beam Global CEO Desmond Wheatley. “Last year California made the DGS contract vehicle available to other states in the U.S. and we saw over ten percent of those DGS contract purchases come from outside of California. Initiatives for expanding EV charging infrastructure across the U.S. continue to gain momentum. Beam provides the fastest deployed and most scalable infrastructure solution available today and we enable all the major brands of EV charger.”

California Governor Gavin Newsom presented a $286.4 billion budget proposal, dubbed the “California Blueprint,” this month. 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. For more information on Beam sustainable EV charging and energy resiliency solutions, contact the BeamTeam@BeamForAll.com.

About Beam Global

Beam Global is a CleanTech leader that produces innovative, sustainable technology for electric vehicle (EV) charging, outdoor media, and energy security, without the construction, disruption, risks and costs of grid-tied solutions. Products include the patented EV ARC™ and Solar Tree® lines with BeamTrak™ patented solar tracking, and ARC Technology™ energy storage, along with EV charging, outdoor media and disaster preparedness packages.

The company develops, patents, designs, engineers and manufactures unique and advanced renewably energized products that save customers time and money, help the environment, empower communities and keep people moving. Based in San Diego, the company produces Made in America products. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI, EVSIW). For more information visit BeamForAll.com, LinkedIn, YouTube and Twitter

Forward-Looking Statements

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FAQ

What was Beam Global's sales growth in 2021?

Beam Global experienced a 317% increase in sales of its EV ARC™ systems through California's DGS in 2021.

How much is California committing to electric vehicle initiatives?

California has proposed a $6.1 billion budget for electric vehicle-related initiatives.

What does Beam Global produce?

Beam Global produces innovative sustainable technology for electric vehicle charging, outdoor media, and energy security.

What is the expectation for Beam Global in 2022?

Beam Global expects continued growth in 2022 due to increasing demand for EV charging infrastructure.

What is the significance of the California Blueprint for Beam Global?

The California Blueprint, with its significant funding for EV initiatives, supports Beam Global's growth trajectory.