City of Los Angeles Places Follow-On Order of Beam Global EV ARC™ Off-Grid Solar EV Charging Systems
- The City of Los Angeles' order for EV ARC™ charging systems is the largest so far, indicating growing demand for sustainable infrastructure solutions.
- The off-grid capabilities of the EV ARC™ charging systems eliminate the need for costly infrastructure upgrades and allow for flexibility in relocation as charging patterns change.
- The EV ARC™ charging systems are 100% powered by renewable energy, improving the City's energy resiliency and disaster preparedness.
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Insights
The recent procurement of solar-powered EV ARC™ charging systems by the City of Los Angeles represents a significant development in the infrastructure for electric vehicles (EVs). This move aligns with the broader trend of urban electrification and the push for renewable energy solutions. Industry analysts would examine the scalability of Beam Global's technology and the potential replication of such orders by other municipalities, considering the increasing demand for EV infrastructure.
Beam Global's financial performance could be positively impacted by this large order and potential follow-on orders from other cities. The unique selling proposition of their off-grid, renewable-powered charging stations positions the company favorably in a market that is becoming increasingly environmentally conscious and regulatory-driven, especially with California's aggressive EV adoption targets.
From a financial perspective, the order from the City of Los Angeles is likely to have a material impact on Beam Global's revenue, given that it is described as their 'largest order thus far'. The long-term financial implications could be even more significant if this order serves as a proof-of-concept, leading to increased adoption by other cities. The procurement through the California Department of General Services indicates a competitive pricing advantage, which could improve profit margins for Beam Global.
Investors might consider the potential for recurring revenue if the company secures ongoing maintenance contracts for these systems. However, it is critical to assess the company's capacity to fulfill large orders and the potential need for capital investment to scale operations.
From a sustainability standpoint, the deployment of off-grid, solar-powered EV charging systems contributes to the reduction of greenhouse gas emissions by supporting the transition to electric vehicles and the use of renewable energy. The transportability and resilience of these systems, being flood-proof and wind-rated, add to the city's disaster preparedness and could be a model for other cities facing similar climate-related challenges.
It is important to consider the lifecycle environmental impact of these systems, including manufacturing and eventual disposal, to fully understand their sustainability profile. The impact of this order could extend beyond the immediate financial gains for Beam Global, potentially influencing industry standards for sustainable infrastructure.
SAN DIEGO, Dec. 21, 2023 (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 that the City of Los Angeles StreetsLA Division placed another order for solar-powered EV ARC™ charging systems, their largest order thus far. The off-grid systems will be deployed across several metro and valley locations and used to fuel the City’s growing fleet of electric vehicles. The systems were purchased through the California Department of General Services (DGS) Contract #1-22-61-16, which serves to simplify the government procurement process and make select solutions available statewide at the best negotiated pricing.
The StreetsLA EV ARC™ charging systems each fit in a standard parking space without taking up valuable parking and are equipped with two Enel X JuiceBox® Pro EV charging stations. Because they are off-grid, systems are deployed with no electrical work, no construction and no utility bill, reducing the City’s costs through avoided construction, electrical upgrades, operational disruptions and ongoing utility bills.
"The EV ARC systems’ off-grid capabilities eliminate the need for costly infrastructure upgrades and allow cities to quickly deploy EV charging where it is needed most,” said Desmond Wheatley, Beam Global CEO. "Because they are transportable, customers have the flexibility to relocate EV ARC systems as charging patterns emerge and change. The City of Los Angeles is a leader in electrification with an admirable goal to have 123,000 EV chargers by 2030. Rapidly deployed sustainable EV ARC charging systems help achieve this plan.”
There are 19,502 incorporated cities, towns and villages in the United States. Beam Global is supplying EV ARC™ systems to a growing number of them and considers municipal government agencies as a continued significant growth opportunity. The City of Los Angeles’ Electric Vehicle Master Plan aims to have 123,000 EV chargers by 2030. The State of California expects 12.5 million EVs on California’s roads in 2035 and that 1.2 million public and shared chargers will be needed by 2030. To help achieve this goal, the California Energy Commission (CEC) approved a
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).
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