City of Vacaville, California Deploys Beam Global EV ARC™ Off-Grid Solar EV Charging Systems

Rhea-AI Summary

Beam Global (NASDAQ: BEEM) announced that the City of Vacaville, California, has deployed three of its EV ARC™ solar-powered EV charging systems for public use. These units were purchased through the California Department of General Services contract, which simplifies the procurement process. This deployment aligns with Vacaville's commitment to sustainability and aims to reduce greenhouse gas emissions. The EV ARC™ systems, which do not require electrical work or utility bills, are off-grid and powered by 100% renewable energy. They can generate and store electricity, providing a reliable power source even during inclement weather and outages. Mayor John Carli emphasized this initiative as a commitment to environmental stewardship. Beam Global CEO Desmond Wheatley highlighted the significance of this public deployment, anticipating a rise in public EV charging needs as California aims for 1.2 million chargers by 2030.

Positive

• Deployment aligns with Vacaville's sustainable energy goals, which may attract environmentally conscious investors.
• Off-grid EV ARC™ systems reduce the city's costs by eliminating electrical work, construction, and utility bills.
• Powered by 100% renewable energy, offering a reliable power source even during outages.
• Supports California's goal of 1.2 million chargers by 2030, presenting new market opportunities.
• Record EV adoption in California, with 25% of automobiles sold in 2023 being EVs, indicating a growing market.

Negative

• No direct mention of financial gain or revenue from this deployment for Beam Global.
• Initial deployment is to only three units, which may not significantly impact overall revenue.

Insights

Market Research Analyst

City of Vacaville's deployment of Beam Global EV ARC™ systems underscores a broader trend in the increasing adoption of electric vehicles (EVs) and the corresponding need for substantial EV infrastructure. Beam Global is capitalizing on this growth trajectory by providing off-grid solar EV charging systems that offer distinct advantages over traditional grid-tied chargers. Their ability to be deployed quickly and without the need for extensive construction or permitting processes highlights an essential benefit in a market where speed and ease of deployment are critical.

For retail investors, it’s important to recognize that such deployments, especially in a state like California with its aggressive EV adoption targets, represent a significant market opportunity. The state's aim to install 1.2 million public and shared private chargers by 2030 indicates a sustained demand for solutions like the EV ARC™, suggesting long-term growth potential for Beam Global. Furthermore, the public use of these chargers may enhance Beam’s brand visibility and market reach, potentially leading to more contracts and partnerships.

While this deployment is a positive indicator, investors should also consider the competitive landscape, as many firms are eyeing the burgeoning EV infrastructure market. Beam's unique selling points—off-grid capability, resilience to natural disasters and cost savings on utility bills—position it well, but ongoing innovations and market responses from competitors should be monitored closely.

Financial Analyst

From a financial perspective, the deployment of EV ARC™ systems in Vacaville is noteworthy. It aligns with Beam Global's strategy to expand its market presence in the public EV charging sector. The fact that these systems were procured through the California Department of General Services Contract #1-22-61-16 suggests a streamlined procurement process which could lead to consistent and potentially increasing revenue streams from government contracts.

For stakeholders, the key takeaway is that Beam Global is positioning itself to benefit from California's ambitious EV infrastructure goals. The 12.5 million EVs projected by 2035 and the requirement for 1.2 million chargers by 2030 could translate to substantial sales volume over time. The off-grid nature of the EV ARC™ systems, reducing costs related to construction and utilities, presents a financially appealing case for municipalities and other public entities. This can significantly impact Beam’s revenue and profitability positively.

It's important to analyze Beam Global’s financial statements for signs of how these deployments impact their bottom line. Investors should keep an eye on future earnings reports to assess the extent of this growth and verify if these deployments are translating into sustained revenue increases and profitability improvements.

The EV ARC™ systems are available for public charging

SAN DIEGO, June 13, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced that the City of Vacaville has deployed three EV ARC™ solar-powered EV charging systems for use by the general public. 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 order aligns with the City of Vacaville’s continued commitment to sustainable energy and conservation efforts with its General Plan and Energy and Conservation Action Strategy (ECAS). These initiatives aim to propel Vacaville towards a greener future by promoting the adoption of sustainable energy practices and resource conservation measures, aligning with the city's overarching goal of reducing greenhouse gas emissions.

“The deployment of EV charging infrastructure represents a monumental shift in Vacaville's approach towards sustainable transportation,” said City of Vacaville Mayor John Carli. “By embracing this initiative, we are not only investing in the future of mobility but also demonstrating our unwavering commitment to environmental stewardship and innovation for Vacaville residents.”

The EV ARC™ charging systems each fit in a standard parking space without taking up valuable parking availability and because they are off-grid, Beam EV ARC™ systems are deployed with no electrical work, no construction and no utility bill, reducing the City’s costs by eliminating construction, electrical upgrades, operational disruptions and ongoing utility bills. Powered by 100% renewable energy, EV ARC™ systems generate and store their own clean electricity to power EVs day or night, as well as being a reliable source of power during inclement weather and power outages.

“While a majority of our municipal deployments have been for fleet vehicles, this order is significant in that the EV ARCs will be used for public charging which is a trend we see increasing and, we believe, opens a new set of opportunities for Beam Global,” said Desmond Wheatley, CEO of Beam Global. “As California anticipates 12.5 million EVs by 2035 and the need for 1.2 million chargers by 2030, the EV ARC offers a rapidly deployed, scalable and sustainable solution to support the growing number of EVs owned and operated by the public as well as government fleets."

California's EV market share surged to 25% of all automobiles sold in California in 2023, up from 18.84% in 2022, marking a record-breaking year for the state's EV goals. California has maintained its leadership in EV adoption, achieving record levels and representing 34% of the nation's new light-duty zero-emission vehicle sales last year.¹ To support this widespread adoption, California aims to install 1.2 million public and shared private chargers by 2030. Beam’s EV infrastructure is able to be rapidly deployed within hours without the permit, construction and electrical delays that often plague grid-tied charger installation processes. In addition, Beam EV ARC™ systems are resilient against the natural disasters that Californians often experience including floods, fires, earthquakes and because they do not rely on the utility grid, they are able to stay online during widespread and increasingly frequent power outages.

To learn more about Beam Global’s sustainable charging solutions visit BeamForAll.com.

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 symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly 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 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. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

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1} Source: https://www.veloz.org/q4-2023-data-shows-a-29-percent-year-over-year-increase/

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6068615b-bbcf-4700-a66e-65b1f90d2a4c

FAQ

What is Beam Global's recent deployment in Vacaville, California?

Beam Global has deployed three EV ARC™ solar-powered EV charging systems in Vacaville, California for public use.

What is the significance of the EV ARC™ systems being off-grid?

The off-grid EV ARC™ systems reduce costs by eliminating the need for electrical work, construction, and utility bills.

How does the deployment of EV ARC™ systems align with Vacaville's goals?

The deployment supports Vacaville's commitment to sustainable energy and reducing greenhouse gas emissions.

What market opportunities does Beam Global foresee with the EV ARC™ systems?

Beam Global sees new opportunities as public EV charging needs increase, aiming to support California's goal of 1.2 million chargers by 2030.

How does California's EV market growth impact Beam Global?

California's record EV adoption rates indicate a growing market, creating more demand for Beam Global's EV charging solutions.