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Beam Global (NASDAQ: BEEM), headquartered in San Diego, is a sustainable technology innovation company specializing in renewably energized products for electric vehicle (EV) charging, outdoor media, and energy security. The company’s core offerings are built on its patented EV ARC™ and Solar Tree® product lines, which are further enhanced with technologies like BeamTrak™ solar tracking, ARC Technology™ energy storage, and SunCharge™ EV charging stations. These solutions are designed to eliminate the need for grid-tied infrastructure, thereby reducing costs and construction disruptions. Notably, Beam Global has recently been granted Patent No. US 11,912,144 B2 by the U.S. Patent Office for its wireless/inductive EV ARC™, which enables EVs to charge wirelessly without the need to plug in a charging cable.
Beam Global is actively involved in several groundbreaking projects and has achieved significant milestones. The company’s products are not only convenient but also essential in disaster preparedness, as they can provide vital electricity during emergencies. The Federal Government has recognized the value of Beam's solutions, evidenced by the deployment of EV ARC™ systems, which reduce costs through avoided construction and operational disruptions.
The company’s financial condition is robust, with record revenues reported in 2023 and continued growth into 2024. Beam Global recently expanded into Europe through the acquisition of Amiga DOO, marking a significant geographic expansion. This move has already resulted in substantial contract awards, including a major order from the British Army.
Beam Global’s operations are spread across the U.S. and Europe, with facilities in Chicago, Belgrade, and Kraljevo. The company is focused on scaling up its EV charging solutions, energy storage, and vital energy security products. With a strong patent portfolio and ongoing innovations, Beam Global is well-positioned to lead in the clean technology sector.
For more information, visit BeamForAll.com, and follow the company on LinkedIn, YouTube, and X (formerly Twitter).
Beam Global (Nasdaq: BEEM, BEEMW) announced a significant multi-million dollar battery module order from a leading material handling company, highlighting the increasing demand for their innovative energy storage solutions. The battery modules incorporate Beam’s patented thermal management technology, resulting in enhanced safety and efficiency. CEO Desmond Wheatley emphasized the importance of electrification and robotics in streamlining supply chains and enhancing safety. The use of Beam AllCell energy storage solutions is well-suited for industrial automation trends, addressing the growing need for cleaner and more efficient operations. This development not only aligns with the company's goals but also signifies continued growth prospects within the clean energy sector.
Beam Global (Nasdaq: BEEM, BEEMW) reported record financial results for the year ending December 31, 2022, achieving revenues of $22 million, marking a 144% increase year-over-year. The fourth quarter saw revenues of $7.9 million, a 126% rise from the previous year. Key highlights included record annual orders of $76 million (up 548% year-over-year) and substantial growth in orders from both commercial (up 1190%) and government sectors (up 489%). Additionally, the company secured a $100 million credit facility and acquired All Cell Technologies to enhance battery supply and reduce costs.
Beam Global has secured a non-dilutive credit facility with OCI Group to support its rapid growth, particularly following $62 million in recent purchase orders. The credit line, effective immediately, offers flexibility without diluting shareholder equity, priced at SOFR plus 300 basis points. CEO Desmond Wheatley emphasized the disciplined cash management strategy and plans for international expansion, especially into the European market. Beam's revenues grew from $6.2 million in 2020 to $14.1 million in the first nine months of 2022, with about 10 million shares outstanding and no debt.
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