City of Los Angeles Places Follow-On Order of Beam Global EV ARC™ Off-Grid Solar EV Charging Systems
Beam Global (Nasdaq: BEEM, BEEMW) announced that the City of Los Angeles StreetsLA Division placed their largest order for solar-powered EV ARC™ charging systems, which will be deployed across several locations to fuel the City's growing fleet of electric vehicles. The off-grid systems eliminate the need for costly infrastructure upgrades and can be relocated as charging patterns change.
Positive
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.
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.
12/21/2023 - 06:00 AM
SAN DIEGO, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Beam Global BEEM 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. 100% powered by renewable energy, EV ARC™ systems generate and store their own clean electricity and deliver that electricity to power the City’s EVs day or night, and during inclement weather and power outages. Flood proof to 9.5 feet and wind-rated to 160 mph, the product improves the City’s energy resiliency and disaster preparedness. The charging systems are transportable and can be relocated as charging patterns emerge and change.
"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 $2.9 billion investment plan to accelerate California’s EV charging goals.
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) .
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 acquisition of Amiga, its expected benefits, 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. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
Media Contact: Press@BeamForAll.com
Investor Relations: IR@BeamForAll.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1822e1d7-bf6e-4f5e-bceb-46a92aef65a8
What is the latest announcement from Beam Global (Nasdaq: BEEM, BEEMW)?
Beam Global announced that the City of Los Angeles StreetsLA Division has placed their largest order for solar-powered EV ARC™ charging systems, which will be used to fuel the City's growing fleet of electric vehicles.
What are the benefits of the EV ARC™ charging systems for the City of Los Angeles?
The EV ARC™ charging systems are off-grid, eliminating the need for costly infrastructure upgrades and allowing for flexibility in relocation as charging patterns change. They are also 100% powered by renewable energy, improving the City's energy resiliency and disaster preparedness.
What is the goal of the City of Los Angeles' Electric Vehicle Master Plan?
The goal of the City of Los Angeles' Electric Vehicle Master Plan is to have 123,000 EV chargers by 2030.
What is the State of California's expectation for EVs on the roads in 2035?
The State of California expects 12.5 million EVs on California's roads in 2035.
What is the investment plan approved by the California Energy Commission (CEC) to accelerate California's EV charging goals?
The California Energy Commission (CEC) approved a $2.9 billion investment plan to accelerate California's EV charging goals.
