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Beam Global Stock Surges On Large State of California EV Charging Systems Order

Updated: 20 May 2021

Shares of electric vehicle charging firm Beam Global (NASDAQ: BEEM) are surging premarket after the company revealed an order from the California Department of General Services (DGS) for 52 Beam Global EV ARC solar-powered EV charging systems.

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The state is making a $4 million investment to support EV fleet sustainability at 12 state agencies.

Beam Global's EV charging infrastructure products are transportable, off-grid and require no construction, permitting or electrical work.

The order will be funded by a California Governor's Office of Emergency Services (Cal OES) grant and executed by the DGS Office of Sustainability’s Transportation Unit. It will bolster the state’s off-grid EV charging infrastructure for government-owned fleets, which already incorporate Beam Global products previously deployed statewide.

According to each agency's needs, DGS has allocated the new EV ARC systems for delivery and deployment within 90 days of order placement.

“We believe that this, the largest single order in our history is indicative of an increased emphasis on rapidly deployed and grid independent EV charging infrastructure by all branches of government,” said Beam Global CEO Desmond Wheatley.

“Each EV ARC deployed contributes to our nation’s energy security and in combination, provide the beginnings of a Strategic Electric Reserve. We are observing that this vital capability is becoming increasingly recognized in purchasing decisions and we applaud DGS and OES for taking this leadership position in securing the fuel of the future for California,” added Whetley.

Beam Global's share price has jumped over 9% premarket to $26.19.

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