Beam Global, a provider of solar power charging systems for electric vehicles, announced Feb. 21 that its 2021 EV ARC system shipments increased 62% over the prior year and that the company started the new year, 2022 with higher combined backlog and pipeline than in any previous year in its history.
Beam experienced unprecedented growth and success on multiple fronts in 2021 and established strong momentum for 2022 as EV charging infrastructure spending from both government and corporate entities is set to increase and EVs of all types grow in the client market. Ahead of earnings that will be announced later this quarter, among the company’s accomplishments in 2021:
- 62% growth in system deliveries year-over-year
- 66% growth in Q4 ‘21 system deliveries over Q3 ‘21
- Record Q4 deliveries for an increase of 45% over the same period prior year
- Record Q3 deliveries for an increase of 123% over the same period prior year
- Q2 deliveries increased 109% over the same period prior year
- 20 U.S. states and Canada ordered or deployed Beam EV ARC solar-powered EV charging systems
- Expanded non-government sales among business sectors including automotive, commercial real estate, construction, travel and entertainment, pharmaceuticals and education
- Increased sales to utilities
- Strong growth in federal sales, including a U.S. Marine Corps order for deployment at 14 bases
- Set the world record for the longest flight in a production electric aircraft, charged exclusively by transportable, off-grid EV ARC systems
- Increased EV ARC system energy performance by 12%
- Streamlined production and deployment for significant gain in efficiencies
“In 2021 we demonstrated that we can dramatically increase sales and deliver on those sales,” said Beam Global CEO Desmond Wheatley in a news release. “We were able to ramp up our production levels during this year of increasing demand through process improvements, labor efficiencies and increased staffing, and we are well positioned for significant growth in 2022. We are heading into 2022 in a better position than in any previous year and at a time when we expect to see spending and urgency increasing dramatically in the industry."
Beam has drawn commitments of $7.5 billion from the federal government and over $6 billion from California for EV-related spending are coming at a time when new EV models like Ford’s F150 and GM’s 1000HP Hummer will create consumer demand which Wheatley believes will eclipse even the most ambitious government plans.
"The time for rapidly deployed EV charging, which continues to operate during blackouts and can handle the increasing energy demand of governments and consumers, is now," Wheatley said.
Major Contract Wins
Beginning with an upgrade in its EV ARC sustainable EV charging system in February 2021, which increased energy output by 12% at no increase in unit cost, Beam Global’s cleantech innovations have captured the attention of purchasers at local, state, federal and corporate levels.
In May, Beam Global announced its largest single sales order to date of 52 EV ARC systems by the State of California’s Department of General Services with funding from the Office of Emergency Services. California joins Arizona, Alabama, Delaware, District of Columbia, Florida, Georgia, Hawaii, Kansas, New Mexico, New York, Ontario Canada, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, West Virginia and Wisconsin that either ordered or deployed EV ARC systems in 2021.
At the federal level, Beam Global announced the sale of 21 EV ARC systems to the U.S. Marine Corps for deployment at 14 bases in the continental U.S. and Hawaii. These and other orders from federal agencies are made possible through Beam Global’s recently awarded GSA contract.
Over the course of the year, several operational improvements were implemented to streamline production and deployment. In the Beam factory, six new final assembly workstations were installed to improve throughput and efficiency in the assembly of EV ARC systems. When fully staffed, one EV ARC can be completed per shift in each of the six workstations. The company is growing its team as it increases output. Two new specialized deployment vehicles were brought online which reduced its reliance on third party transportation companies and increased its deployment speed. Personnel trainings expanded in-house skillsets, and staffing grew by 45%. Its increased output capability resulted in the record fourth quarter unit delivery, and positions Beam for continued unit output growth in 2022.
World Record Set
In July, Beam Global set the world record for the longest flight in a production electric aircraft powered only by locally generated and stored sunshine. The multi-leg flight demonstrated that Beam products can support yet another transportation sector with the electrification of aviation in highly regulated airports without construction, electrical work or disruption of the onsite electrical infrastructure which often is insufficient to support the charging of aircraft.
Russell 2000 Index Debut
Beam Global’s rapid growth and market acceptance was further validated by its debut in the Russell 2000 Index in Q2 of 2021. The index is a prominent measurement of the performance of the small-cap segment of the U.S. equity universe. (Nasdaq: BEEM)
“Beam Global is recognized as the leader in off-grid, renewable energy solutions for EV charging,” Wheatley said. “As the world transitions to electric vehicles and more reliable and clean electricity is required for power, Beam Global will continue to lead in the supply of environmentally-sound, strategically important charging infrastructure across the U.S. and around the world. That’s a trend I expect to continue for many years to come.”