The Future Looks Very Bright for Beam
There are 1.2 billion cars on the world’s roads today, increasing to around 2 billion in 2035. Governments and consumers are making certain that most of them will be electric (EV). Experts say we’ll need at least one public charger for every 5 EVs. That’s probably not enough, but even at that rate the world will need about 400 million public charging stations in the next couple of decades. And then there’s all the additional charging that will be needed for electric medium and heavy-duty vehicles like buses and semis – they are coming too.
Beam Global is a San Diego based sustainable technology innovation company that makes patented, rapidly deployed, renewably energized products for EV charging, outdoor media and energy security.
Beam’s products are unique in that they offer permanent EV charging without construction or electrical work or a grid connection. No construction means no risk, no permitting and no disruption to the host site. Beam deploys EV chargers in as little as 4 minutes. It takes New York City (our largest customer) an
average of 24 months to do the same thing with a grid-tied charger. Construction and electrical work can be really expensive ($2k per foot of trench) so Beam’s products generally pay for themselves through avoided installation costs. No grid connection means no utility bill. The free electricity (fuel) they dispense can pay for them again. No grid connection also means Beam’s products keep EVs moving during blackouts. Our products power any quality EV charger like ChargePoint, Blink, Enel or Electrify America (VW). That means that we benefit no matter who wins in the EV charging space.
Instead of selling the units we sell the sponsorship and naming rights to networks of them. Think of the Citibike model in New York. Citibank pays to sponsor the bike sharing program without owning the bikes. In our case it’s the “Driving on Sunshine network brought to you by your friends at…(TBD corporate sponsor).” We partner with the best outdoor media sales companies to sell these sponsorships. We will deploy large volumes of our products and get paid the same as if we sold them; but we retain title. After 5 years we get to sell the network again but without having the costs to install it. Repeat at 10 years and 15 years and so on. The products have at least a 20-year life. This model should add highly profitable recurring revenue and significantly increase our volume. Higher volume means lower costs. It’s a great time to be doing this because cities need clean EV charging infrastructure but can’t always pay for it, and big corporations are looking for ways to reduce their carbon footprints and improve their sustainability and green creds. Driving on Sunshine offers all of that and more. I believe we are close to securing our first city approval to allow us to proceed with this innovative new model. It’s a win-win for everyone. I also believe that as soon as we announce our first city, we will see a great deal of interest from others. The offer of free, solar-powered, made-in-America EV charging infrastructure is very compelling. We intend to pursue major cities across the U.S. and across the world.
Energy Security is an important part of our value proposition because while grid tied chargers are useless during a blackout, ours keep charging those vital electric vehicles. Additionally, our products are deployed with emergency power panels which first responders can access for electricity during disasters or other grid failures. That’s vital energy security for our customers and a vital differentiator for our company. We often get paid with disaster preparedness funds – not money for EV charging.
Beam is a Nasdaq-listed company (BEEM) with a diversified shareholder base, no debt, years of operating capital and a proven ability to execute for the best customers in the world. We have great patents (barrier to entry). Our factory in San Diego has lots of room for expansion and could produce around 2200 units a year which equates to about $140M in annual revenue. 2200 units is a tiny fraction of California’s executive order requiring 250,000 public chargers by 2025 or even the 84,000 that just the city of Los Angeles needs in the same time. Our products are already in over 100 of the 19,000 municipalities in the US as well as in South America, the Caribbean and Spain. They work anywhere they can see the sky, so we’ll be going after the whole world, not just the U.S. We sell to Federal, State, County and Municipal governments and also to great companies like Google, Pfizer and Johnson & Johnson as well as utilities and others.
The future looks incredibly bright for us. Our media business should drive rapid and profitable growth and recurring revenues. Our newly patented product, EV Standard™, has fantastic potential. Post COVID we anticipate a pick-up in workplace charging sales when people go back to work. At the Federal level, both sides of the aisle are recommending huge sums of stimulus spending on EV charging infrastructure. They are looking for shovel-ready, American-made products. We are the ultimate in shovel-ready (no construction), we are made in America and we offer energy security as well as rapidly scalable EV charging infrastructure. We enable all EV charging companies, and we’ve proved over and over again that we can win the toughest government and corporate customers.
We plan to open a lot more factories.
Desmond Wheatley, CEO of Beam Global
Forward-Looking Statements
This article was authored by the CEO of Beam Global and contains his thoughts, observations and opinions and is not intended to be viewed as anything more than an expression of what he believes. It contains links to other materials available on the Internet. Beam is not responsible for the information posted at those links. This article may contain forward-looking statements. All statements in this article other than statements of historical facts are forward-looking statements. Forward-looking statements are generally, but not always, 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.