SAN DIEGO, March 23, 2023 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced the execution of a line of credit with supply chain solutions specialist, OCI Group, based in London, UK. OCI is highly experienced in accelerating business performance for high-growth-potential organizations. The credit facility is non-dilutive and inexpensive, priced at SOFR (Secured Overnight Financing Rate) plus 300 basis points. Beam Global intends to use the funds to provide working capital to support the Company’s rapid growth in product orders and deliveries.
“In Q4 of 2022 we announced contracted orders for more EV ARC systems than we have produced in the entire history of the product,” said Desmond Wheatley, Beam Global CEO. “We are growing very rapidly and we currently see no end to this trend. We have a history of being very disciplined with cash and equity which is why we have worked so hard to access funding which is neither expensive nor dilutive. This credit line gives us an additional layer of financial flexibility which will allow us to aggressively grow without taking on long-term debt or diluting our shareholders. Having a top-quality European fund involved in our growth fits well with our strategy of international expansion.”
Beam Global reported revenues of $6.2M in 2020, $9.0M in 2021 and $14.1M for the first 9 months of 2022. The Company announced over $62M of firm orders at the beginning of Q4 2022. Beam Global currently has no debt and approximately 10 million shares outstanding.
“OCI seeks industry leading companies with seasoned management teams and relevant, sustainable products serving high quality customers,” said Oliver Chapman, OCI Group CEO. “Beam Global ticks all the boxes and we are particularly intrigued by their plans to expand into the European market – the largest automotive market in the world. Beam Global’s unique and patented technology coupled with an impeccable customer base gives us confidence in their strategy and execution. This vital combination means that we can offer the Company a material credit facility at very competitive rates. We look forward to doing much more with the Company as they continue to execute and grow.”
The facility is a five year agreement and is effective and active immediately, as per transaction documents. There is no minimum use requirement and OCI and Beam Global have agreed that the $100M cap can be increased if needed.
About OCI
OCI harnesses technology and commercial process solutions to drive growth and free working capital from supply chains. OCI’s unique approach eases financial constraints, making businesses more agile, accelerating their success. According to the recent FT 1000 fastest-growing companies, OCI is the No.1 fastest-growing company in the UK, and the 3rd fastest-growing company in Europe.
About Beam Global
Beam Global is a clean technology leader providing innovative, sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media. Core platforms include Beam EV ARC™ and Solar Tree® sustainable EV charging systems, Beam AllCell™ high-performance energy storage solutions, energy resiliency and disaster preparedness products and a deep patent library.
Beam EV ARC™ EV charging infrastructure systems support any quality brand EV charging service equipment, and Beam AllCell™ battery solutions power micro-mobility, terrestrial EVs, aviation, maritime and recreational vehicles as well as stationery and energy-security platforms.
Beam develops, patents, designs, engineers and manufactures unique and advanced clean mobility solutions that protect the environment, save customers time and money, empower communities and keep people moving. Based in San Diego and Chicago, the company produces Made-in-America products with the mission to Lead the World to Clean Mobility. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW. For more information visit BeamForAll.com, LinkedIn, YouTube and Twitter.
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