Beam Global (BEEM) Announces $100 Million Credit Facility
global beam(Nasdaq: BEMA, BEEMW), the leading provider of innovative and sustainable technologies and products for electric vehicle (EV) charging, energy storage, energy security and outdoor media, announced the execution of a credit facility with specialist in supply chain solutions, London-based OCI Group. , UNITED KINGDOM. OCI has extensive experience accelerating business performance for organizations with high growth potential. The credit facility is non-diluting 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 2022, we are announcing contract orders for more EV ARC systems than we have produced in the entire history of the product,” said Desmond Wheatley, CEO of Beam Global. “We are growing very quickly and currently we do not see the end of this trend. We have a history of being very disciplined with cash and capital, which is why we have worked so hard to access financing that is neither expensive nor dilutive. This line of credit provides us with an additional layer of financial flexibility that will allow us to grow aggressively without taking on long-term debt or diluting our shareholders. Having a top quality European fund involved in our growth fits well with our international expansion strategy.”
Beam Global reported revenue of $6.2 million in 2020, $9.0 million in 2021, and $14.1 million for the first 9 months of 2022. The company announced more than $62 million in firm orders as of early Q4 2022. Beam Global currently has no debt and approximately 10 million shares outstanding.
“OCI seeks industry-leading companies with experienced management teams and relevant, sustainable products that serve high-quality customers,” said Oliver Chapman, CEO of OCI Group. “Beam Global ticks all the boxes and we are particularly intrigued by its plans to expand into the European market, the world’s largest automotive market. Beam Global’s exclusive and proprietary technology, coupled with an impeccable client base, gives us confidence in your strategy and execution. This vital combination means that we can offer the Company a significant line of credit at very competitive rates. We look forward to doing much more with the Company as they continue to operate and grow.”
The facility is a five-year agreement and is effective and active immediately, according to the transaction documents. There is no minimum use requirement and OCI and Beam Global have agreed that the $100 million limit can be increased if necessary.
About OCI
OCI Leverages technology and business process solutions to drive growth and free up working capital for supply chains. OCI’s unique approach eases financial constraints, making businesses more agile and accelerating their success. According to the recent FT 1000 fastest growing companies, OCI is the #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 and 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 electric vehicle charging systems, Beam AllCell™ high-performance energy storage solutions, energy resiliency and disaster preparedness products, and an extensive library of patents.
Beam EV ARC™ EV charging infrastructure systems support EV charging service equipment of any quality brand, and Beam AllCell™ battery solutions power micromobility, EV ground vehicles, aviation, EV maritime and recreational, as well as energy security and stationery 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 American-made products with a mission to lead the world toward clean mobility. Beam Global is listed on Nasdaq under the symbols BEEM and BEEMW. For more information visit BeamForAll.com, LinkedIn, Youtube and Twitter.
forward-looking statements
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Source: Beam Global