Beam Global Secures $100 Million Credit Facility

Non-Dilutive Credit Facility Will Provide Enhanced Flexibility for Recently Announced $62 Million in Purchase Orders

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.”