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SAN DIEGO - Beam Global (NASDAQ:BEEM), a provider of sustainable infrastructure solutions for transportation electrification, announced Wednesday it has been awarded a cooperative purchasing contract by Sourcewell in the Electric Vehicle Supply Equipment with Related Services category. The small-cap company, currently trading at $2.14 with a market capitalization of just $37.75 million, appears undervalued according to InvestingPro Fair Value estimates.
The contract allows Beam Global to offer its products to U.S. military, government agencies, and educational institutions across North America through Sourcewell’s network of over 50,000 participating public agencies.
"This Sourcewell contract is like an easy button for state and local governments who want to purchase our products without having to go through time consuming and lengthy procurement processes," said Desmond Wheatley, CEO of Beam Global, in a press release statement.
Mike Domin, Associate Director of Cooperative Contracts at Sourcewell, noted the contract "gives agencies the ability to continue to purchase Beam Global’s innovative EV charging and energy infrastructure to meet their goals."
The agreement follows a competitive request for proposal process and enables public sector organizations to procure Beam Global’s infrastructure solutions through a pre-negotiated contract, bypassing lengthy procurement procedures.
Beam Global has previously secured business through various state contracts and its GSA Multiple Award Schedule contract, which have facilitated government deployments across the United States and its territories.
Sourcewell, established in 1978, is a self-funded governmental organization that facilitates cooperative purchasing programs by combining the buying power of participating agencies.
In other recent news, Beam Global has announced several significant developments. The company has been granted a new patent by the China National Intellectual Property Administration for its "Light Tracking Assembly for Solar and Wind Power Energy." This technology positions wind turbines to avoid casting shadows on solar panels in hybrid energy systems. Additionally, Beam Global secured another patent from the U.S. Patent Office for its Intelligent Battery Thermal Management (iBTM) system, which enhances the fast charging of lithium-ion batteries in extremely cold conditions. This innovation integrates a heating element with the company’s proprietary Phase Change Composite material to regulate battery temperature.
In another development, Beam Global held its 2025 Annual Meeting of Stockholders at its San Diego headquarters, where shareholders elected four directors to serve a one-year term on the board. The individuals elected were Desmond Wheatley, Judy Krandel, Anthony Posawatz, and George Syllantavos. Shareholders holding approximately 58.38% of the company’s outstanding common stock participated in the meeting. These recent achievements and corporate activities highlight Beam Global’s ongoing focus on innovation and governance.
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