Street Calls of the Week
Investing.com -- Beam Global (NASDAQ:BEEM) stock jumped 9.5% after the sustainable infrastructure provider announced the renewal of its U.S. General Services Administration (GSA) Multiple Award Schedule contract through October 31, 2030.
The renewed contract includes options that could extend Beam’s availability on the GSA schedule for an additional decade, potentially through 2040. Significantly, the company’s offerings have been added to Special Item Number 334512, which includes a Cooperative Purchasing provision allowing state and local governments to purchase Beam’s products directly through the GSA program.
This new provision enables eligible agencies to bypass lengthy Request for Proposal processes by buying directly from pre-negotiated GSA contracts, which could accelerate procurement timelines for Beam’s products.
Beam Global, which specializes in infrastructure solutions for transportation electrification and energy security, highlighted that the contract renewal enhances accessibility to its American-made products for government facilities nationwide.
"We are encouraged to see the federal government GSA renewing our multiple award schedule contract," said Desmond Wheatley, CEO of Beam Global. "Our American made products deliver energy security and transportation infrastructure solutions that provide value to government facilities across the nation. The disaster preparedness attributes of our FEMA listed products mean that this federal contract vehicle can also be used by state and local governments who wish to purchase our products without having to go through time consuming and complex processes. This significantly increases the value of the contract vehicle for both our customers and our shareholders."
The company’s products are listed with the Federal Emergency Management Agency (FEMA), further enhancing their appeal to government agencies focused on disaster preparedness.
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