Beam Global, a solar-powered electric vehicle charging and energy storage solutions provider, has secured a $100 million line of credit from OCI Group, a London-based supply chain solutions specialist.
The facility is a five-year agreement – effective and active immediately per transaction.
There is no minimum use requirement, and OCI and Beam Global have agreed that the $100 million cap can be increased if needed.
“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,” said Desmond Wheatley, Beam Global CEO.
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 growth in product orders and deliveries.
Beam Global reported revenues of $6.2 million in 2020, $9 million in 2021, and $14.1 million for the first nine months of 2022. The Company announced over $62 million of firm orders at the beginning of Q4 2022.
“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,” said Oliver Chapman, OCI Group CEO.
Founded in 2006, Beam is publicly traded on Nasdaq under the ticker BEEM. Based in San Diego and Chicago, Beam develops, patents, designs, engineers, and manufactures unique and advanced clean mobility solutions.
The company’s flagship product is the EV ARC (Electric Vehicle Autonomous Renewable Charger), a solar-powered EV charging system that can be deployed anywhere without grid connection, permitting, or construction.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. Smart grid companies raised $3.3 billion in VC funding in 46 deals in 2022, a 175% increase compared to $1.2 billion in 35 deals in 2021. Indra, an electric vehicle charging and energy technology company, recently announced that it had secured over $21 million in Series B Funding. The lead investor was Gulf Oil International, which significantly increased its equity stake in Indra.