SAN DIEGO - Beam Global (NASDAQ:BEEM, BEEMW), a company specializing in sustainable infrastructure for electric vehicle (EV) charging, has obtained a new patent for its wireless charging technology from the United States Patent Office. The patent, titled "Self-Contained Renewable Inductive Battery Charger," was granted under the number US 11,912,144 B2 and applies to Beam's EV ARC™ product line.
The patented technology enables EVs to charge without the need for a physical connection to a charging cable. Instead, it uses a wireless power transmitter embedded within the EV ARC™ system's base to transfer electrical energy through the air, directly charging the vehicle's battery.
Beam's EV ARC™ is a rapidly deployable charging solution that does not require extensive construction or electrical work for installation. The integration of wireless charging capability is expected to further simplify the infrastructure's setup, making it an attractive option for fleet operators and public charging facilities.
Desmond Wheatley, CEO of Beam Global and an EV driver himself, expressed his enthusiasm for the advancement, highlighting the ease and efficiency that wireless charging will bring to EV drivers. According to Wheatley, the wireless EV ARC™ will allow vehicles to start charging automatically by merely parking on the system, with no additional human intervention required. To stop charging, the driver will only need to drive away.
This innovation comes as the number of electric vehicles on the road is increasing, and the demand for more convenient charging solutions is growing. Beam Global's wireless charging technology could provide a significant advantage for fleet managers and consumers concerned about the reliability of charging their vehicles.
Beam Global, headquartered in San Diego with facilities in Chicago, Belgrade, and Kraljevo, operates in the U.S. and Europe. The company focuses on developing and manufacturing products and technologies that support sustainable energy infrastructure, secure electricity sources, and energy security.
The information in this article is based on a press release statement from Beam Global.
InvestingPro Insights
As Beam Global (NASDAQ:BEEM) continues to innovate in the EV charging space with its newly patented wireless technology, the company's financial health and market performance also warrant attention. According to InvestingPro data, Beam Global holds a market capitalization of $97.78 million. Despite the challenges, analysts are optimistic about the company's sales growth in the current year, an encouraging sign for potential investors.
One of the standout figures is the company's impressive year-over-year revenue growth, which stands at 213.99% for the last twelve months as of Q1 2023. This rapid increase in revenue indicates that Beam's products and services are gaining significant traction in the market. Additionally, while the company's gross profit margin is relatively low at 0.17%, the substantial revenue growth suggests that Beam Global is expanding its market share and customer base.
Nevertheless, it is essential to note that Beam Global is not currently profitable, as reflected by its negative P/E ratio of -4.51. The company is also experiencing volatility in its stock price, which has seen a significant decline of 53.95% over the last year. These factors may influence investment decisions and highlight the importance of a comprehensive analysis before making any financial commitments.
For those considering an investment in Beam Global, InvestingPro offers additional insights and metrics that could be crucial in making an informed decision. There are currently 12 more InvestingPro Tips available, which provide a deeper dive into the company's financials and market expectations. Interested readers can access these tips and take advantage of an extra 10% off a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24.
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