Beam Global BEEM shares traded higher on Tuesday after the company announced the renewal of its Multiple Award Schedule contract with the U.S. General Services Administration.
The extension keeps the company on the federal procurement platform through October 31, 2030, with options that could extend availability to 2040.
The renewal also adds Beam Global to Special Item Number 334512, which covers total solution support products for facilities management systems.
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Through Cooperative Purchasing, state and local governments can now procure Beam's solutions via the GSA MAS program, streamlining purchases without lengthy bidding.
Cooperative Purchasing lets eligible agencies buy directly from pre-approved GSA contracts, accelerating acquisition timelines while meeting competitive sourcing requirements.
This opens the door for municipalities and educational institutions to adopt Beam Global's sustainable infrastructure products more quickly and efficiently.
"We are encouraged to see the federal government GSA renewing our multiple award schedule contract," said Desmond Wheatley, CEO of Beam Global.
Wheatley noted the company's U.S.-made solutions support energy security and disaster readiness for both federal and local facilities, and said the renewal boosts the contract's value for customers and shareholders alike.
Federal, state, and local entities can access Beam Global's EV ARC™ portable charging stations and energy security solutions on the GSA Advantage! site.
The offerings have Disaster Purchasing status, making them eligible for emergency preparedness under Section 833 of the John Warner Defense Authorization Act of 2007 and the Federal Supply Schedules Usage Act of 2010.
The contract strengthens Beam Global's position in sustainable infrastructure and aligns with the broader push toward electrification and disaster resilience.
According to Benzinga Pro, BEEM stock has lost over 44% in the past year.
Price Action: BEEM shares are trading higher by 5.86% to $2.89 at last check Tuesday.
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