Beam Global (NASDAQ:BEEM) became the latest electric vehicle (EV) stock to catch fire as the company surged after announcing new patents related to EV charging and a new contract to deploy the technology.
The news sent shares of the recent IPO flying higher, up 115% in December, according S&P Global Market Intelligence. The chart below shows the stock’s movement over the course of the month.
Beam had its IPO as Envision Solar in July, a microcap stock at the time. And the company, which makes EV charging technology based on renewable energy, has attracted attention in recent months, driving the stock up by multiples into small-cap territory.
On Dec. 3, the company announced a new patent for its UAV ARC recharging network, which provides en route charging for drones. The company believes commercial and military