Beam Global Closes Acquisition of Europe Based Amiga, Creates Beam Europe
24 Octobre 2023 - 12:00PM
Beam Global Closes Acquisition of Europe Based Amiga, Creates Beam
Europe
Beam Global, (Nasdaq: BEEM, BEEMW) (“Beam Global” or the
“Company”), a leading provider of innovative sustainable products
and technologies for electric vehicle (EV) charging, energy
storage, energy security and outdoor media, today announced the
closing of the acquisition of Europe based Amiga DOO Kraljevo
(“Amiga”), an established manufacturer of specialized structures
and equipment including street lights, communications and energy
infrastructure, whose manufacturing, engineering and sales teams
serve municipalities, states and commercial customers in 16
nations.
Acquisition Expands Market Reach, Product
Development and Capacity
Beam Global expects that the acquisition of Amiga
which will be re-branded as Beam Europe will fast track its growth
into the European market. This market offers excellent
opportunities for our off-grid, zero construction/electrical work
products because:
- the EU has mandated a transition to
zero emission vehicles by 2035;
- the EU is heavily focused on green and
sustainable energy and has committed to a net-zero energy
infrastructure by 2050;
- the war in Ukraine has focused the EU
on energy security and home-grown renewable sources; and
- the historic aging of streets and
infrastructure make it more complicated to deploy grid-tied EV
charging solutions than is the case in much of the United
States.
The Company believes that Beam Global’s current and
future suite of products are ideally suited for deployments in the
EU because they require no construction or electrical work, are
renewably energized and do not rely on the utility grid for
electricity. The Company also believes the acquisition will
increase barriers to entry for future competition and advance Beam
Global’s position as a leader in the green economy.
“Beam Global’s team in the U.S. and in Europe has
spent eleven months in due diligence and negotiations to reach the
closing of this excellent transaction,” said CEO of Beam Global
Desmond Wheatley. “I am confident that we have arrived at a deal
which is well priced and structured to ensure that all key players
remain engaged and focused on the growth of Beam Europe. We intend
to continue the growth of Amiga’s legacy business while
aggressively expanding sales in what I believe is the market with
the greatest opportunities for our patented, renewably energized EV
charging infrastructure and energy storage products. Our new
European team has 30 years of experience in manufacturing and
selling to excellent customers in 16 nations – just the sort of
customers who we believe will require EV charging infrastructure
products in the coming months and years. They are fully engaged and
already enthusiastically working with our U.S based teams. I am
impressed with the quality of education and work ethic possessed by
our Beam Europe team. We are entering a new and, in my opinion,
most exciting era yet in the Beam Global story.”
Amiga to be Rebranded as Beam
Europe
Amiga was founded in 1990, has approximately 210
employees and engineering, product development and manufacturing
capabilities, which Beam Global believes are ideally suited to
perfect and manufacture the Company’s current products for the
European market. Amiga is one of Europe’s leading manufacturers of
street lights and is well positioned to bring Beam Global’s
patented EV Standard™ to market both in Europe and the U.S. Amiga’s
team of qualified engineers will be integrated with Beam Global’s
current team, providing a valuable enhancement and acceleration of
product development cycles and a reduced requirement for Beam
Global to add engineering headcount in the U.S.
Amiga reported over EUR 8.5M in revenue in 2022,
generates positive cash-flows and is growing organically. Beam
Global expects the acquisition to be accretive and the Company is
planning for significant growth with Beam Europe’s combination of
Amiga’s current business and Beam Global’s suite of clean-tech
products.
According to Whichcar.com, Europe has approximately
405 million cars compared to approximately 290 million in the U.S.
and 319 million in China based on CEIC data. In June of 2022, the
European Parliament backed the European Commission’s proposal of
zero emissions from new cars and vans by 2035. The EU has committed
to reaching net-zero emissions from energy infrastructure by 2050.
Beam Global views expansion into the European market as a major
opportunity for growth.
About Beam Global
Beam Global is a clean technology leader providing
innovative, sustainable products and technologies for electric
vehicle (EV) charging, energy storage, energy security and outdoor
media. Core platforms include Beam EV ARC™ and Solar Tree®
sustainable EV charging systems, Beam AllCell™ high-performance
energy storage solutions, energy resiliency and disaster
preparedness products and a deep patent library.
Beam EV ARC™ EV charging infrastructure systems
support any quality brand EV charging service equipment, and Beam
AllCell™ battery solutions power micro-mobility, terrestrial EVs,
aviation, maritime and recreational vehicles as well as stationery
and energy-security platforms.
Beam develops, patents, designs, engineers and
manufactures unique and advanced clean mobility solutions that
protect the environment, save customers time and money, empower
communities and keep people moving. Based in San Diego and Chicago,
the company produces Made-in-America products with the mission to
Lead the World to Clean Mobility. Beam Global is listed on Nasdaq
under the symbols BEEM and BEEMW. For more information visit
BeamForAll.com, LinkedIn, YouTube and Twitter.
Forward-Looking Statements
This Beam Global Press Release may contain
forward-looking statements. All statements in this Press Release
other than statements of historical facts are forward-looking
statements. Forward-looking statements are generally accompanied by
terms or phrases such as “estimate,” “project,” “predict,”
“believe,” “expect,” “anticipate,” “target,” “plan,” “intend,”
“seek,” “goal,” “will,” “should,” “may,” or other words and similar
expressions that convey the uncertainty of future events or
results. These statements relate to future events or
future results of operations, including, but not limited to the
following statements: statements regarding the acquisition of
Amiga, its expected benefits, and the anticipated future financial
performance as a result of the acquisition. These statements
are only predictions and involve known and unknown risks,
uncertainties and other factors, which may cause Beam Global's
actual results to be materially different from these
forward-looking statements. Except to the extent required by law,
Beam Global expressly disclaims any obligation to update any
forward-looking statements.
Media Contact:Skyya PR+1
651-335-0585Press@BeamForAll.com
Investor Relations:Core IR+1
516-222-2560IR@BeamForAll.com
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