BEEMW - Beam Global Closes Acquisition of Europe Based Amiga Creates Beam Europe | Benzinga
SAN DIEGO, Oct. 24, 2023 (GLOBE NEWSWIRE) -- 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 ...