SAN DIEGO, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Beam Global
(https://beamforall.com/), (Nasdaq: BEEM
(https://finance.yahoo.com/quote/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(TM) 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(TM) and Solar
Tree(®) sustainable EV charging systems, Beam AllCell(TM) high-performance energy
storage solutions, energy resiliency and disaster preparedness products and a
deep patent library.
Beam EV ARC(TM) EV charging infrastructure systems support any quality brand EV
charging service equipment, and Beam AllCell(TM) 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
(https://beamforall.com/), LinkedIn
(https://www.linkedin.com/company/beamforall/), YouTube
(https://www.youtube.com/BeamForAll) and Twitter
(https://twitter.com/BeamForAll).
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
+1 651-335-0585
Press@BeamForAll.com (mailto:Press@BeamForAll.com)
Investor Relations:
Core IR
+1 516-222-2560
IR@BeamForAll.com (mailto:IR@BeamForAll.com)
Â