SAN DIEGO, March 04, 2022 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of innovative, sustainable products and technologies for electric vehicle (EV) charging, energy storage, energy security and outdoor media, today announced that it has successfully closed the all-stock transaction to acquire AllCell Technologies, a leader in energy storage solutions and technologies, announced last week. A recorded video interview with Beam CEO, Desmond Wheatley, discussing the deal is currently live on the Beam blog.
The impact to Beam Global as the integration progresses is expected to:
- Increase and diversify revenues and gross profits
- Reduce cost of goods sold (COGS)
- Enhance foundational intellectual property portfolio
- Secure vital battery supply chain for EV charging product lines
- Accelerate product development cycles
- Combine customer facing roles and outreach
- Add new customer segments
- Increase barriers to entry for future competition
- Enhance Beam’s position as a leader in the green economy
“We are now the only EV charging infrastructure company with a rapidly deployed product and our own energy storage solutions. This will bring tremendous benefits to our customers and to all the EV charging companies that our products support,” said Beam Global CEO Desmond Wheatley. “There is a fantastic culture fit between our San Diego and Chicago teams with lots of productive and enthusiastic work already being done to improve our products. I expect the cost reduction, product development, and increased barrier to entry impacts to be significant as a result of this transaction and I am more excited than ever when I consider Beam Global’s future.”
Beam Global corporate headquarters remain in San Diego and Beam Global’s AllCell™ energy storage business unit will continue to operate in Broadview, Illinois. Producing Made-In-America IP and products, creating clean technology jobs for Americans and focusing on a cleaner more sustainable future, the combination contributes to progress as the U.S. rebuilds its manufacturing foundation and leadership in energy and transportation.
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.
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 proposed acquisition, its expected benefits, the acquisition’s anticipated timing, 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. There can be no assurances that the proposed acquisition of AllCell will be completed. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.