Beam Global Completes Due Diligence and Negotiations and Signs Agreement to Acquire Europe Based Amiga
Beam Global, a leading provider of sustainable products and technologies for electric vehicle charging, energy storage, energy security, and outdoor media, has announced its acquisition of Amiga DOO Kraljevo, a Europe-based manufacturer of specialized structures and equipment. The transaction, valued at approximately €10 million, is expected to close in early Q4 2023.
Amiga, founded in 1990, has established itself as a prominent manufacturer of streetlights, communications, and energy infrastructure. With approximately 210 employees, the company’s engineering, product development, and manufacturing capabilities align perfectly with Beam Global’s vision for the European market. Following the acquisition, Amiga will be rebranded as Beam Europe.
The strategic rationale behind this acquisition is clear. Beam Global aims to fast-track its growth in the European market, which offers excellent opportunities for its innovative, off-grid, and renewable energy solutions. With the European automotive market being larger than China or the U.S., and Europe’s commitment to sustainability and electrification, Beam Global sees immense potential for its products in this region.
Desmond Wheatley, CEO of Beam Global, expressed his excitement about the acquisition, stating, “Amiga is a perfect fit for us because they have the skills, capabilities, and factory facilities required to manufacture our products. We should gain immediate credibility and access to qualified prospects in 16 countries internationally.” Wheatley believes that Amiga’s engineering and production teams are well-suited to develop and produce Beam Global’s patented EV Standard product, which he anticipates will become a major seller in both the U.S. and Europe.
Europe’s commitment to reaching net-zero emissions from energy infrastructure by 2050 further solidifies the potential for Beam Global’s expansion in this market. With approximately 405 million cars in Europe, compared to 290 million in the U.S. and 319 million in China, the demand for sustainable EV charging infrastructure is expected to soar.
The acquisition of Amiga will not only enable Beam Global to tap into the European market but also increase barriers to entry for potential competitors. By combining Amiga’s established customer base and manufacturing capabilities with Beam Global’s suite of clean-tech products, the company is poised for significant growth.
Beam Global’s mission is to lead the world to clean mobility, and this acquisition marks a significant step towards achieving that goal. With their innovative and sustainable solutions, Beam Global is well-positioned to make a positive impact on the environment, save customers time and money, and empower communities. As the company expands its presence globally, it continues to develop and manufacture Made-in-America products that prioritize clean mobility.
For more information about Beam Global and its range of sustainable products and technologies, visit their website at BeamForAll.com.