Beam Global, a provider of sustainable products and technologies in the electric vehicle (EV) charging space, has confirmed the successful acquisition of European firm Amiga DOO Kraljevo (“Amiga”). Amiga, renowned for its expertise in producing structures and equipment for energy and communication infrastructures, will soon adopt the new name, “Beam Europe.”
Why It Matters
This strategic move signals Beam Global’s foray into the European market, leveraging Amiga’s extensive capabilities in serving municipalities and commercial entities across 16 countries. The integration is poised to enhance Beam Global’s position in the green economy, bolstering its commitment to energy storage, outdoor media, and energy security solutions.
Key Points
- EU Transition to Clean Energy: The European Union is transitioning to zero-emission vehicles by 2035 and aiming for a net-zero energy infrastructure by 2050.
- Focus on Renewable Sources: Events like the Ukraine conflict have sharpened the EU’s emphasis on energy security and reliance on indigenous renewable sources.
- Infrastructure Challenges: Europe’s older streets and infrastructures present challenges for grid-tied EV solutions, making Beam Global’s off-grid products, which demand no construction or electrical work, particularly appealing.
- Barriers for Competitors: Beam Global believes this acquisition will elevate the entry barriers for potential competitors.
Bottom Line
Desmond Wheatley, Beam Global’s CEO, emphasized the meticulous eleven-month process that culminated in this acquisition. He expressed confidence in Beam Europe’s potential, noting their 30-year track record in serving 16 nations and their readiness to meet the increasing demands for EV charging infrastructure.
Amiga, established in 1990, boasts around 210 employees and is renowned as one of Europe’s top street light manufacturers. With Amiga’s integration, Beam Global anticipates quicker product development cycles without increasing its U.S. engineering workforce.
Highlighting the potential, Amiga posted revenues exceeding EUR 8.5M in 2022, with positive cash flow trajectories. Beam Global envisions significant growth, capitalizing on Europe’s commitment to green initiatives and its vast vehicle market, which outpaces even the U.S. and China.
