PVTIME – 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.
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