Amiga is an established manufacturer of specialised 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.
Beam Global expects that the acquisition of Amiga will fast track its growth into the European market. This market offers excellent opportunities for its 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
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 energised and do not rely on the utility grid for electricity. 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 US 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 energised 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 US 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 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 to market both in Europe and the US 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 US.
Amiga reported over 8.5 million euros 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 US 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.
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