Beam Global Signs First European Distribution Agreement
Geci Group will sell Beam Global Products in Spain, Portugal and the Spanish Speaking Caribbean
SAN DIEGO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, has signed the first distribution agreement for the European market. Geci Group S.A., a dominant manufacturer, supplier and integrator of transportation infrastructure, will market, sell, service and support Beam Global products in Spain, Portugal and the Spanish speaking Caribbean.
“This first distribution agreement is just the beginning of our strategic expansion of sales resources into international markets, especially Europe - the largest in the world for our products. I’m very enthusiastic about this new initiative of having quality organizations, who are well positioned within our target markets, multiplying our internal sales team’s efforts,” said Desmond Wheatley, CEO of Beam Global. “Geci Group is a perfect example of the sort of organizations that we are currently integrating into our model. They have an excellent track record of selling and maintaining complex systems within the transportation and energy sectors, including EVs, ports, aviation and EVTOLs and the military, and they also have deep relationships with the sorts of customer prospects who buy our products.”
“We have been following Beam Global for several years and have been testing the markets in Spain, Portugal and the Caribbean to assess the opportunity for their patented products. Rapid deployment, scalability, reliability, and low total cost of ownership are extremely important attributes for EV charging and energy security infrastructure. Beam provides a broad set of solutions for these challenges, and we are looking forward to delivering these benefits to our existing and prospective customers,” said Armando Salvador, Vice President and General Manager of Geci Group. “During our due diligence we visited Beam’s factories in the United States and Serbia and observed the products operating in the field. We are confident that Beam’s capabilities will play an important role in the electrification of transportation and delivery of clean and secure supplies of electricity in the markets we cover. We look forward to growing together, targeting these very large opportunities.”
Beam Global has, until now, made sales through an internal sales team. As part of the Company’s expansion plans in Europe and the Americas it is adding additional routes to market through the integration of outsourced distributors and agents who are not directly employed by Beam Global. Geci Group is the first such entity under contract and the Company is in the process of qualifying others.
Market overview (SPAIN)
- 200,000 Electric Vehicles on the road
- Electric vehicles sales represented about 10% of the total vehicle sales in 2023, with a steady annual growth rate of 30%
- The Electric vehicle charging market was valued at $168 million in 2023 and is predicted to reach $1.2 billion by 2030, with a CAGR of 28.3% from 2023 to 2030
- Key players include Iberdrola, Endesa, and Repsol, alongside several international companies like Tesla and Ionity
Market overview (PORTUGAL)
- 80,000 electric vehicles on the road
- Electric vehicle sales represent about 15% of total vehicle sales, with an annual growth rate of about 35%
- The electric vehicle charging market was valued at $60 million in 2023 and the projected market growth is a CAGR of 30% over the next ten years.
About Beam Global
Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).
About GECI Group
GECI Group is a global think-tank, technology and engineering solutions provider focused on the transportation, energy and infrastructure sectors in civil and military services. The company is Spanish based since 1983 and has evolved over the years through a significant expansion widening our field of services and presence across the entire world. With 40 years of experience, GECI works as a key contractor for several long-term strategic partners. GECI’s engineering expertise spans projects in civil works, telecommunications, transport, electric and electronics sectors. The corporation also has deep strength in logistics activity with scheduled deliveries and limited life material supply.
Forward-Looking Statements
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 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. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
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