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$Beam Global (BEEM.US)$ Dow Jones· 6 mins ago
Beam Global Closes Acquisition of Europe Based Telcom
Acquisition Brings New Customers, Revenues, Margins and Power Electronics Expertise
SAN DIEGO, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM) ("Beam Global" or the "Company"), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced the closing of the acquisition of Telcom, a European based company located in Belgrade ("Telcom"), which since 1990 engineers and manufacturers specialized power electronics including invertors, charge controllers, power supplies and LED lighting.
Acquisition Expands Market Reach and Product Development while Providing Vital Power Electronics Expertise
Beam Global expects that the acquisition of Telcom will enable the Company to enhance its products, improve quality, reduce warranty and service requirements, and reduce costs through the replacement of third-party power electronic components with Beam Global engineered and manufactured solutions.
The Company believes that Beam Global's current and future suite of products, which currently rely upon power electronic components provided by outside vendors, will be enhanced by the replacement of those components with proprietary and tailored solutions which we believe will cost less, be more effective and which will reduce future warranty and service costs. Telcom, now Beam Europe's power electronics team, will be tasked with creating bespoke solutions to replace third-party products enabling Beam Global to retain margin and create products with lower failure rates which are better suited for the unique attributes of Beam's patented product portfolio.
Beam Global Closes Acquisition of Europe Based Telcom
Acquisition Brings New Customers, Revenues, Margins and Power Electronics Expertise
SAN DIEGO, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM) ("Beam Global" or the "Company"), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, announced the closing of the acquisition of Telcom, a European based company located in Belgrade ("Telcom"), which since 1990 engineers and manufacturers specialized power electronics including invertors, charge controllers, power supplies and LED lighting.
Acquisition Expands Market Reach and Product Development while Providing Vital Power Electronics Expertise
Beam Global expects that the acquisition of Telcom will enable the Company to enhance its products, improve quality, reduce warranty and service requirements, and reduce costs through the replacement of third-party power electronic components with Beam Global engineered and manufactured solutions.
The Company believes that Beam Global's current and future suite of products, which currently rely upon power electronic components provided by outside vendors, will be enhanced by the replacement of those components with proprietary and tailored solutions which we believe will cost less, be more effective and which will reduce future warranty and service costs. Telcom, now Beam Europe's power electronics team, will be tasked with creating bespoke solutions to replace third-party products enabling Beam Global to retain margin and create products with lower failure rates which are better suited for the unique attributes of Beam's patented product portfolio.
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