Beam Global
The Geci Group will distribute 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 transportation electrification and energy security, has signed its first distribution agreement for the European market. Geci Group SA, a leading 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 marks just the beginning of our strategic expansion of sales resources into international markets, particularly in Europe, the largest market in the world for our products. I am extremely enthusiastic about this new initiative to double the efforts of our in-house sales team with a high-quality organization well positioned in our target markets,” said Desmond Wheatley, CEO of Beam Global. “Geci Group is a perfect example of an organization we are now integrating into our model. The company has a strong track record of selling and servicing complex systems in the transportation and energy sectors, including EV, ports, aviation, EVTOL and military, and has deep relationships with the prospective customers who purchase our products.”
“We have been following Beam Global for several years, evaluating the business opportunities of their patented products in the Spanish, Portuguese and Caribbean markets. Rapid deployment, scalability, reliability and low total cost of ownership are crucial attributes for EV charging and energy security infrastructure. Beam offers a wide range of solutions to these challenges and we look forward to bringing these benefits to our existing and future customers,” said Armando Salvador, Vice President and General Manager of Geci Group. “During our due diligence, we visited Beam's factories in the US and Serbia and observed their products in operation in the field. We are convinced that Beam's capabilities will play a key role in the electrification of transportation and clean, safe electricity supply in the markets we cover. We look forward to growing together as we target these enormous opportunities.”
Historically, Beam Global has sold through its in-house sales team. As part of the company's expansion plans in Europe and the Americas, it is adding more routes to market by integrating outsourced distributors and agents not directly employed by Beam Global. Geci Group is the first company to sign a deal and the company is in the process of certifying others.
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Market Overview (Spain)
200,000 electric cars on the roads
Electric vehicle sales are expected to account for around 10% of total auto sales in 2023, with annual growth rate remaining stable at 30%.
The electric vehicle charging market is valued at $168 million in 2023 and is projected to reach $1.2 billion by 2030, growing at a CAGR of 28.3% from 2023 to 2030.
Major players include Iberdrola, Endesa and Repsol, as well as international companies such as Tesla and Ionity.
Market Overview (Portugal)
80,000 electric cars on the road
Electric vehicle sales account for about 15% of total auto sales and are growing at an annual rate of about 35%.
The electric vehicle charging market is expected to be valued at $60 million in 2023, with a projected market growth rate of 30% over the next decade.
About Beam Global
Beam Global is a clean technology innovator developing and manufacturing sustainable infrastructure products and technologies. The company operates at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployable and scalable EV charging solutions, secure energy storage and critical energy security. With operations in the United States and Europe, Beam Global develops, patents, designs, engineers and manufactures unique, advanced clean technology solutions that power transportation, safely power, save time and money, and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has an extensive 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 for civil and military services. The company has been based in Spain since 1983 and has evolved over the years with significant expansions, broadening its areas of service and its presence worldwide. With 40 years of experience, GECI works as a prime contractor for several long-term strategic partners. GECI's engineering expertise spans projects in the civil works, communications, transportation and electrical and electronics sectors. The company also has a strong strength in logistics activities with scheduled deliveries and limited-life material supplies.
Forward-Looking Statements
This Beam Global press release may contain forward-looking statements. All statements in this press release other than statements of historical fact are forward-looking statements. Forward-looking statements generally are accompanied by terms or phrases such as “estimate,” “plan,” “anticipate,” “believe,” “expect,” “project,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words or similar expressions that convey uncertainty of future events or outcomes. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause Beam Global's actual results to differ materially from these forward-looking statements. Except as required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
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