Beam Global signs agreement to acquire EU drone technology company

• Beam Global (NASDAQ:BEEM) signed a non-binding Letter of Intent to acquire a vertically integrated European drone technology company.
• The potential acquisition would expand Beam’s business into drone manufacturing and AI-enhanced drone software.
• The transaction remains subject to due diligence, definitive agreements and customary closing conditions.

Beam Global (NASDAQ:BEEM) announced that it has entered into a non-binding Letter of Intent to acquire a European drone technology company specializing in drone development, manufacturing and AI-enhanced drone software.

If completed, the transaction would expand Beam Global’s operations into the drone and autonomous technology markets, creating a vertically integrated platform combining hardware manufacturing and software capabilities.

Beam said the target company already sells drones internationally, including to Fortune Global 500 customers, and has developed drone technology with Conditional Approval from the U.S. Department of War and an FCC Covered List exemption, subject to U.S. onshoring requirements and updated government vetting.

The potential combination would allow Beam to use its existing U.S. and European manufacturing facilities to produce drones and distribute both hardware and software solutions through its global customer network.

Beam plans to integrate the acquisition target’s drone technology with its existing capabilities, including drone battery manufacturing, patented BeamFlight™ remote recharging technology and relationships with military, government and commercial customers.

The company said the transaction remains subject to completion of due diligence, negotiation and execution of definitive agreements, regulatory considerations and other customary closing conditions.

Beam noted that there is no assurance that the proposed acquisition will be completed.