Beam Global and Platinum Group UAE create Beam Middle East joint venture

Beam Global (BEEM) has entered into a joint venture agreement with the Platinum Group, based in the United Arab Emirates, or UAE. Beam Global and the Platinum Group will form a new entity, Beam Middle East, which will sell and manufacture Beam Global’s patented sustainable infrastructure solutions for transportation electrification, energy storage, energy security, and smart city development across the Middle East and African regions. This joint venture opens new markets creating opportunities outside the U.S. Beam Global, Beam Europe, and now Beam Middle East will each sell and manufacture the company’s full portfolio of patented sustainable technology solutions. Middle East market overview across five markets – UAE, Saudi Arabia, Qatar, Oman, and Jordan -, with addressable revenue which could reach $516.5M by 2030. BeamBike units could represent a $245.0M revenue opportunity in the region by 2030. The UAE eBike market is projected to reach $443.8M by 2030. Beam Middle East LLC will be a 50/50 joint venture between Beam Global and Platinum Group UAE, incorporated in Abu Dhabi. Beam Global will license its proprietary technologies to the joint venture and support it. Platinum Group will leverage its existing relationships, coordinate local sales, provide business development professionals, and establish manufacturing capabilities. Beam Middle East will be headquartered in Masdar City in Abu Dhabi, the capital of the UAE.