Beam Middle East Joint Venture
Beam Global established a joint venture with the Platinum Group in the Middle East, opening new offices in Abu Dhabi. This partnership is structured such that Beam Global will be reimbursed for all pre-profit costs from the first profits, creating a promising growth opportunity in the region.
Expansion into New Markets
Beam Global is expanding its product lines and geographic reach, including increased revenues from commercial customers and significant contributions from Beam Europe, which provided 40% of Q3 revenues.
Growth in Energy Storage Systems
The energy storage systems business saw a 21% increase, largely driven by new customers seeking challenging battery solutions, demonstrating Beam Global's ability to deliver differentiated products.
New Product Development
Development of BeamFlight for drones and autonomous vehicles, and BeamWell for desalination and energy solutions, showcasing innovation in product offerings.