Beam Global To Enter Ethiopian Market: Appoints Agent Partner for Africa’s First Off-Grid Renewably Energized EV Charging and Energy Resiliency Infrastructure
Rhea-AI Summary
Beam Global (Nasdaq: BEEM) has announced its entry into the Ethiopian market, marking its first move to support Africa's electrification efforts. The company has appointed Princess Leila Bon Abajobir Abajifar and Princess Zyeneb Abajobir Abajifar as agent partners to assist in entering Ethiopia and broader African markets. This strategic move aligns with Ethiopia's recent ban on importing internal combustion engine vehicles and its rapid adoption of EVs, which has already met a 10-year target of 148,000 EVs in just two years.
Beam Global aims to provide innovative and sustainable infrastructure solutions for transportation electrification and energy security in Ethiopia. The company is pursuing a collaborative partnership with the Ethiopian government to encourage investment in off-grid infrastructure and support EV market growth. Beam Global's solutions, which have been successful in 17 nations worldwide, are expected to help meet Ethiopia's growing EV needs, reduce fossil fuel reliance, and enhance energy security.
Positive
- Entry into the Ethiopian market, potentially opening up opportunities in the broader African market
- Partnership with influential agent partners who have direct access to government decision-makers
- Alignment with Ethiopia's rapid EV adoption, which has already met a 10-year target in just two years
- Potential for significant market growth in Africa, with a population of 1.3 billion and fast-growing economy
Negative
- None.
News Market Reaction
On the day this news was published, BEEM declined 1.72%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN DIEGO, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced Beam Global and the company’s products will be introduced in Ethiopia as a first move to support the African continent and serve the esteemed Ethiopian government in its progressive efforts to electrify transportation and build a more sustainable and adaptable energy infrastructure.
The Government of Ethiopia (GOE) recently became the first country to ban and prohibit import of both new and used internal combustion engine vehicles, including gas and diesel, as part of its shift to a green economy. According to the GOE, the number of EVs in the country will more than quadruple by 2032. The adoption of EVs in Ethiopia is rapidly growing and outpacing set goals, and earlier this year the country met its 10-year target goal of 148,000 EVs on the road in just two years.
Beam Global has entered into an agreement with Princess Leila Bon Abajobir Abajifar and Princess Zyeneb Abajobir Abajifar as agent partners who, through their extensive network of notable contacts, will assist the company to enter Ethiopia and the broader African markets. As descendants of King Abajifar of Ethiopia, Leila Bon Abajobir Abajifar and Zyeneb Abajobir Abajifar both inherit the title of princess. They have distinguished and extensive business careers and have direct access to privileged networks and decision-makers within the Ethiopian federal government and among key figures in various Sub-Saharan African countries.
“We are honored to have Princess Leila Bon-Abajobir Abajifar and Princess Zyeneb Abajobir Abajifar, with whom our European team have a long-standing successful relationship, serve as advocates for Beam Global in Ethiopia,” said Desmond Wheatley, CEO of Beam Global.” "In the U.S., we have clear evidence that democratizing access to clean energy and transportation has a profound, leveling impact on society, delivering opportunities and economic benefits that would be impossible to realize without such effort, and we aim to help create the same benefits in Ethiopia and across Africa.”
“With a population of 1.3 billion people, Africa rivals the largest markets in the world for electrification of transportation and is also the second fastest growing economic region in the world. At the same time, the existing infrastructure is not able to provide for the needs of an increasingly mobile and economically active population,” said Princess Leila Bon Abajobir Abajifar. “We believe that Africans will leapfrog to electrified transportation and industry with distributed infrastructure like Beam Global’s just as they did when adopting mobile phones without ever building extensive wired networks. We believe that Beam Global can play a significant role in that transition which is why are delighted to introduce the company and its products to our network of influential officials and business owners.”
Beam Global is pursuing a collaborative partnership with the Ethiopian government and the creation of a framework that encourages investment in off-grid infrastructure and supports the growth of a robust EV market. The proposed mutually beneficial partnership would focus on bringing Beam Global’s innovative solutions to market in Ethiopia to accelerate the company’s introduction into the African market and support Ethiopia’s transition to a renewably energized, electrified transportation sector. Beam Global already has success with U.S federal, state and municipal governments as well as with government and corporate entities in 17 nations worldwide.
Beam Global’s tried and trusted solutions can be rapidly deployed to meet Ethiopia's growing number of EVs, reduce the country’s reliance on fossil fuels and satisfy safe energy storage and vital energy security needs.
About Beam Global
Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).
Forward-Looking Statements
This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global's actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.
FAQ
What is Beam Global's strategy for entering the Ethiopian market?
How does Beam Global's entry into Ethiopia align with the country's EV goals?
What products or services will Beam Global (BEEM) offer in Ethiopia?
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