Beam Global signs letter of intent to acquire European drone company

Beam Global (NASDAQ: BEEM) has signed a non-binding Letter of Intent to acquire a vertically integrated European drone technology company that develops, manufactures, and sells drones and proprietary AI-enhanced drone software products, according to a company statement.

If completed, Beam Global plans to manufacture the acquired drones at its existing facilities in the U.S. and Europe. The company said its current factories and engineering teams are positioned to begin manufacturing without significant additional capital investment.

The target company has received Conditional Approval from the U.S. Department of War for one of its drone products, and the product has been exempted by the FCC from its Covered List, allowing it to be sold in the U.S. The approval remains subject to compliance with a U.S. onshoring plan and updated government vetting.

Beam Global noted that its existing customers include the U.S. Army, U.S. Marine Corps, the U.S. Navy, and the British Ministry of Defence, as well as commercial clients in oil and gas, maritime, agriculture, and mining.

The company also cited a June 6, 2025, executive order signed by President Trump directing federal agencies to prioritize U.S.-manufactured unmanned aircraft systems over foreign-manufactured alternatives.

Beam Global said it has manufactured battery systems for drone platforms for ten years and believes that adding an airframe and software platform could position it as the only vertically integrated U.S. drone manufacturer that also produces its own batteries.

"This planned acquisition will be, in my view, one of the most significant strategic advances in our company's history," said Desmond Wheatley, CEO of Beam Global.

The proposed acquisition remains subject to due diligence, negotiation of definitive agreements, and other customary closing conditions. There is no assurance the transaction will be completed on the contemplated terms or at all.

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