Why Is Beam Global Stock Soaring On Thursday?
Beam Global (NASDAQ:BEEM), a leader in sustainable infrastructure solutions for transportation and energy security, announced Thursday a strategic partnership with Platinum Group UAE to form a joint venture called Beam Middle East LLC.
The venture will focus on manufacturing and selling Beam Global’s technologies for electric vehicle (EV) charging, energy storage, and smart city solutions across the Middle East and Africa.
Headquartered in Masdar City, Abu Dhabi, the partnership leverages Platinum Group’s strong connections with government and industry leaders in the region. This collaboration aims to tap into the projected $75.6 billion sustainable infrastructure market by 2030.
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Desmond Wheatley, CEO of Beam Global, highlighted the importance of Platinum Group’s influence in accelerating growth in the region’s rapidly expanding EV market.
Dr. Ali Nasser Sultan Al Yahbouni Al Daheri, CEO of Platinum Group UAE, emphasized that Beam Global’s clean energy solutions align well with the Gulf region’s focus on sustainable technologies.
The joint venture, a 50/50 partnership, will also establish a regional manufacturing facility in Masdar City, leveraging the UAE’s push toward sustainable development. The collaboration is set to meet the region’s growing demand for renewable energy and electric vehicles.
Price Action: BEEM shares are trading higher by 19.4% at $1.839 premarket at last check Thursday.
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