Beam Global Signs Definitive Agreement to Acquire Drone Technology Company ScoutDI, Creating a Vertically Integrated U.S. Drone Platform for Industrial and Defense Markets

Desmond Wheatley, Chairman and CEO of Beam Global

“The ScoutDI acquisition will be a highly advantageous evolution of our current business, as ScoutDI already has an established global drone and software business with impressive margins and recurring revenues, serving Fortune Global 500 and other significant companies. Furthermore, the ScoutDI technology lends itself to many other applications and opportunities for both enterprise and government customers, which we intend to vigorously pursue through our global network. I am confident that both the existing and future opportunities will create significant new growth avenues for us”

Desmond Wheatley, Chairman and CEO of Beam Global

“ScoutDI’s Conditional Approval from the U.S. Department of Defense enables its approved drone systems to be marketed in the U.S. We believe our U.S. factories and skilled team are well positioned to deliver the domestic manufacturing that the approval requires without material increases in capital or operating expenditure, while our European facilities, combined with ScoutDI’s, will cover Europe and the Middle East.”

Desmond Wheatley, Chairman and CEO of Beam Global

“We currently produce batteries for drones, robots, submersibles and other similar devices which we believe creates a significant differentiator and allows Beam to become what may be the only vertically integrated drone manufacturer in the U.S. that also produces its own batteries. Our patented BeamFlight™ technology, which enables remote recharging of drones without construction or grid infrastructure, adds a further layer of differentiation. We have built a technology platform with global manufacturing and engineering capabilities focused on energy, mobility and intelligence, and we believe Beam has the potential to become a leader in the drone industry because of our depth of experience in developing and manufacturing complex, patented technology solutions for mobility, energy and smart city infrastructure and selling them to exactly the sort of customers who we believe will value the new products and technology we are gaining through this acquisition. I am also very happy to welcome ScoutDI’s leading shareholders, who are all highly respected entities, to the Beam Global shareholder family”

Nicolai Husteli, CEO of ScoutDI

“Joining Beam is an exciting next step for ScoutDI. Our customers already rely on our products to inspect confined spaces that are dangerous and costly to enter, and Beam brings the U.S. manufacturing, global footprint, and energy expertise to scale that much faster. Manufacturing in the U.S. is the key to the U.S. commercial, government and defense markets, and together we can take our technology to a far larger customer base. We have long believed that there are many other industries and applications to which our technology, and some of the exciting advances we are developing in our technology pipeline, like fully autonomous operations, can bring value, and we plan to take advantage of Beam’s global footprint and relationships to create growth in new markets for our products. We look forward to becoming an integral part of Beam and to demonstrating our combined value to shareholders and customers alike”