Beam Global Granted European Patent for Thermal Management Technology that Makes Lithium-ion Batteries Safer
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Insights
The grant of a new patent by the European Patent Office for Beam Global’s battery safety technology represents a strategic advancement in the company's intellectual property portfolio. This development is particularly significant given the context of the growing global electric vehicle (EV) market, where safety and efficiency are paramount. Beam Global's focus on battery safety and thermal management aligns with industry trends emphasizing the importance of reliable and secure energy solutions within the electrification of transportation.
The patent for the Thermal State of Charge Estimation system could potentially provide Beam Global with a competitive edge, as it addresses the critical issue of thermal runaway propagation—a common safety concern in battery technology. By enhancing the safety profile of lithium nickel manganese cobalt oxide (NMC) batteries, which hold a substantial market share, Beam Global may see increased demand for its technology, particularly as the company pursues international expansion. The impact on the business could manifest in the form of new partnerships, licensing agreements, or increased market penetration, especially in regions with stringent safety regulations.
From a financial perspective, the announcement of a new patent in the European Union, coupled with existing patents in other major markets like the US, China and India, could be indicative of potential revenue growth for Beam Global. Intellectual property rights are a critical asset that can lead to monetization opportunities through licensing agreements or direct sales. Furthermore, the company's positioning in a high-growth sector—EVs and related infrastructure—bodes well for its long-term financial outlook.
The reported increase in global EV sales, with a 69% surge in January 2024 compared to the previous year, suggests a robust market demand. Beam Global's patented technology could capture a significant share of this expanding market, translating to an upward trajectory in stock valuation. Investors may view this patent grant as a positive signal for future earnings, especially if Beam Global can leverage its technology to secure a foothold in the dominant NMC battery segment.
The acquisition of a patent within the European Union is a complex legal accomplishment that not only serves to protect Beam Global’s proprietary technology but also enhances its legal standing in potential disputes over intellectual property. The ability to defend against infringement is crucial, particularly in the competitive landscape of battery technology. The patent also serves as a barrier to entry for competitors, potentially reducing market saturation and maintaining a higher market share for Beam Global's products.
Moreover, the legal protection afforded by the patent in multiple jurisdictions underlines the company's commitment to safeguarding its innovations. This could reassure investors and partners of the company's proactive measures in mitigating risks associated with intellectual property theft or unauthorized use, especially in countries where such risks are considered higher.
SAN DIEGO, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, has been granted another new patent by the European Patent Office that covers the Company’s battery safety technology, with the patent title Thermal State of Charge Estimation of Phase Change Material (PCM) in a Battery Pack with a PCM Thermal Management System.
The European Patent Office granted European Patent No. EP 3 596 774 B1 for Beam Global’s smart battery management system (BMS) that monitors thermal storage capacity of Beam Global’s proprietary phase change composite (PCC™) material and automatically adjusts the power output of the battery packs and cells as a function of the PCC™ thermal storage capacity to ensure a predetermined safe temperature limit.
“Battery safety is our number one priority at Beam Global. We now have various patents covering our battery technology and innovations in the US, China, the European Union, France, Germany and India,” said Desmond Wheatley, Beam Global’s CEO. “Our ability to deliver superior safety with technology that can mitigate thermal runaway propagation is making batteries safer across the many modes of transportation and automation that are electrifying, creating a significant differentiating advantage for us. Protecting this and all our other valuable IP in China, India and Europe is important particularly as we expand internationally.
According to the International Energy Agency, in 2022, lithium nickel manganese cobalt oxide (NMC) remained the dominant battery chemistry with a market share of
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 symbols BEEM and BEEMW. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).
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