AllCell Technologies, a local battery technology firm, is being scooped up by Beam Global, a publicly traded clean-tech company that makes charging stations for electric vehicles.
Beam (NASDAQ: BEEM) said Wednesday that it's buying Chicago-based AllCell, a company that makes safer lithium-ion batteries, in an all-stock deal. The acquisition, expected to close March 1, could be worth up to $30 million based on performance earn outs, according to Bloomberg.
AllCell, founded in 2001, makes small, lightweight and long-lasting lithium-ion batteries for a range of industries, including aerospace, defense, automotive and robotics. It has supplied its battery technology to Beam for the last decade.
San Diego-based Beam says the deal will help it reduce material costs and increase revenue. Beam's customers include car makers like Cadillac and Honda, as well as several U.S. cities that rely on its electric vehicle changing stations.
The AllCell team and manufacturing facility will remain in Broadview, Illinois, and Beam says it plans to expand AllCell's battery manufacturing in California. Beam said it will also look at expanding its product manufacturing in the Midwest.
AllCell, founded by by Said Al-Hallaj, was a tech-transfer company from Illinois Tech and was funded by the U.S. Army to develop power packs for the "Soldier of Future Program." It participated in Shell's clean-tech accelerator program in 2019.
