NEW YORK, Oct. 23, 2019
/PRNewswire/ -- Ideanomics' (NASDAQ: IDEX) ("Ideanomics" or
the "Company"), Mobile Energy Group (MEG) is pleased to
announce new activities in the heavy truck category of Electric
Vehicles (EV), as part of an ongoing effort to identify commercial
vehicle activities where significant pollution reduction can be
achieved by eliminating fossil fuels. In addition to the
environmental considerations, EV heavy trucks offer additional
benefits such as reduced cost of ownership, as well as labor cost
savings and increased safety by providing autonomous piloting in
closed working environments. Ideanomics' MEG, in conjunction with
leading battery technology partners, and other associated MEG
partners, has recently invested significant time in the heavy truck
category, resulting in successful testing of the EV concept in a
number of mines.
"After in-depth conversation and research, conducted by MEG and
our partners, with two of China's
leading mining provinces, Inner Mongolia and Yunnan, we have determined that they have a
combined sales target for heavy trucks and the required batteries
of approximately US$14 Billion
(RMB100 Billion) over the next three
years. This is exactly the type of market at scale that our MEG
group brings for the benefit of our shareholders and consortium
partners," said Dr. Bruno Wu,
Chairman of Ideanomics.
The diesel-powered truck is the backbone of heavy commerce, and
despite regulations to reduce emissions in Europe, North
America, and Japan since
the mid-2000s, it has continued to be a significant contributor to
fossil fuel emissions in the transportation sector. Despite heavy
investment and some technological advancement, the development of
low-emission and efficient diesel engines for heavy industry has
proved elusive. In contrast, the rapid advancement of battery
technology for commercial trucks means there is now a viable clean
energy alternative to the diesel engine which can meet the rigors
and demands of the heavy truck sector.
"Closed work environments, such as mining, shipping ports, and
airports, are an interesting market sector for MEG, due to their
uniqueness, size, and scale. Strategic planning discussions with
several provinces has revealed an opportunity that MEG is perfectly
positioned for in terms of servicing heavy truck fleet operators,
whether state-owned or private. If you combine the efficiency of
charging and the reduced maintenance overhead of EV heavy trucks,
it's a compelling financial proposition versus the current
refueling and maintenance costs of their combustion engine
counterparts. These types of benefits, coupled with our innovative
financing programs for both truck and battery, means significant
savings for heavy truck fleet operators – even before consideration
of environmental factors for the rural environments where mining
and other heavy industry takes place. We anticipate our heavy truck
activities to begin in Q2 of 2020 and, in the meantime, we will be
working with our partners to develop and deploy the heavy truck
program in such a way that it allows MEG and our partners to repeat
the success of this new division in other provinces and outside of
China," said Alf Poor, CEO of Ideanomics.
Ideanomics' majority-owned MEG group will continue to expand
globally through regional activities and partner programs which
deliver the size and scale required to meet our near and long-term
objectives. MEG's operations focus on heavy trucks, logistics
vehicles, city buses, tour buses, taxis, municipal vehicles, and
other commercial vehicle activities where we are capable of
servicing the large-scale procurement, financing, and energy needs
of our clients. The MEG group's entry point for commercial EV
enablement is its innovative S2F2C (Sales-to-Financing-to-Charging)
model, in addition to its plans to develop commercial electrical
energy purchasing solutions for large-scale fleet operators to help
manage energy costs.
About Ideanomics
Ideanomics is a global Financial
Technology (Fintech) company for transformative industries.
Ideanomics combines deal origination and enablement with the
application of technologies such as artificial intelligence,
blockchain, and others as part of the next- generation of smart
financial services. Our projects in New Energy Vehicle markets,
Fintech, and advisory services provide our customers and partners
better efficiencies, technologies, and access to global
markets.
Ideanomics, through its investments, along with its partners
curate innovation around the globe through hubs and centers that
foster a pipeline of technological excellence in cleantech,
fintech, tradetech, agritech, regtech, insuretech, playtech,
healthtech, cyber security, and more.
The company is headquartered in New
York, NY, and has offices in Beijing, China. It also has a planned global
center for Technology and Innovation in West Hartford, CT, named Fintech Village.
Safe Harbor Statement
This press release contains
certain statements that may include "forward looking statements".
All statements other than statements of historical fact included
herein are "forward-looking statements." These forward-looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions,
involve known and unknown risks and uncertainties, and include
statements regarding our intention to transition our business model
to become a next-generation financial technology company, our
business strategy and planned product offerings, our intention to
phase out our oil trading and consumer electronics businesses, and
potential future financial results. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of risks and uncertainties, such as risks related to: our
ability to continue as a going concern; our ability to raise
additional financing to meet our business requirements; the
transformation of our business model; fluctuations in our operating
results; strain to our personnel management, financial systems and
other resources as we grow our business; our ability to attract and
retain key employees and senior management; competitive pressure;
our international operations; and other risks and uncertainties
disclosed under the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent Form 10-K and Form 10-Q
filed with the Securities and Exchange Commission, and similar
disclosures in subsequent reports filed with the SEC, which are
available on the SEC website at www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these risk
factors. Other than as required under the securities laws, the
Company does not assume a duty to update these
forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New
York 10006
Email: ir@ideanomics.com
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