NEW YORK, Nov. 26, 2019 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced
an exclusive agreement with Yunnan Energy to establish a joint
venture to promote Electric Vehicle (EV) enablement within the
Province, and into South East Asia
through the province's designation as China's 'belt and road' partner.
The agreement provides for the establishment of a joint venture
between Ideanomics and Yunnan Energy Investment Group Co., Ltd., a
state-owned entity currently ranked as 219 in China's top 500 enterprises of 2019. The joint
venture will exclusively promote the adoption of EV heavy trucks in
the mining-centric province, as well as for Buses, Logistic
Vehicles, and Taxis, as part of Ideanomics' MEG division's S2F2C
(Sales-to-Financing-to-Charging) program. The JV anticipates
leading the China market in this
area, and extending its capabilities in China beyond Yunnan province, as well as into the ASEAN
region, where Yunnan is the
official "belt and road" sponsor and where Ideanomics has an
interest in Malaysia's EV
manufacturer Treeletrik.
Additionally, the parties will establish a development fund with
resources from Yunnan province
with two key objectives: 1) EV acquisition to include an
operational company for the benefit of the leasor; and 2)
Investment into cleantech mobile energy related projects identified
by the joint venture, including investment into the construction
and management of power grid infrastructure in South Asia and South
East Asia to deliver the fast-charging and energy storage
solutions required to support the EV industry.
"Yunnan province is an
important keystone province, due to its extensive mining activities
and its position as the sponsor for China's Belt and Road activities in
South East Asia. This agreement,
an extension to our recently announced Taxi deal, brings together
Ideanomics' MEG division and Yunnan province with a shared objective of
enabling commercial EV at scale in China and the ASEAN region," said Alf Poor, CEO of Ideanomics. "Together with the
team at Yunnan Energy, we have developed objectives to
significantly accelerate commercial EV adoption in China and South East
Asia, and to invest in technologies and operating companies
that make clean mobile energy a viable proposition."
Ideanomics will begin cooperation with Yunnan Energy immediately
and expects to have its joint venture operational in early 2020.
Yunnan Energy and MEG will provide the management resources for the
JV, leveraging existing personnel in both organizations.
Ideanomics' MEG division operates in 4 key segments of
commercial EV, which are Heavy Duty commercial, for closed area
environments, such as Mining, Steel Mills, Airports, and Seaports,
Light commercial last-mile logistics vehicles, Buses and Coaches,
and Taxis.
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.
The Ideanomics Mobile Energy Global (MEG) its key EV operating
segments are Heavy Duty commercial, for closed area environments,
such as Mining, Steel Mills, Airports, and Seaports, Light
commercial last-mile logistics vehicles, Buses and Coaches, and
Taxis.
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.
About Yunnan Energy Investment Group Co., Ltd.
Yunnan
Energy Investment Co., LTD, formerly Yunnan Salt & Chemical
Industry Co., Ltd., is a state-owned entity (SOE) that is listed on
the Shenzhen stock exchange
(Symbol: 002053) and is principally engaged in the production and
sale of salt and sodium products and chlor-alkali products. The
Company's main business include the development, production and
sale of salt and salt series products, chlor-alkali chemical
products, chemical products and raw materials, including calcium
carbide, as well as the operation of hydroelectric power generation
business. The Company operates the business in domestic markets,
with Yunnan Province as its major
market.
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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