NEW YORK, Dec. 2, 2019 /PRNewswire/ -- The
Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company")
Mobile Energy Global (MEG) division has today announced a strategic
partnership agreement with the Inner Mongolia Autonomous Region
People's Government.
Currently in the region there are over 120,000 diesel and fossil
fuel powered heavy duty and off-road mining vehicles. 80,000 of
these vehicles are designated short distance vehicles and our
strategic partnership will aim to replace 50% of those vehicles
within 36 months.
Our partner Contemporary Amperex Technology Co. Ltd. (CATL) has
spent many years proving large concept battery projects with many
major mining companies. CATL battery powered EV trucks have proven
a five years' life span versus the traditional engines used for
mining, that have typically lasted less than three years before
major and expensive maintenance has been required on
their systems.
The deal will see MEG work directly with the Province of the
Inner Mongolia autonomous region, as well as working with the City
of Erdos and the provincial capital Hohhot. The partners are
committed to cut pollution and carbon emissions to zero, as well as
to promote the "Blue Sky" initiatives, which are important for the
planet and at the same time provide massive cost savings to regions
and corporations, similar to the projected Erdos mine that
will save more than just fuel cost of over 110 Billion RMB ($15
Billion) in the next 5 years.
This strategic partner agreement with the Province of Inner
Mongolia, for new Energy Vehicles (EV) and Metals, marks the second
in our aggressive roadmap that will see MEG sign all 6 heavy mining
regions in the country. Our recently announced agreements in the
Yunnan province include and
enabled the replacement of diesel and fossil fuel powered off road
& heavy-duty trucks for new Electric Vehicles (EV).
Additionally, this agreement provides for the establishment of a
very important new and innovative metals' trading center. This will
enable Inner Mongolia to benefit from the provinces' mining
activities, specifically those metals which are significant to new
energy and clean energy, such as Graphite / Graphene. The Province
of Inner Mongolia currently has over 50% of world deposits of
Graphite / Graphene, as well the region is rich in other metals
such as, Nickel, Cobalt, Lithium, and Manganese. Ideanomics and MEG
will develop the metal trading platform into a leading, fully
regulated, exchange destination. Together, we will immediately
begin recruiting a qualified team, with the requisite partners, to
oversee the exchange's development. The intention is to build the
trading, settlement, and supply chain enablement for the exchange
using blockchain-based systems, infused with AI. The city of
Hohhot, the great capital of the province of Inner Mongolia, will
provide assistance in obtaining all legal and regulatory licenses
for the establish of the exchange.
"With this agreement, we are witnessing the full circle of
participation for transportation solutions in the new energy
eco-system," said Alf Poor, CEO of
Ideanomics. "Dr. Wu's vision for Ideanomics and MEG as an enabler
throughout the value chain of new energy vehicles is coming to
fruition. The application of Graphene alone offers the opportunity
to take clean energy from viability to ubiquity. We're very
grateful to Mrs. Bu Xiaolin, Chairwoman of the Inner Mongolia
Autonomous Region People's Government, and her outstanding team, at
both municipal and province-level, for sharing in our vision and to
make clean energy transportation a reality for the benefit of
all."
The New Energy Metals exchange will serve as a focal point for
the battery, clean energy, and energy storage solutions industries,
to source the raw materials required to meet both today's and
tomorrow's clean energy needs. Ideanomics and MEG will share
regular updates of our progress in Inner Mongolia, through market
announcements, as new developments occur. Ideanomics' MEG division
operates in 4 key segments of commercial EV, which are off-the-road
Heavy Duty commercial (such as Mining, Steel Mills, Airports, and
Seaports), Light commercial last-mile logistics vehicles, Buses and
Coaches, and Taxis. These segments are part of 4 anticipated
divisions of MEG, which will be announced in a forthcoming press
release.
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 Hohhot and Inner Mongolia
Hohhot is the capital
of Inner Mongolia in the north of the
People's Republic of China, serving as the region's
administrative, economic and cultural center. Mongolia is an autonomous region, and is
China's third largest province by
land calculations. Mongolia has a
population of approximately 25 million people, and is famous for
its natural resources, including vast grassland plains which
provide the province with its reputation for world-class horse
breeding, as well as the finest luxurious cashmere. Notable cities,
in addition to Hohhot, include Baotou, Chifeng and Ordos.
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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