NEW YORK, Dec. 6, 2019 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), Mobile Energy
Global (MEG) division has today announced its planned expansion
into two additional key areas of Electric Vehicle (EV) enablement,
including energy storage and energy management solutions, and the
trading of manufacturing components essential in the future
development of battery technology, such as Graphene. The combined
mission for MEG's 4 business units is to use EV and EV battery
sales and financing to attract commercial fleet operators that
will generate large scale demand for energy, ESS and EMS services.
Additionally, MEG will become a key player in the supply chain of
crucial metals required for EV batteries, which are the center
piece of mobile energy.
The new areas for development are a natural extension of MEG's
involvement in the EV value chain, and come as a result of
opportunities identified through extensive partner meetings and
existing agreements with key partners such as PetroChina, CATL, and
the Inner Mongolia and Yunnan
provinces. The Mobile Energy Service ecosystem will span our four
divisions of MEG; 1. Sales and Financing of EV and EV Batteries; 2.
New Energy Sales; 3. Energy Storage and Energy Management
solutions; 4. New Energy Metals Trading Platform.
MEG has identified energy storage and energy management
solutions as a significant opportunity in the EV industry, where
currently energy availability and fast-charging solutions are
inadequate. As EV enablement accelerates in the commercial fleet
sector, the current solutions for power deployment and availability
are ad-hoc and not scalable. MEG has begun sourcing partners which
can help provide the technology and apparatus to solve both the
efficient storage and management of energy designated for fast
charging. It will work with these partners to collaborate with the
key stakeholders in the energy industry to help the generation,
distribution and availability of fast-charging to meet anticipated
demand.
Additionally, following the recent announcement with the
province of Inner Mongolia, MEG is pursuing the establishment of a
New Energy Metals exchange in China, to enable the global supply of the
components critical to the demands of the EV battery and energy
storage solutions of today and tomorrow. The exchange will function
as a marketplace and commodities exchange, with the supporting
regulatory approvals, and will provide a central purchasing point
for the key participants in the EV battery supply chain to access
and acquire essential new energy materials such as Graphene. The
establishment of the exchange will require completion of
appropriate partnership agreements, regulatory approvals, and
supply chain development. MEG plans to use artificial intelligence (AI) and blockchain based
solutions in conjunction with parent company Ideanomics.
"The expansion of our MEG activities are a result of market
evolution and conversations with key stakeholders on how to
facilitate a ubiquitous supply of energy for the commercial EV
industry, and also the raw materials required for the technological
energy storage and management systems which will provide turn key
availability of such large scale supply," said Alf Poor, CEO of Ideanomics. "As the industry
begins to move from ad-hoc first-generation solutions, into supply
at scale, opportunities exist to develop the infrastructure along
with new and existing stakeholders. We plan to be actively involved
in these opportunities, as a facilitator of commerce-based
solutions which can provide additional revenue streams for our MEG
group. These will be important 2020 initiatives for MEG, and we
have begun actively recruiting to bring in the required expertise
to help us manage these new areas of activity which will enable the
electric vehicle industry to develop more efficiently through a
comprehensive Mobile Energy Service Ecosystem".
Ideanomics' MEG division is the world's leading commercial
mobile energy service provider from facilitating product sales and
financing to energy sales through AI and blockchain-enabled
marketplace. It plans to establish MEG as the leader in energy
storage and energy management systems for airports and large-scale
commercial complexes, and also to facilitate a streamlined supply
chain through a premier new energy metals trading center. MEG
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. The enablement of these four key segments of
commercial EV enablement is anticipated to generate large scale
demand for clean energy.
About Ideanomics
Ideanomics – Driving mobile
energy transformation and fintech revolution. 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 key EV operating
segments for Ideanomics' Mobile Energy Global (MEG) division 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.
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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