NEW YORK, Oct. 22, 2020 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to
announce it has acquired 15% of California-based Solectrac, Inc. for the
consideration of $1.3 million.
Solectrac develops, assembles and distributes 100% battery-powered
electric tractors—an alternative to diesel tractors—for
agriculture and utility operations. With this investment in
Solectrac, Ideanomics expands its global footprint in the electric
vehicle (EV) industry, specifically in the category of specialty
commercial vehicles. This investment marks its first in an existing
US-based OEM, and Ideanomics will assume a seat on Solectrac's
Board of Directors.
"We are very impressed with Steve and the Solectrac team and
their deep knowledge of the agricultural sector. We have been
interested in this industry for some time because we knew EVs could
have an immediate impact without the need for extensive
infrastructure," says Alf Poor, CEO
of Ideanomics. "Solectrac is a pioneer in the electric tractor
market and shares our motivation and passion for a cleaner
tomorrow."
According to Research And Markets, the global agricultural
tractor market is currently valued at $75
billion, with the North American agricultural tractor market
expected to reach $20 billion by
2023. The largest segment for agricultural tractors is the
below-40HP segment, where Solectrac's initial three models address
the broad needs of the market. Its tractors are specifically
designed to serve the needs of community-based farms, vineyards,
orchards, equestrian arenas, greenhouses, and hobby farms.
"With our zero-emission electric tractors, tractor operators
don't have to choose between power and environmentally friendly
practices," says Steve Heckeroth,
CEO and founder of Solectrac and visionary in the renewable energy
and EV industry. "My life's work has been dedicated to creating
clean, renewable alternatives to fossil fuels. Now—with Ideanomics
and the company's unique experience and industry perspective—we are
well-positioned to achieve these goals."
Founded in 2012 to take electric tractors into commercial
production, Solectrac was incorporated as a California Benefit Corp
in 2019. It has received grants from the Indian U.S. Science and
Technology Fund (IUSSTF) and the National Science Foundation (NSF).
Earlier this year, Solectrac received the World Alliance Solar
Impulse Efficient Solutions label from the Solar Impulse
Foundation. The label was awarded for being one of the one thousand
most efficient and profitable solutions that can transition society
to being economically viable while being environmentally
sustainable.
For more information, visit: ideanomics.com and
solectrac.com.
About Solectrac
Solectrac, Inc., located in
Northern California, has developed 100% battery powered, all
electric tractors for agriculture and utility operations.
Solectrac tractors provide an opportunity for farmers around
the world to power their tractors by using the sun, wind, and other
clean renewable sources of energy. The company's mission is to
offer farmers independence from the pollution, infrastructure, and
price volatility associated with fossil fuels.
About Ideanomics
Ideanomics is a global company
that facilitates the adoption of commercial electric vehicles and
supports next-generation financial services and fintech products.
Our electric vehicle division, Mobile Energy Global (MEG) provides
group purchasing discounts on commercial electric vehicles, EV
batteries and electricity, as well as financing and charging
solutions; we refer to this business model as sales to financing to
charging (S2F2C). Ideanomics Capital provides fintech services that
include intelligent and innovative solutions powered by AI and
blockchain. Together, MEG and Ideanomics Capital provide our global
customers and partners with more efficient solutions for a greener
economy.
The company is headquartered in New
York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S.,
China, Ukraine, and Malaysia.
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
Solectrac,
Inc.
Christiane Heckeroth, CCO
Email: christiane@solectrac.com
Ideanomics,Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116 New York,
NY 10018.
Email: ir@ideanomics.com
Valerie Christopherson /
Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
valeriec@globalresultspr.com
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SOURCE Ideanomics; Solectrac