NEW YORK, June 25, 2020 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company") MEG is pleased to
announce that it has entered into a deal with Zhongsen Tower
whereby both parties will establish Zhongsen Tower in Qingdao. Under the terms of the deal, MEG will
own 30% of the venture making MEG the largest co-shareholder. The
Deal represents the official launch of MEG's Energy Services Unit
and paves the path for MEG to grow its most potentially lucrative
division. Additionally, as a significant shareholder of
Zhongsen Tower, MEG will be able to capture both reoccurring rental
sales revenue as well as energy sales from powering the base
stations.
As a reminder, MEG's business model is based on sales to
financing to charging (SFC). While the market opportunities for
electric vehicle (EV) sales and financing are substantial, the
charging-based energy sales or energy services market opportunity
is larger and has reoccurring revenues. According to Zhongsen
Tower, there is an estimated six million base stations needed for
China's 5G nationwide network deployment. Through MEG's deal with
Zhongsen Tower, MEG has taken a significant step to monetize its
energy sales by powering Zhongsen's base stations. Base stations
are critical components to new energy infrastructure as they are
the heart of enabling all things technology-driven such as smart
cities, smart shipping ports, IoT, IoV, etc.
Zhongsen Tower is the leading 5G and IoT infrastructure service
provider, offering a broad array of services including the
build-out of 5G tower infrastructure, as well as leasing and
financing of supporting infrastructure. It is affiliated with a
division of China Tower Holdings which was ranked 71st in the
Forbes Top 100 Digital Companies List and 22nd in the Fortune
Future 50 in 2019. Zhongsen's partners include prominent companies
such as China Mobile, China Telecom, China Unicom, China Power
Construction, China Railway Construction, State Development Bank,
CITIC, China Life, China Agriculture Bank, China Merchant Bank, China State Construction
Engineering Corporation (CSCEC), and China Electric.
About Ideanomics
Ideanomics is a global company focused on facilitating the
adoption of commercial electric vehicles and developing next
generation financial services and Fintech products. Its 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.
Ideanomics Capital includes DBOT ATS and Intelligenta which provide
innovative financial services solutions powered by AI and
blockchain. MEG and Ideanomics Capital provide our global customers
and partners with better efficiencies and technologies and greater
access to global markets.
The company is headquartered in New
York, NY, and has offices in Beijing, Guangzhou and Qingdao, China.
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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