NEW YORK, Aug. 2, 2021 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX), ) ("Ideanomics" or the "Company"), today announced
that it has made a strategic investment in Prettl Electronics
Automotive ("PEA"), a business unit within the Prettl Group, a
large German industrial company that manufactures and distributes
components and systems for the automotive, energy, and electronics
industries. The deal terms include a strategic investment of €7.5M
(~$9M) for a 30% ownership stake.
Ideanomics will receive exclusive sales and distribution
rights for PEA charging infrastructure products and solutions in
North America and CEO Alf Poor will join PEA's Board of Directors.
Headquartered in Radeberg, Germany, PEA was formed to develop the
hardware and software for a modular, scalable high performance (up
to 2.0 MW) public charging park solution for electric vehicles. The
PEA charging infrastructure addresses the need to stand up
high-power EV charging infrastructure on a temporary,
semi-permanent, or permanent basis, and benefits from dynamic,
load-balanced, energy distribution based on the individual power
requirements of concurrent charging connections. PEA's charging
systems are expected to be broadly available beginning in 2023,
following ongoing field testing and achievement of certification
requirements.
"The opportunity to work with Prettl brings together two
companies with a global perspective for what is required to bring
EV Mobility solutions to global markets. The PEA team's innovative
approach, both in terms of potential to deploy high-power charging
infrastructure and the dynamic load balancing of charging by energy
requirements at an individual vehicle level, is among the most
progressive EV charging solutions we have seen," said Ideanomics
CEO Alf Poor. "PEA fulfills a
critical component of our EV enablement strategy, and we look
forward to supporting them as both an investor and as a regional
partner. PEA greatly adds to the family of products, services, and
technologies we are assembling that are synergistic, in-demand, and
high-value, and ultimately positions Ideanomics to capture revenues
and market share throughout the commercial EV value chain."
"We are strategically aligned with Ideanomics and excited to
enter this partnership with their innovative and dedicated
team," said Carsten Ellermeier, CEO
of Prettl Electronics Automotive. "North
America is still an untapped market for us and represents a
tremendous growth opportunity for PEA. When we looked for a
potential partner in North
America, it was clear that Ideanomics was the perfect choice
based on its strong focus on commercial fleet applications and the
unique ecosystem of synergistic subsidiaries. From innovative
charging products to strategic financing solutions, the Ideanomics
partnership will allow PEA to scale our business and accelerate
product development and sales of our charging solutions in
the United States by year-end 2022
to meet demand."
PEA strengthens Ideanomics' charging infrastructure offering
which includes the Company's recent acquisition of Wireless
Advanced Vehicle Electrification, Inc. ("WAVE"), a market leader in
inductive charging systems for medium- and heavy-duty electric
vehicles. Leveraging PEA's expertise, the deal will provide
Ideanomics with robust charging infrastructure solutions which can
rapidly deploy with or without grid connectivity, positioning the
company to meet the needs of electric vehicle fleet operators and
offer a full range of charging infrastructure products for
commercial and public applications. It will also provide the
opportunity to create a modular charging solution configured and
tailored specifically for the US grid and focused on EV fleet
deployment. The investment also offers access to the Prettl Group
family of companies, which includes leading experts in automotive
and power electronics industries, and supports the development of
Ideanomics' full suite of energy provision and storage
concepts.
For more information and news on other Ideanomics investments
and subsidiaries, please visit https://ideanomics.com.
About Ideanomics
Ideanomics is a global
company focused on the convergence of financial services and
industries experiencing technological disruption. Our Ideanomics
Mobility division is a service provider which facilitates the
adoption of electric vehicles by commercial fleet operators through
offering vehicle procurement, finance and leasing, and energy
management solutions under our innovative sales to financing to
charging (S2F2C) business model. Ideanomics Capital is focused on
disruptive fintech solutions for the financial services industry.
Together, Ideanomics Mobility and Ideanomics Capital provide our
global customers and partners with leading technologies and
services designed to improve transparency, efficiency, and
accountability, and our shareholders with the opportunity to
participate in high-potential, growth industries.
About PEA
PEA is an organization within the
PRETTL Electronics Group with its main offices in Radeberg
(Germany). The company specialized
in the development of scalable power electronics up to 2.0 MW and
provides modular DC Park & Charge solutions for e-mobility.
With its innovative, trend-setting and fast charging technique, PEA
focuses on the demand for self-sufficient HPC solutions: Our
commitment for a climate-friendly future.
A significant added value for our customers is a combination of
more than 20 years of experience as an EMS service provider and the
technical expertise of developing power electronics in the past
decades. Also, the production site in Greenville SC makes further potential growth
possible now.
About Prettl
Based in Radeberg, PRETTL Electronics
Group is one of the leading German system suppliers for Electronic
Manufacturing Services (EMS).
As a full-service partner our wide range of services encompasses
professional solutions for development, prototyping, production,
logistics and aftersales service as well as innovative processes
for industrialization, obsolescence management and redesign.
Numerous accreditations and certifications guarantee high
quality support with a focus on energy technology, components for
battery charging infrastructure, medical technology and industry.
Our business operates six manufacturing sites in five countries,
including the United States – in
Greenville, SC. PRETTL Electronics
is a subsidiary of PRETTL Group – a family-owned business in its
third generation with more than 10,000 employees worldwide. Within
the PRETTL Group, PRETTL Electronics Group is the specialist for
all electronic applications.
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 Contacts:
Skyya PR
Jeremy Ertl
jeremy@skyya.com
Ph: (507) 458-9404
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York,
NY 10018
ir@ideanomics.com
PEA
Carsten Ellermeier (CEO)
Robert-Bosch-Str. 10, 01454 Radeberg
www.prettl-pea.com
PRETTL Electronics GmbH
Carsten Ellermeier (CEO)
Steffi Birkner / Executive
Assistant
Robert-Bosch-Str. 10, 01454 Radeberg
Steffi.Birkner@prettl-electronics.com
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