NEW
YORK, March 6, 2023 /PRNewswire/ --
Ideanomics (NASDAQ: IDEX), a global company focused on
accelerating the commercial adoption of zero emission vehicles,
today announced that its subsidiary US Hybrid is has been
selected by Mi-Jack to convert a rubber tire gantry (RTG)
crane from fossil diesel to hydrogen powered.
"For our exceptional engineers at US Hybrid, this is a dream
project. They get to come up with a zero-emission way to power a
very big and energy intensive piece of machinery," says
Macy Neshati, Chief Commercial
Officer at Ideanomics. "I want to extend a heartfelt thanks to
Mi-Jack for taking action to decarbonize gantry cranes and trusting
US Hybrid as their partner to do it."
Under the terms of the agreement, US Hybrid is managing all
procurement, engineering and design work relating to the hydrogen
propulsion kit. The company will source a hydrogen fuel cell system
from Hyundai Motor Corp, and will locally manufacture core
components including the hydrogen storage tanks and cooling
systems.
All manufacturing, assembly and system testing will occur at US
Hybrid's engineering facility in Torrance, California. Mi-Jack will install the
hydrogen propulsion kit into the RTG crane at its Illinois facility, with US Hybrid providing
all necessary engineering diagrams and on-site support.
"The new reality for intermodal terminals is achieving carbon
neutrality. Offering hydrogen-powered RTG cranes is paramount for
ensuring terminals meet their carbon neutrality goals without
compromising on performance," says Aaron
Newton, VP of Sales at Mi-Jack. "We look forward to
collaborating with US Hybrid on bringing innovative
hydrogen-powered solutions to the intermodal market."
RTG cranes are one of the largest, noisiest, heaviest polluting
and hard to decarbonize pieces of equipment in ports and railyards.
They operate 10-20 hours per day, continuously lifting shipping
containers that can weigh nearly 80,000 pounds when fully
loaded.
This job requires a lot of power, and most RTG cranes still rely
on fossil fuels to meet this need. On average, a RTG crane burns
10 US gallons per hour. One gallon of diesel emits 22
pounds of CO2 into the atmosphere.
Hydrogen is a much better option for RTG cranes. Hydrogen fuel
cells can be refilled fast, are proven to operate efficiently in
extreme hot and cold weather, and deliver the same or more power as
diesel. Powered by hydrogen, RTG cranes can keep operating reliably
with zero emissions.
US Hybrid has a strong, proven track record when it comes to
decarbonizing port equipment and machinery as well as other
specialty vehicles. The company has strategic partnerships
with International OEMs to convert new and existing ICE powered
port equipment to zero emission, and is working to develop zero
emission buses and trucks.
Ideanomics views US Hybrid's expertise in designing fuel cell
systems and electric power trains as a competitive advantage. and
is committed to supporting the growth of US Hybrid. Ideanomics is
solving the complexity of fleet electrification by bringing
together high-performance electric vehicles, charging
infrastructure, and financing solutions under one roof.
About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a simple
mission: to accelerate the commercial adoption of electric
vehicles. By bringing together vehicles and charging technology
with design, implementation, and financial services, we provide
solutions needed for the commercial world to commit to an EV
future. To keep up with Ideanomics, please follow the company on
social @ideanomicshq or visit https://ideanomics.com.
About Mi-Jack
Mi-Jack is recognized worldwide as an industry leader and
innovator in rubber-tired gantry (RTG) cranes and other products
and solutions globally. Corporate headquarters are in
Hazel Crest, Illinois at an ISO
9001:2017 certified facility that produces Translift™ and
Travelift® RTGs now in use on six continents. The company
maintains four regional operations headquarters and five sales
offices. Mi-Jack is part of the Lanco Group of Companies. For
more information, go to www.mi-jack.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the federal securities laws. 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 the statement
regarding the completion of the business combination within a
certain period of time, if ever. 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 obtain
necessary regulatory approvals 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
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116 New York,
NY 10018.
Email: ir@ideanomics.com
Theodore Rolfvondenbaumen
Communications Director
Email: trolfvondenbaumen@ideanomics.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ideanomics-subsidiary-us-hybrid-mi-jack-to-develop-hydrogen-powered-rubber-tire-gantry-crane-301762420.html
SOURCE Ideanomics