NEW YORK, Nov. 23, 2020 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company") announces that
it has increased its stake in California-based Solectrac, Inc. through a
follow-on investment of an additional $1.3
million. This additional investment reflects investment
interest in Solectrac by ESG funds which is expected to close in
the coming weeks. As a reminder, on October
22, 2020, the Company announced that it acquired 14.7% of
Solectrac, Inc. for the consideration of $1.3 million. Since this announcement, Solectrac
experienced an increase in product and investment inquiries.
This recent investment increases Ideanomics ownership to 24%,
which will reduce to approximately 22% post-money once the
additional third-party investment is finalized. The new investment
by Ideanomics allows Ideanomics to increase its share of ownership
sufficiently to recognize its stake in Solectrac under the equity
method for US GAAP accounting purposes.
"We are very pleased to increase our investment in Steve and the
Solectrac team, and we welcome the investment interest from funds
looking to deploy capital in the clean energy and EV sector. We
believe Solectrac has enormous potential and, given the uptick in
both product inquiries and investment interest they are seeing, we
exercised our rights to increase our stake so we can help Solectrac
scale to meet anticipated market demand," said Alf Poor, CEO of Ideanomics. "We are
excited to work with Ideanomics to accelerate progress toward a
cleaner, healthier future," said Steve
Heckeroth, CEO/Founder of Solectrac.
Solectrac develops, assembles and distributes 100%
battery-powered electric tractors—an alternative to diesel
tractors—for agriculture and utility operations. 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. To
learn more about Solectrac and the benefits of its electric
tractors, read the Company's bylined article published earlier this
month.
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
focused on the convergence of financial services and industries
experiencing technological disruption. Our Mobile Energy Global
(MEG) 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,
MEG 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.
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
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