NEW YORK, May 13, 2021 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to
announce it has signed a definitive agreement to acquire 100% of
privately held US Hybrid in cash and stock consideration, the
material terms of which are disclosed in the Company's related 8-K
filing. The acquisition is subject to customary closing
conditions.
The acquisition of US Hybrid brings to Ideanomics the
application of US-built technology, for use in its own vehicles,
and significantly extends the company's capabilities in
zero-emission transportation. US Hybrid will continue to service
its existing customer base, and Ideanomics will assist them in
scaling their business operations within the Ideanomics Mobility
business division. US Hybrid operates from locations in
California, Connecticut, and Massachusetts.
Founded in 1999, and headquartered in Torrance, California, US Hybrid has been
providing innovative solutions including components, drive trains,
and fuel cells to medium and heavy-duty commercial fleet operators.
US Hybrid designs, manufactures, and markets integrated power
conversion systems for battery electric, fuel cell, and hybrid
vehicles, as well as systems for renewable energy generation and
storage. The company has been leading the clean-tech revolution by
offering integrated power conversion components and integrated
motor drives, motors and controllers, distributed energy management
systems, and DC-DC boost converters - equipment that is vital to
the growth of the broader EV industry. In addition to its
relationships with leading OEMs, US Hybrid has delivered projects
for the private and public sectors, including the defense industry
and governmental customers.
US Hybrid has reliably demonstrated proven powertrain
technology, along with DC-DC converters which possess high
efficiency ratings and fast dynamic response capabilities. US
Hybrid enjoys long-term commercial relationships in various
industries including Commercial, Defense & Aerospace, and
Transit/Municipal for its BEV, FCe, and Hybrid platforms.
"The acquisition of US Hybrid is a significant one for our EV
efforts across the Ideanomics Mobility division and is the
stepping-stone we were looking for to ensure we provide vehicles
and technologies that can proudly allow us to state the meaningful
components are Made in America. We are excited to bring Dr.
Goodarzi and team into the Ideanomics family, they have been
exceptional to work with throughout our discussions, and we look
forward to helping them develop their business further. We will be
bringing their technologies and capabilities into our own vehicles,
as well as helping the broader industry leverage the outstanding
technology the US Hybrid team has developed in Hybrid, EV, and
Hydrogen fuel cells," said
Alf Poor, Ideanomics CEO. "With
decades of experience and credibility from deployments with
reputable customers, US Hybrid will become an innovation engine for
Ideanomics and provide strategic opportunities for clean technology
applications across the zero emissions transportation value chain,
both now and in the future."
"We are excited to be joining the Ideanomics family, as a
synergistic addition to the Ideanomics ecosystem of EV businesses.
Ideanomics' global platform will provide us with the opportunity to
unlock the commercialization and sales potential of our
American-made zero-emission products within Ideanomics and our
broad customer base. This combination of our businesses provides
for a bright future in zero emission transportation, where we
continue to innovate for the future, while scaling our commercial
products to meet the immediate demands of the industry," said Dr. Gordon Abas Goodarzi, PhD, PE,
CEO of US Hybrid.
About US Hybrid.
US Hybrid specializes in the design and manufacturing of zero
emission powertrain components for electric, hybrid, and fuel cell
medium and heavy-duty municipality vehicles, commercial trucks,
buses, and specialty vehicles throughout the world. Established in
1999, US Hybrid began with a cadre of knowledgeable engineers and
management with decades of experience in electric and hybrid
powertrain and energy storage systems. US Hybrid has been
developing and deploying electric, hybrid, and fuel cell vehicles
for decades, as well as designing, developing and manufacturing
electric powertrain and fuel cell engines for medium and heavy-duty
fuel cell commercial buses and truck OEMs. US Hybrid powertrain
components are designed for the MD/HD clean transportation
industry, providing zero emission powertrain solutions to our
customers and partners globally.
About Ideanomics
Ideanomics is a catalyst for disruption to those industries
where improvements in sustainability, transparency, and freedom of
choice would have profound benefits on a global scale. The
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 & 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
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York,
NY 10018
ir@ideanomics.com
Jeremy Ertl
Skyya for Ideanomics
507-458-9404
jeremy@skyya.com
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