Ideanomics Signs a Definitive
Agreement to Acquire California-based US Hybrid
- Founded in 1999, US Hybrid has pioneered clean transportation
technologies for more than 20 years
- It offers proven zero-emission powertrain components for
electric, hybrid and fuel cell applications
- Has fully operational Fuel Cell Engines for both mobile and
stationary use at the 10kw, 50kw, and 100kw power levels
- CEO Dr. Gordon Abas Goodarzi, PhD, PE is a 30-year veteran of
BEV, FCe, and Hybrid industries and will become Chief Scientist for
Ideanomics
NEW YORK, May 13, 2021 -- InvestorsHub
NewsWire -- 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
SOURCE Ideanomics
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