- This 10,000-square-foot facility in North Carolina allows Solectrac to scale
operations as it continues to expand its nationwide dealer
network.
- Nolan manufacturing will produce Solectrac's e25 electric
tractors with additional models slated for future
production.
WINDSOR,
Calif., July 12, 2022 /PRNewswire/ -- Solectrac,
makers of electric tractors and an operating company of Ideanomics
(NASDAQ: IDEX), today announced a partnership with Nolan
Manufacturing establishing an east coast production facility
to meet the increasing demand for electric tractors across the
country. The 10,000-square-foot facility in Denton, NC broadens Solectrac's service for
east coast customers and reinforces the company's continued
nationwide growth.
Since Ideanomics' acquisition in June 2021, Solectrac has grown significantly,
adding several dealers throughout the
United States, including three recently added on the east
coast in Alabama, Florida and Georgia. Partnering with Nolan Manufacturing
increases Solectrac's production capacity in support of its growing
dealer network. The primary production at Nolan Manufacturing is
Solectrac's e25 electric tractor, with additional models planned
for future production.
"As the demand for Solectrac's electric tractors continues to
increase, I'm excited about our persistent progress on the East
Coast towards a more sustainable future and regenerative
agriculture," said Mani Iyer,
Solectrac CEO. "With a 10,000 square foot manufacturing facility,
57 acres and three new buildings, we are ramping up production
quickly and will be able to deliver tractors to dealer partners
expeditiously and provide more efficient services to existing
customers. As we achieve full production capacity, we are
focused on making hiring and training a top priority."
Nolan Manufacturing has over 50 dealers from Maryland to Georgia, with four equipment dealerships in
North Carolina. They
are producers of equipment and landscaping trailers with plans
to expand production and distribution operations to include farm
tractor implements, alongside the distribution of Solectrac
tractors.
"It's exciting to be in a partnership that will support
Solectrac with meeting the growing demand for their tractors,"
states Chris Biesecker, owner of
Nolan Manufacturing. "The demand for Solectrac tractors is growing
on the East Coast, and we're proud to do our part in providing the
market with the economical and environmentally friendly Solectrac
tractor." Chris has worked in equipment retail for over 30 years
and will oversee the day-to-day operations of Solectrac
tractors.
About Solectrac
Solectrac, Inc., located in
Northern California, has developed
battery-powered, 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 (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 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.
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.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York,
NY 10018
ir@ideanomics.com
Malory Van Guilder, Skyya PR for Ideanomics
malory@skyya.com
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SOURCE Solectrac