NEW
YORK, Sept. 12, 2022 /PRNewswire/ -- Ideanomics
(NASDAQ: IDEX), a global company focused on accelerating the
commercial adoption of electric vehicles (EV), today announced that
its subsidiary US Hybrid is supplying Global Environmental
Products (GEP) with its proprietary electric and hybrid
electric propulsion kits for use in the construction of 62 zero
emission street sweepers. Once complete, GEP will provide the
sweepers to New York City,
California, the City of Helena, Montana, and Washington D.C.
"Together with GEP, we are providing customers across the U.S.
with made-in-America zero-emission street sweepers featuring the
best available technology pioneered by US Hybrid," said Ideanomics
Mobility President, Robin Mackie.
"This order, one of the biggest to date, reflects a simple truth –
zero-emission street sweepers are better for the planet,
communities, and the bottom line. Also, each order supports the
growth of America's clean energy economy and green manufacturing
jobs."
This is another milestone in the decades-long strategic
partnership. In 2009, GEP partnered with US Hybrid to launch the
first hybrid electric street sweepers in New York City and has since provided
additional units to customers in Japan. In 2021, GEP and US Hybrid deployed a
first-of-its-kind, fully electric, supercharged street sweeper in
New York, which made a splash by
cleaning up iconic Times Square after the 2022 New Year's Eve
celebration.
"We care about our environment and believe in designing and
building environmentally responsible products. Our long-standing
relationship with US Hybrid ensures that we always have the most
evolved, zero-emission technology available to us to ensure we can
provide our customers state of the art zero emission technology
they are looking for," stated Walter
Pusic, GEP president.
GEP will provide 17 electric street sweepers to California's Department of Transportation. In
addition, the company has signed a letter of intent to supply 30
plug-in hybrid electric street sweepers and seven all-electric
street sweepers to New York City.
Additional orders for GEP's all-electric street sweepers include
two for the City of South San
Francisco, three for Washington
D.C., and two for the City of
Helena, Montana. All sweepers will feature US Hybrid's
proprietary technology.
GEP produces hybrid and fully electric street sweepers
manufactured in San Bernardino,
Calif. An all-electric street sweeper prevents nearly 90
metric tons of carbon emissions from entering the atmosphere over
its lifetime and is significantly quieter than sweepers powered by
a combustion engine.
Since acquiring US Hybrid in 2021, Ideanomics appointed
automotive industry veteran Macy
Neshati as interim CEO and invested more capital to enable
US Hybrid to keep pace with growing demand for its industry-leading
electric powertrains and fuel cell systems. Ideanomics has
determined that Neshati will continue in the role of CEO, effective
October 1, based on his exceptional
leadership, which has enabled US Hybrid to quickly enter new
markets, improve operational efficiency, and enhance the visibility
of new product offerings to key market segments including a
near-zero-emission natural gas-powered parallel hybrid powertrain
technology for drayage and long-haul trucks.
Ideanomics is solving the complexity of fleet electrification by
bringing together high-performance electric vehicles, charging
infrastructure, and financing solutions under one roof. The company
views US Hybrid's expertise in designing fuel cell systems and
electric power trains as a competitive advantage. Ideanomics is
committed to supporting the growth of US Hybrid, which includes
exploring opportunities to incorporate US Hybrid technology into
the design of Ideanomics' next generation of electric
vehicles.
About Ideanomics
Ideanomics is a global group with a simple mission: accelerating
the commercial adoption of electric vehicles. By bringing together
vehicles, charging, and financing solutions under one roof, we are
the one-stop partner needed to simplify the transition to and
operation of any EV fleet. To keep up with Ideanomics, please
follow the company on social @ideanomicshq or visit
https://ideanomics.com.
About Global Environmental
Products
Global Environmental Product is one of the world's leading
producers of specialized Street Cleaning Equipment. We build
Purpose Built, Heavy Duty, and simply Tough Street Sweepers.
Headquartered in San Bernardino,
CA, we believe in Reliable, Affordable and
Innovative products. We are proud to say that our sweepers
are Made in the USA.
Safe Harbor Statement
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the expected timing for the
filing of the Form 10-K, the Company's ability to regain compliance
with the Nasdaq requirements for continued listing and related
matters. These forward-looking statements are often identified by
the use of forward-looking terminology such as "believes,"
"expects," or similar expressions that involve known and unknown
risks and uncertainties. Any forward-looking statements contained
herein are based on current expectations, but are subject to risks
and uncertainties that could cause actual results to differ
materially from those indicated, including, but not limited to,
risks and uncertainties relating to the failure of the Company to
file the Form 10-K on its expected timeline and other risk factors
discussed from time to time in the Company's filings with the SEC.
These and other factors are identified and described in more detail
in the Company's filings with the SEC, including, without
limitation, the Company's most recent Form 10-K and Form 10-Q. The
Company expressly disclaims any intent or obligation to update
these forward-looking statements other than as required by law.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York,
NY 10018
ir@ideanomics.com
Theodore Rolfvondenbaumen, Communications Director
Trolfvondenbaumen@ideanomics.com
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SOURCE Ideanomics