WAVE Charging, a wholly-owned subsidiary of Ideanomics (NASDAQ:
IDEX) and developer of high-power, wireless inductive charging
solutions for medium- and heavy-duty commercial vehicles, today
provided an update on its 500kW ultra-fast wireless charging system
developed in conjunction with Cummins and the US Department of
Energy.
This first-of-its-kind high-power, ultra-fast wireless charging
system fully charged a class 8 electric truck in less than 15
minutes in a previously announced series of successful tests,
heralding a future where fleet operators could realize near
continuous electric vehicle uptime. To illustrate the speed and
power of this technology, a typical household in the United States
uses approximately 30kWh of electricity per day. A 500kW charger
could theoretically supply a day's worth of energy to a home in
just 3.6 minutes, or provide a full day’s worth of energy to 400
homes. And this energy is transmitted wirelessly at a comparable
level of efficiency to wired charging.
WAVE has continued development work on the system and work
toward its deployment. In partnership with Cummins Inc., Venture
Logistics, and the US Department of Energy it plans to deploy and
demonstrate the innovative 500kW wireless inductive charger to move
cargo at a Venture Logistics facility in the Midwest. Venture
Logistics is a privately held, full-service logistics company. As
part of this initial project, the WAVE 500kW system will power two
Class 8 electric trucks. This deployment is planned for Q1
2024.
Supported by an $8.4 million U.S. Department of Energy grant,
the WAVE Wireless 500kW charger is being deployed as part of a
consortium project. The innovative high-power wireless
charging systems will help operators to more easily meet
zero-emission goals with minimal impact on operations, thus helping
to improve the air quality in and around ports, warehouses, and
distribution centers.
The project with Venture Logistics is a further example of how
high-power wireless charging is bringing zero-emission capabilities
to cold climates where ice and snow create challenging
transportation environments, eliminating the need to handle heavy
high-power charging cables at low temperatures.
More than 12 million medium and heavy-duty trucks are in service
today in the U.S., most are still powered by polluting combustion
engines. The Inflation Reduction Act (IRA) provides more than $75
billion in programs and tax credits for electrification
giving fleet operators the confidence to transition faster.
Several of these programs and incentives include specific
designations to electrify heavy-duty vehicles operating in
disadvantaged communities and warehouses.
Seeing as the transportation industry is the largest contributor
(27%) to greenhouse gases in both the US and Europe, with medium-
and heavy-duty trucks contributing the most emissions at around 26%
of the transportation industry. It’s one of the biggest priorities
to convert to zero-emission battery electric vehicles (BEVs).
“Our demonstration project with Venture Logistics will
show that for medium- and heavy-duty vehicles that demand perpetual
operations and require charging infrastructure, wireless charging
is the most effective solution at scale,” said Robin Mackie, COO of
Ideanomics, WAVE’s parent company.
Benefits:
- Embedded in the road surface, the WAVE Wireless system charges
the truck batteries quickly and conveniently during regularly
scheduled stops without the need to handle heavy high-power
cables.
- The speed and convenience to which high-power charging is
available means charging can occur within the vehicle’s demanding
duty cycle, allowing the battery-electric trucks to match the duty
cycle of their fossil-fueled internal combustion engine (ICE)
counterparts.
- The pavement embedded systems have no moving parts, which
equates to low maintenance and high availability.
- Unlike legacy plug-in charging systems, the WAVE Wireless
systems are flush to the ground reducing the risk of collisions
with vehicles in an already busy and congested area.
- The risks of trips and falls associated with cables are
eliminated.
“We're demonstrating that electric heavy-duty vehicles can
operate continuously, recharging during their regular operations,”
said Robin Mackie. “The advantages of this technology are evident:
fleet operators enhance efficiency by eliminating vehicle downtime
spent refueling or connecting to a central depot.”
Wireless charging is the ideal solution for any fleet operator
with vehicles moving along a fixed route. In logistics, where
minutes and seconds count, fully automated and unobtrusive
high-power wireless charging keeps vehicles powered up during
regularly scheduled stops across a variety of challenging weather
conditions. Additionally, it allows for smaller batteries and fewer
chargers, resulting in reduced vehicle weight and costs.
WAVE Charging is a flagship wireless charging technology and is
committed to supporting its ongoing development and deployment.
This includes exploring opportunities to incorporate wireless
charging into the design of the company's next generation of
electric vehicles.
About WAVE, Inc.
Founded in 2011, with systems available from 125kW through to
ultra-high power, WAVE delivers made-in-America wireless EV
charging systems for the commercial fleet sector. With a
global-leading number of high-power, rigorously proven inductive
charging systems deployed, WAVE provides commercial fleet operators
with a faster, easier, and future-proof way to extend the range of
medium- and heavy-duty electric vehicles without the hassle and
inefficiency of operations experienced with with with cable and
pantograph charging systems.. Learn more at www.waveipt.com.
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 Venture Logistics
Headquartered in Indianapolis, IN, Venture is one of the
nation’s largest privately held, full-service logistics
companies. Venture is comprised of complementary business
units that offer over-the-road and dedicated truckload operations,
freight brokerage, 3PL and supply chain optimization
services. Venture also has a warehouse footprint of 1M sq.
ft.
www.venturelogistics.com
About Cummins
Cummins Inc., a global power leader, is a corporation of
complementary business units that design, manufacture, distribute
and service a broad portfolio of power solutions. The company’s
products range from diesel and natural gas engines to hybrid and
electric platforms, as well as related technologies, including
battery systems, fuel systems, controls, air handling, filtration,
emission solutions and electrical power generation systems.
Headquartered in Columbus, Indiana (U.S.A.), since its founding in
1919, Cummins employs approximately 62,600 people committed to
powering a more prosperous world through three global corporate
responsibility priorities critical to healthy communities:
education, environment and equality of opportunity. Cummins serves
customers in approximately 190 countries and territories through a
network of approximately 600 company-owned and independent
distributor locations and over 7,600 dealer locations and earned
about $2.1 billion on sales of $23.8 billion in 2018. See how
Cummins is powering a world that’s Always On by accessing news
releases and more information at https://www.cummins.com/always-on.
Follow Cummins on Twitter at www.twitter.com/cummins and on YouTube
at www.youtube.com/cumminsinc.
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
Ideanomics (NASDAQ:IDEX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ideanomics (NASDAQ:IDEX)
Historical Stock Chart
From Apr 2023 to Apr 2024