NEW YORK, June 3, 2021 /PRNewswire/
-- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the
"Company") has today announced its subsidiary WAVE, a leading
developer of high-power inductive charging solutions for medium and
heavy-duty vehicles, has completed another transit authority
deployment, adding the Twin Transit Authority (TTA) in Chehalis, Washington to its growing list of
transit fleet customers. TTA has adopted and completed installation
of WAVE's 250-kilowatt high-power wireless charging system to help
achieve their zero-emission goals.
One of the most significant barriers mass transit agencies face
in the move to zero-emission electric vehicles is matching the
typical driving range of diesel buses. WAVE's automated, cable-free
system will be deployed in route to extend the range of TTA's first
two battery-electric buses, representing a big leap forward in the
agency's goal to make its entire 20 vehicle fleet carbon-neutral by
2030.
"Our organization sees this technology as a critical component
of the future of electric bus operations, and we were determined to
join forces with a company that was both easy to work with and had
successful models of implementation" explained Twin Transit's
Executive Director Joe Clark.
"WAVE's inductive charging was by far the most efficient and
effective solution, and the easiest for our drivers to operate.
Perhaps most importantly, WAVE was willing to be a strategic,
long-term partner."
Within seconds of scheduled stops, the high power needed for
meaningful range extension is transferred from ruggedized charging
units embedded in the road surface to a receiving pad on the
vehicle's undercarriage. Free from human contact and mechanical
movement, a WAVE 250kW charger can add up to 25 miles of range to a
40-foot bus in just 10 minutes.
"With WAVE, we can augment our existing depot charging system by
allowing our buses to 'bump charge' throughout the day," continued
Clark. "This allows us to extend the range of our fleet from about
150 miles to a virtually endless operating cycle. The WAVE
model totally eliminates any charging range anxiety, while at the
same time ensuring the efficient operation of our bus routes all
day long."
WAVE technology has successfully undergone multiple rigorous
commercial deployments throughout the country. Most notably, the
Antelope Valley Transit Authority in Los Angeles County deployed 12
WAVE wireless chargers over 100 square miles, making it the largest
mass transit deployment of wireless chargers in the world.
"The idea of purchasing multiple electric buses to cover the
range of a single diesel bus can really hinder a transit agency's
zero-emission plans," said WAVE CEO Mike
Masquelier." By making high-power range extension faster,
easier, and safer than legacy charging solutions, WAVE can enable a
single electric bus to cover the longest of routes with minimal
impact on normal operations. We look forward to expanding awareness
of this game-changing new inductive charging platform and
encouraging other transit agencies to follow Twin Transit's lead
and help America reach its carbon zero goals."
About Twin Transit
Twin Transit is a
public transit system serving the cities of Centralia and Chehalis in Lewis
County, Washington. It operates four local transit
bus routes and a fifth cross-county bus route, along
with options for Dial-A-Ride and paratransit. The agency was
founded in 1976 and began operating on November 1, 1977.
About WAVE
With a global-leading number of high-power,
rigorously proven inductive charging systems deployed, WAVE is
enabling commercial fleet operators to extend the range of medium-
and heavy-duty electric vehicles beyond that of diesel vehicles.
Founded in 2011, with systems ranging from 125kW to 500kW and a 1MW
charger in development, WAVE makes tomorrow's EV charging
technology available today.
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
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You should not place undue reliance on these forward-looking
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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
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available on the SEC website at www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
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Company does not assume a duty to update these forward-looking
statements.
Investor Relations and Media Contacts:
Twin Transit
Andrea Culletto
1638 Bishop Road
Chehalis, Washington 98532
andrea@twintransit.org
WAVE by Ideanomics
Tom McDonald, Senior Director of
Marketing
4752 West California Ave, Suite B-400, Salt Lake City,
UT 84104
tom.mcdonald@waveipt.com
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116 New York,
NY 10018
ir@ideanomics.com
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