NEW YORK, June 11, 2021 /PRNewswire/
-- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or
the "Company") today announced it has completed its previously
reported May 12, 2021, definitive agreement to acquire 100
percent of privately held US Hybrid, a manufacturer and distributor
of electric powertrain components and fuel cell engines for medium
and heavy-duty commercial fleet applications. The material details
of the terms are disclosed in the Company's related 8-K filing. The
completed acquisition is another critical milestone in Ideanomics'
mission to reduce commercial fleet greenhouse gas emissions through
advanced EV technologies and forward-thinking partnerships.
Ideanomics simultaneously announces that US Hybrid has received
orders from partner Global Environment Products (GEP) for a fleet
of all-electric street sweepers expected to deploy in multiple
cities in the US and globally
Global Environment Products is a manufacturer of specialized,
purpose-built, heavy-duty, and reliable Street Cleaning Equipment.
Headquartered in San Bernardino,
CA, GEP believes in reliable, affordable, and
innovative products. They are proud to say that their sweepers
are Made in the USA.
- The current order for the GEP street sweepers is anticipated to
deliver more than a million dollars in revenue to US Hybrid in the
balance of CY 2021. This extends an existing partnership between
GEP and US Hybrid, who have delivered many clean street sweepers to
customers in the US and Japan.
- Each new all-electric street sweeper will save an estimated 89
metric tons of carbon emissions over the lifetime of the vehicle,
or the equivalent of taking 19 cars off the road for one year.
- The new, all-electric US Hybrid and GEP street sweeper feature
one 120-kW traction motor along with lithium-ion batteries that are
charged via an AC 20kW, SAE J1772-compliant charging system.
"We are pleased today to join forces with Ideanomics and their
subsidiaries, and to announce this significant order from the GEP,"
said Dr. Gordon Abas Goodarzi, Ph.D., PE, CEO of US Hybrid.
"Ideanomics has emerged as a true powerhouse in the commercial EV
sector with a synergistic ecosystem of technologies and solutions
that covers the entire value chain of electrification. We look
forward to leveraging that strength going forward."
"We welcome Dr. Goodarzi and his entire team to Ideanomics and
are confident they will bring tremendous knowledge, innovation, and
value to the company in addition to their synergistic alignment
with many of our existing subsidiary brands," said Alf Poor, Ideanomics CEO. "Today's deal
announcement is the first of many important customers wins we
anticipate going forward. I look forward to the accelerated
commercialization and innovation US Hybrid will bring to
Ideanomics' ecosystem. It will benefit businesses, communities
around the world, and more importantly our planet."
About US Hybrid
US Hybrid specializes in the design
and manufacturing of zero-emission electric powertrain components
including traction motors, controllers, auxiliary drives, energy
storage and fuel cell engines for electric, hybrid, and fuel cell
medium and heavy-duty municipality vehicles, commercial trucks,
buses, and specialty vehicles throughout the world.
About Ideanomics
Ideanomics is a global company
focused on the convergence of financial services and industries
experiencing technological disruption. Our 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 and Ideanomics 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 Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York,
NY 10018
ir@ideanomics.com
Jeremy Ertl
Skyya PR for Ideanomics
507-458-9404
jeremy@skyya.com
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SOURCE Ideanomics