NEW YORK, June 14, 2021 /PRNewswire/ --
Ideanomics (NASDAQ: IDEX) is pleased to announce it has fully
acquired Solectrac Inc., a California-based manufacturer, and distributor
of premium zero-emission electric tractors that use clean renewable
sources of energy, furthering the mission to reduce commercial
fleet greenhouse gas emissions.
Ideanomics will support Solectrac across various business
functions providing operational confidence to scale and become
established as a global leader and supplier of clean agricultural
equipment. Solectrac has a significant head start in the electric
tractor market in North America
with limited competition and aligns with Ideanomics' commitments to
ESG initiatives. Those commitments include accelerating the
adoption of zero-emission commercial EVs, transparency,
accountability, and environmental sustainability.
Solectrac enhances Ideanomics' ecosystem of EV businesses with a
premium offering in the rapidly growing agriculture sector that is
on the cusp of EV adoption. The Solectrac electric tractor lineup
is fully scalable and market-ready to generate revenue in the US
with proven demand. The use of proceeds from the deal will allow
Solectrac to build up inventory, improve negotiating power,
strengthen and diversify the supply chain, increase production
capacity in the US, hire additional management and staff, and fuel
further sales and marketing initiatives.
"The acquisition of Solectrac is perfectly aligned with our EV
and Mobility initiatives," said Alf
Poor, Ideanomics CEO. "EV tractors have proven to be
superior to their diesel counterparts not only when it comes to
torque and overall performance, but also when you consider
operating costs, reliability, and the positive impact they have on
the environment. They are also an underserved part of the market
when it comes to EV initiatives. For those reasons, we are excited
to bring Steve Heckeroth and the
Solectrac team into the Ideanomics family. With farmers and
business operators eager to transition from diesel to sustainable
alternatives, we intend to make Solectrac the reliable, go-to brand
not just here in North America,
but across the globe."
"All of us at Solectrac are pleased to be joining the Ideanomics
ecosystem, giving us access to an array of resources to help scale
our marketing, operations, and manufacturing capabilities," said
Solectrac Founder and CEO Steve
Heckeroth. "Our mission is to lead the transition from
fossil fuel-based farming to zero-emission regenerative agriculture
with best-in-class technologies, and Ideanomics will help us
accelerate our progress toward that game-changing goal."
About Solectrac
Solectrac, Inc., located in
Northern California, has developed 100 percent
battery-powered, all-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. Solectrac's mission is to offer farmers
independence from the pollution, infrastructure, and price
volatility associated with fossil fuels.
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:
Jeremy Ertl
Skyya PR
jeremy@skyya.com
Ph: (507) 458-9404
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
55 Broadway, 19th Floor, New York, NY 10006
ir@ideanomics.com
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SOURCE Ideanomics