SALT LAKE CITY, Sept. 28, 2021 /PRNewswire/ -- Wireless
Advanced Vehicle Electrification (WAVE), a subsidiary of Ideanomics
(NASDAQ: IDEX) and a leading developer of high-power inductive
charging solutions for medium- and heavy-duty vehicles, today
announced its participation in a U.S. Department of Energy (DOE)
electrified powertrain project to develop the 1-megawatt wireless
charging system for Class 8 electric trucks.
The primary recipient of the cooperative agreement is Kenworth,
who will collaborate with WAVE and Utah State
University on system design. The project calls for WAVE
systems at each end of a 400-mile regional haul route between
Portland, OR, and Seattle, WA. Each charging station will
deliver 1-megawatt of power from roadway-embedded charging pads,
stationed at designated facilities in Seattle and Portland, to a specially equipped Kenworth
T680 next-generation battery EV, enabling the vehicle to exceed its
standard 150-mile range and complete the 400-mile route. At
1-megawatt, the system aims to charge the T680 batteries in 30
minutes or less. By comparison, a 250kW charger (equivalent to a
high-power passenger vehicle charger today) would take over 1.5
hours.
"Fully-automated charging simplifies the electrification
process," said Kenworth General Manager and PACCAR Vice President,
Kevin Baney. "The technology we're
developing with WAVE and Utah State
will foster important advancements that extend Class 8
battery-electric vehicle range and reduce recharge times, enabling
the T680 Next-Gen Battery EV to compete with the range of diesel
models."
WAVE was selected for the project because of its demonstrated
commercial success in delivering high-power wireless charging
solutions for medium- and heavy-duty vehicles. As an example, the
Antelope Valley Transit Authority in northern Los Angeles County,
who recently placed a $2.2 million
order, operates the largest battery-electric bus fleet in the U.S.,
powered by 12 WAVE wireless chargers over 100 square route
miles.
"At the megawatt power levels required by Class 8 EVs, there are
significant advantages to eliminating mechanical movement and human
contact associated with current charging technologies," said WAVE
Chief Technology Officer, Michael
Masquelier. "The work we are doing with Kenworth and
Utah State University will help enable
fleet operators to extend the range of heavy-duty EVs, making the
industry's zero-emission goals more attainable"
The fully automated, hands-free WAVE system charges vehicles
during scheduled stops, eliminating battery range limitations and
enables fleets to achieve driving ranges that match that of
internal combustion engines. Wireless charging systems offer
several compelling benefits over plug-in-based charging systems,
including reduced maintenance, improved health and safety, and
expedited energy connection. Furthermore, wireless in-route
charging enables greater route lengths with smaller batteries while
also maintaining battery life.
For more information and news on WAVE, visit
https://waveipt.com.
About Kenworth
The current comprehensive Kenworth zero
emissions EV program features the Class 8 Kenworth T680E and medium
duty Kenworth K270E and K370E battery-electric vehicles, which are
all available for order. The vehicles are designed for local pickup
and delivery, drayage and short regional haul applications.
Kenworth is The Driver's Truck™. See what drivers are saying at
www.kenworth.com/drivers. Kenworth Truck Company is the
manufacturer of The World's Best® heavy and medium duty trucks.
Kenworth's Internet home page is at www.kenworth.com. Kenworth is a
PACCAR company.
About WAVE, Inc.
With a global-leading number of
high-power, rigorously proven inductive charging systems deployed,
WAVE enables commercial fleet operators with a faster, easier way
to extend the range of medium- and heavy-duty electric vehicles.
Founded in 2011, with systems ranging from 125kW to 500kW, WAVE
makes tomorrow's EV charging technology available today. Learn more
at www.waveipt.com.
About EERE/VTO
The Department of Energy's Office of
Energy Efficiency and Renewable Energy EERE's mission is to
accelerate the research, development, demonstration, and deployment
of technologies and solutions to equitably transition America to
net-zero greenhouse gas emissions economy-wide by no later than
2050, and ensure the clean energy economy benefits all Americans,
creating good paying jobs for the American people—especially
workers and communities impacted by the energy transition and those
historically underserved by the energy system and overburdened by
pollution. EERE's Vehicle Technologies Office plays a leading role
to decarbonize the transportation sector and address the climate
crisis by driving innovation within and deployment of clean
transportation technologies. To learn more about the Department's
work with industry, academia, and other partners on advanced
vehicle technologies, please visit the Vehicle Technologies Office
website
(www.energy.gov/eere/vehicles/vehicle-technologies-office).
About Ideanomics
Ideanomics is a global company
focused on the convergence of financial services and industries
experiencing technological disruption. 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 an 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 global customers
and partners with leading technologies and services designed to
improve transparency, efficiency, and accountability, and
shareholders with the opportunity to participate in high-potential,
growth industries.
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:
WAVE
Tom McDonald, Senior Director of
Marketing
4752 West California Ave, Suite B-400, Salt Lake City, UT 91362
tom.mcdonald@waveipt.com
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York,
NY 10018
ir@ideanomics.com
Skyya PR for Ideanomics
Jeremy Ertl
jeremy@skyya.com
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