USA financial news

Ideanomics Completes Acquisition of US Hybrid, Pronounces Order

NEW YORK, June 11, 2021 /PRNewswire/ — Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Firm”) immediately introduced it has accomplished its beforehand reported Might 12, 2021, definitive settlement to accumulate 100% of privately held US Hybrid, a producer and distributor of electrical powertrain parts and gasoline cell engines for medium and heavy-duty industrial fleet functions. The fabric particulars of the phrases are disclosed within the Firm’s associated 8-Okay submitting. The finished acquisition is one other vital milestone in Ideanomics’ mission to cut back industrial fleet greenhouse gasoline emissions via superior EV applied sciences and forward-thinking partnerships.

Ideanomics concurrently proclaims that US Hybrid has acquired orders from companion International Atmosphere Merchandise (GEP) for a fleet of all-electric avenue sweepers anticipated to deploy in a number of cities within the US and globally

International Atmosphere Merchandise is a producer of specialised, purpose-built, heavy-duty, and dependable Road Cleansing Gear. Headquartered in San Bernardino, CA, GEP believes in dependable, inexpensive, and progressive merchandise. They’re proud to say that their sweepers are Made within the USA.

  • The present order for the GEP avenue sweepers is anticipated to ship greater than one million {dollars} in income to US Hybrid within the steadiness of CY 2021. This extends an present partnership between GEP and US Hybrid, who’ve delivered many clear avenue sweepers to prospects within the US and Japan.
  • Every new all-electric avenue sweeper will save an estimated 89 metric tons of carbon emissions over the lifetime of the car, or the equal of taking 19 automobiles off the street for one yr.
  • The brand new, all-electric US Hybrid and GEP avenue sweeper characteristic one 120-kW traction motor together with lithium-ion batteries which are charged through an AC 20kW, SAE J1772-compliant charging system.

“We’re happy immediately to affix forces with Ideanomics and their subsidiaries, and to announce this important order from the GEP,” mentioned Dr. Gordon Abas Goodarzi, Ph.D., PE, CEO of US Hybrid. “Ideanomics has emerged as a real powerhouse within the industrial EV sector with a synergistic ecosystem of applied sciences and options that covers the whole worth chain of electrification. We stay up for leveraging that power going ahead.”

“We welcome Dr. Goodarzi and his total workforce to Ideanomics and are assured they may deliver super information, innovation, and worth to the corporate along with their synergistic alignment with lots of our present subsidiary manufacturers,” mentioned Alf Poor, Ideanomics CEO. “In the present day’s deal announcement is the primary of many necessary prospects wins we anticipate going ahead. I stay up for the accelerated commercialization and innovation US Hybrid will deliver to Ideanomics’ ecosystem. It would profit companies, communities world wide, and extra importantly our planet.”

About US Hybrid
US Hybrid specializes within the design and manufacturing of zero-emission electrical powertrain parts together with traction motors, controllers, auxiliary drives, vitality storage and gasoline cell engines for electrical, hybrid, and gasoline cell medium and heavy-duty municipality autos, industrial vans, buses, and specialty autos all through the world.

About Ideanomics
Ideanomics is a worldwide firm centered on the convergence of monetary providers and industries experiencing technological disruption. Our Ideanomics Mobility division is a service supplier which facilitates the adoption of electrical autos by industrial fleet operators via providing car procurement, finance and leasing, and vitality administration options below our progressive gross sales to financing to charging (S2F2C) enterprise mannequin. Ideanomics Capital is targeted on disruptive fintech options for the monetary providers trade. Collectively, Ideanomics Mobility and Ideanomics Capital present our world prospects and companions with main applied sciences and providers designed to enhance transparency, effectivity, and accountability, and our shareholders with the chance to take part in high-potential, development industries. 

The corporate is headquartered in New York, NY, with workplaces in Beijing, Hangzhou, and Qingdao, and operations within the U.S., China, Ukraine, and Malaysia.

Protected Harbor Statement
This press launch accommodates sure statements which will embody “ahead wanting statements”. All statements aside from statements of historic reality included herein are “forward-looking statements.” These forward-looking statements are sometimes recognized by way of forward-looking terminology reminiscent of “believes,” “expects” or comparable expressions, contain identified and unknown dangers and uncertainties, and embody statements concerning our intention to transition our enterprise mannequin to turn out to be a next-generation monetary know-how firm, our enterprise technique and deliberate product choices, our intention to part out our oil buying and selling and shopper electronics companies, and potential future monetary outcomes. Though the Firm believes that the expectations mirrored in such forward-looking statements are affordable, they do contain assumptions, dangers and uncertainties, and these expectations might show to be incorrect. You shouldn’t place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. The Firm’s precise outcomes might differ materially from these anticipated in these forward-looking statements on account of a wide range of dangers and uncertainties, reminiscent of dangers associated to: our potential to proceed as a going concern; our potential to boost further financing to satisfy our enterprise necessities; the transformation of our enterprise mannequin; fluctuations in our working outcomes; pressure to our personnel administration, monetary techniques and different sources as we develop our enterprise; our potential to draw and retain key staff and senior administration; aggressive strain; our worldwide operations; and different dangers and uncertainties disclosed below the sections entitled “Danger Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” in our most up-to-date Kind 10-Okay and Kind 10-Q filed with the Securities and Change Fee, and comparable disclosures in subsequent stories filed with the SEC, which can be found on the SEC web site at www.sec.gov. All forward-looking statements attributable to the Firm or individuals appearing on its behalf are expressly certified of their entirety by these danger elements. Apart from as required below the securities legal guidelines, the Firm doesn’t assume an obligation to replace 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   
[email protected]

Jeremy Ertl
Skyya PR for Ideanomics
507-458-9404
[email protected]

SOURCE Ideanomics

Associated Hyperlinks

http://www.ideanomics.com

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