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June 14, 2021, 10:25 a.m. EDT

InvestorNewsBreaks - Ideanomics Inc. (US: IDEX) Completes Acquisition of Solectrac, Pioneer EV Tractor Maker

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/zigman2/quotes/208536109/composite IDEX +2.93%

Jun 14, 2021 (Investor Brand Network via COMTEX) -- Ideanomics , a global company focused on driving the adoption of commercial electric vehicles ("EVs") and associated energy consumption, announced that it has completed the acquisition of California-based Solectrac, a manufacturer and distributor of premium zero-emission electric tractors that use clean renewable sources of energy. The acquisition aligns with IDEX's focus on reducing commercial fleet greenhouse gas emissions. Solectrac offers three e-tractors and utility vehicle models that can be used for a wide array of agricultural and utility operations. According to the announcement, through the most recent acquisition, Ideanomics acquired 78.6% of the fully diluted cap table of Solectrac; IDEX now owns 100% of the innovative electric tractor company. In the announcement, Solectrac founder Steve Heckeroth, who has more than four decades experience in the space, noted that the acquisition provides Solectrac with an array of resources to help scale its marketing, operations and manufacturing capabilities as well as better achieve its mission to lead the transition from fossil fuel-based farming to zero-emission regenerative agriculture. "The acquisition of Solectrac is perfectly aligned with our EV and Mobility initiatives," said Ideanomics CEO Alf Poor in the press release. "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."

To view the full press release, visit https://ibn.fm/ZfKhM

About Ideanomics Inc.

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 that facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy-management solutions under the company's 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 the company's global customers and partners with leading technologies and services designed to improve transparency, efficiency and accountability, and the company's shareholders with the opportunity to participate in high-potential, growth industries. For more information about the company, please visit www.Ideanomics.com .

NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company's newsroom at https://ibn.fm/IDEX

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COMTEX_388257648/2557/2021-06-14T10:25:16

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/zigman2/quotes/208536109/composite
US : U.S.: Nasdaq
$ 2.46
+0.07 +2.93%
Volume: 7.60M
July 28, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.02 billion
Rev. per Employee
$243,264
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