– From the circuit to the farm: Ideanomics, Energica and Solectrac will design a new generation of electric tractors with the technology of the best electric motorcycle in the world
NEW YORK, Nov. 10, 2022 /PRNewswire/ — Ideanomics (Nasdaq: IDEX), a global company focused on accelerating commercial adoption of electric vehicles (EVs), today announces that Energica, through its Energica Inside business unit , and Solectrac are starting a technical collaboration on a new generation of electric tractors. Energica Inside will support Solectrac in the development of battery packs, in the development of the Vehicle Control Unit (VCU) and in the assembly and testing of prototypes.
“This is the end game: different teams from across Ideanomics working together to make new and better electric vehicles,” said Robin Mackie, president of Ideanomics Mobility. “This is a great example of our approach to smart spending in action. By bringing design, digital and product development into the business, Ideanomics is able to deliver new products faster, better and cheaper. I see great opportunities for further collaboration like this once the VIA acquisition is complete.”
The collaboration between Solectrac and Energica Inside in the battery pack development sector is set to increase range, meaning customers can do more with their electric tractors per charge. Thanks to its industry-leading battery technology, Energica motorcycles offer more range than any other electric motorcycle on the market. Energica’s VCU is expected to further improve the overall performance and efficiency of Solectrac’s next generation of electric tractors.
The new Solectrac tractors will also incorporate the modular and forward-looking styling of Ideanomics Design, as well as telematics and performance data from Ideanomics Digital. Ideanomics expects to introduce a new range of Solectrac tractors in 2023.
“Energica Inside has the potential to become a significant source of revenue,” said Livia Cevolini, CEO of Energica. “Governments around the world have made up their minds: the future is electric. For some companies and industries, this transition will not be easy. Through Energica Inside, we will bring our unparalleled electric vehicle expertise to help OEMs achieve electrify its product offering faster, easier and more affordably.”
Energica Inside is focused on leveraging Energica’s electric vehicle expertise to help other industries get electrified, from agriculture to aviation to maritime. Although this collaboration with Solectrac is Energica Inside’s first project, there is already a rich pipeline of companies interested in partnering with Energica Inside. Among them are the first talks with a manufacturer of two-wheelers and another of boats.
Ideanomics is solving the complexity of fleet electrification, giving fleet operators everything they need to electrify faster, easier and more affordably, all in one place. Ideanomics is committed to supporting the growth of its Energica and Solectrac subsidiaries, which are steadily increasing their sales and generating higher revenue margins.
About Ideanomics Ideanomics is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing vehicles, charging and financing solutions under one roof, we are the single partner needed to simplify the transition and operation of any electric vehicle fleet. To stay up to date with Ideanomics, follow the company on social media @ideanomicshq or visit https://ideanomics.com
Forward-Looking Statement Any statement contained in this press release that does not describe historical facts may constitute a forward-looking statement within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Securities Act of 1934, as amended, including statements regarding the anticipated schedule for filing Form 10-K, the company’s ability to return to Nasdaq eligibility for continued trading, and other related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions that involve known and unknown risks and uncertainties. All forward-looking statements contained in this document are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, without limitation, risks and uncertainties related to the the company’s failure to file Form 10-K on time; and other risk factors that are discussed from time to time in the company’s filings with the SEC. These and other factors are identified and described in more detail in the company’s filings with the SEC, including, without limitation, the company’s most recent Form 10-K and Form 10-Q. The company expressly disclaims any intention or obligation to update these forward-looking statements, except to the extent required by law.
Contacts: Ideanomics, Inc. Tony Sklar, Senior Vice President, Investor Relations 1441 Broadway, Suite 5116, New York, NY 10018 ir@ideanomics.com
Theodore Rolfvondenbaumen, Director of Communications Trolfvondenbaumen@ideanomics.com
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