June was another busy month for sustainability transformation company Ideanomics. Founded by Chinese billionaire Bruno Wu, with Shane McMahon serving as vice-chair, Ideanomics has two main divisions. The first, Ideanomics Capital, leverages technology and innovation to improve efficiency, transparency, and profitability for the financial services industry. The second, Ideanomics Mobility, helps commercial fleets with electrification across their vehicles, charging and energy.
That second division has been making plenty of recent waves. In June they acquired American EV tractor maker Soletrac, a producer of a trio of e-tractors and utility vehicles ranging between 25-70 HP which are used in agricultural and utility operations. The agricultural tractor market is a $75 billion pie, with under-40 HP units worth more than 60 per cent of that.
Ideanomics also completed its acquisition of US Hybrid, a manufacturer and distributor of electric powertrain components and fuel cell engines for medium- and heavy-duty commercial fleet applications. The timing was good as the new acquisition recently received orders for a fleet of all-electric street sweepers that are to be shipped across the United States and several other countries. The total bill will come to more than $1 million.
Each sweeper will save an estimated 89 metric tons of carbon emissions over its lifetime, which Ideeanomics said is the equivalent of taking 19 cars off the road for one year.
“Ideanomics has emerged as a true powerhouse in the commercial EV sector with a synergistic ecosystem of technologies and solutions that covers the entire value chain of electrification,” US Hybrid CEO Dr. Gordon Abas Goodarzi said. “We look forward to leveraging that strength going forward.”
Ideanomics subsidiary WAVE, a developer of high-power inductive charging stations for medium- and heavy-duty vehicles, recently added the Twin Transit Authority (TTA) of Chehalis, Wash. as a customer. The TTA installed WAVE’s 250kw wireless charging system. Charging units embedded in the road connect to the bus and add up to 25 miles of range in 10 minutes of charging. The unit will be used to extend the range of the authority’s electric buses. That lack of range had been a key impediment to electric vehicle adoption by transit systems, the company said.
On June 28 Ideanomics officially joined the all-cap Russell 3000 Index. That automatically means inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index and various other indices.
“Joining the Russell indexes enables Ideanomics to extend its reach into the institutional shareholder community where we believe our story is going to resonate extremely well. Our ability to derive revenues from the EV industry in the short, medium and long-term, sets us apart from many others in the sector, while our fintech group provides consistent results and spotlights our value to shareholders both today and tomorrow,” said Ideanomics CEO Alf Poor.