Ideanomics Inc. (NASDAQ: IDEX) Acquires 20% Stake in Italian Listed Electric Motorcycle Maker Energica
- Ideanomics, Inc. (NASDAQ: IDEX) recently entered into an investment agreement promising to purchase over 6 million Energica ordinary shares using a subscribed-shares arrangement that priced each subscribed share at Euro 1.78
- In total, IDEX would invest approximately 13 million dollars in the Italy-based manufacturer of all-electric high-performance motorcycles
- According to IDEX CEO Alf Poor, the investment was driven by Energica’s manufacture of high-performance products that produce zero emissions
- In 2020, Energica experienced a 187% increase in revenue compared to 2019, and there is high demand for Energica’s motorcycles in the U.S.
Ideanomics (NASDAQ: IDEX), a global company focused on investing in and promoting innovative solutions in the financial and electric vehicle (“E.V.”) spaces, recently entered into an investment agreement with Energica Motor Company S.p.A. (“Energica”), an Italian listed electric motorcycle company, that will see it acquire at least 20% of Energica, upon completion of the requisite transactions.
According to a March 4 announcement issued by Energica, IDEX promised to purchase 64% of the share capital increase, the equivalent of 6,128,703 Energica ordinary shares, in a subscribed-shares arrangement. Notably, subscribed shares are shares that investors promise to buy as part of an initial public offering or a share capital increase (https://nnw.fm/O5PgE).
Under the agreement, IDEX would pay a subscription price of Euro 1.78 per share, arrived at by calculating the weighted average of the official price of Energica shares over the six months prior to the execution of the transaction, bringing IDEX’s total subscribed share capital to Euro 10,909,091. The transaction would be settled in the few days following the publication of the announcement.
Once completed, the transaction will bring the total number of Ideanomics’ wholly-owned businesses and companies wherein it is a direct investor in the EV space to 7 (https://nnw.fm/62pd0).
The latest investment, Energica, will be part of Ideanomics’ Mobility division and is the second of its kind for IDEX, which acquired a controlling stake in Treeletrik’s sales and distribution arm in March 2019. At the time, Treeletrik, which manufactures all-electric bikes, was the only licensed EV manufacturer in Malaysia. Therefore, the investment in Energica looks like a calculated strategy in Ideanomics’ quest for a wholesome portfolio that includes every category of E.V.s, namely buses, vans, cars, trucks, and motorcycles, also allowing battery technology synergies to play out between Energica and Treeletik
Energica, the first Italian manufacturer of high-performance electric motorcycles, has posted growth in its revenue and order backlog year-on-year. According to its preliminary 2020 turnover report, the manufacturer posted Euro 6 million in revenue, constituting a 187% increase from the figure reported at a similar period in 2019 (https://nnw.fm/kh8oW), despite the vagaries brought by the pandemic.
“Energica has combined zero emission E.V. technology with the pedigree of high-performance mobility synonymous with Italy’s Motor Valley to create a range of exceptional products for the high-performance motorcycle market,” Alf Poor, CEO of Ideanomics, said of the company. “We were very impressed with Livia (Energica’s CEO) and her team throughout our discussion, and we are very pleased to support them through their next phase of growth.”
In the first two months of the 2021 fiscal year – starting December 2020 – Energica had already received new orders valued at over Euro 2.9 million and equivalent to 49.7% of the orders it received throughout 2020. 30% of these orders were from the United States. Moreover, the U.S. orders received between March 25 and April 28 accounted for 41% of the total. These figures signal that Ideanomics’ investment in the motorcycle manufacturer could also be due to the increasing popularity of Energica’s motorcycles in the North American market.
On her part, Livia Cevolini voiced her pride in being part of a unified platform that shared the same vision. “The creation of a network of innovative companies can only accelerate the growth and adoption of new technologies such as sustainable mobility that sees us among the leaders,” she continued. “The investment will give further strength to the Energica growth already underway in recent years thanks to the innovation brought to our products with the racing experience in MotoE.”
The investment brings Ideanomics closer to realizing its vision to build advanced technology ecosystems that deliver more efficient and environmentally-friendly solutions to the world.
For more information, visit the company’s website at www.Ideanomics.com.
NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://nnw.fm/IDEX
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
- Ideanomics, Inc. (NASDAQ: IDEX) recently entered into an investment agreement promising to purchase over 6 million Energica ordinary shares using a subscribed-shares arrangement that priced each subscribed share at Euro 1.78
- In total, IDEX would invest approximately 13 million dollars in the Italy-based manufacturer of all-electric high-performance motorcycles
- According to IDEX CEO Alf Poor, the investment was driven by Energica’s manufacture of high-performance products that produce zero emissions
- In 2020, Energica experienced a 187% increase in revenue compared to 2019, and there is high demand for Energica’s motorcycles in the U.S.
Ideanomics (NASDAQ: IDEX), a global company focused on investing in and promoting innovative solutions in the financial and electric vehicle (“E.V.”) spaces, recently entered into an investment agreement with Energica Motor Company S.p.A. (“Energica”), an Italian listed electric motorcycle company, that will see it acquire at least 20% of Energica, upon completion of the requisite transactions.
According to a March 4 announcement issued by Energica, IDEX promised to purchase 64% of the share capital increase, the equivalent of 6,128,703 Energica ordinary shares, in a subscribed-shares arrangement. Notably, subscribed shares are shares that investors promise to buy as part of an initial public offering or a share capital increase (https://nnw.fm/O5PgE).
Under the agreement, IDEX would pay a subscription price of Euro 1.78 per share, arrived at by calculating the weighted average of the official price of Energica shares over the six months prior to the execution of the transaction, bringing IDEX’s total subscribed share capital to Euro 10,909,091. The transaction would be settled in the few days following the publication of the announcement.
Once completed, the transaction will bring the total number of Ideanomics’ wholly-owned businesses and companies wherein it is a direct investor in the EV space to 7 (https://nnw.fm/62pd0).
The latest investment, Energica, will be part of Ideanomics’ Mobility division and is the second of its kind for IDEX, which acquired a controlling stake in Treeletrik’s sales and distribution arm in March 2019. At the time, Treeletrik, which manufactures all-electric bikes, was the only licensed EV manufacturer in Malaysia. Therefore, the investment in Energica looks like a calculated strategy in Ideanomics’ quest for a wholesome portfolio that includes every category of E.V.s, namely buses, vans, cars, trucks, and motorcycles, also allowing battery technology synergies to play out between Energica and Treeletik
Energica, the first Italian manufacturer of high-performance electric motorcycles, has posted growth in its revenue and order backlog year-on-year. According to its preliminary 2020 turnover report, the manufacturer posted Euro 6 million in revenue, constituting a 187% increase from the figure reported at a similar period in 2019 (https://nnw.fm/kh8oW), despite the vagaries brought by the pandemic.
“Energica has combined zero emission E.V. technology with the pedigree of high-performance mobility synonymous with Italy’s Motor Valley to create a range of exceptional products for the high-performance motorcycle market,” Alf Poor, CEO of Ideanomics, said of the company. “We were very impressed with Livia (Energica’s CEO) and her team throughout our discussion, and we are very pleased to support them through their next phase of growth.”
In the first two months of the 2021 fiscal year – starting December 2020 – Energica had already received new orders valued at over Euro 2.9 million and equivalent to 49.7% of the orders it received throughout 2020. 30% of these orders were from the United States. Moreover, the U.S. orders received between March 25 and April 28 accounted for 41% of the total. These figures signal that Ideanomics’ investment in the motorcycle manufacturer could also be due to the increasing popularity of Energica’s motorcycles in the North American market.
On her part, Livia Cevolini voiced her pride in being part of a unified platform that shared the same vision. “The creation of a network of innovative companies can only accelerate the growth and adoption of new technologies such as sustainable mobility that sees us among the leaders,” she continued. “The investment will give further strength to the Energica growth already underway in recent years thanks to the innovation brought to our products with the racing experience in MotoE.”
The investment brings Ideanomics closer to realizing its vision to build advanced technology ecosystems that deliver more efficient and environmentally-friendly solutions to the world.
For more information, visit the company’s website at www.Ideanomics.com.
NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://nnw.fm/IDEX
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
