NetworkNewsBreaks – Ideanomics Inc. (NASDAQ: IDE
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Posted On: 06/14/2021 4:28:48 PM
NetworkNewsBreaks – Ideanomics Inc. (NASDAQ: IDEX) Completes Acquisition of Solectrac, Pioneer EV Tractor Maker
Ideanomics (NASDAQ: IDEX), 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.”
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 (NASDAQ: IDEX), 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.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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