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Ideanomics Inc. (NASDAQ: IDEX) Plans to Increase Stake in Energica Motor Company to 70%; to Participate, Showcase Technologies at Upcoming 2021 MOVE America Event

  • Ideanomics has entered into an agreement with the founders of Energica, embodying plans to increase its stake to 70%
  • The renewed investment interest further extends IDEX’s resolve to expand its global footprint in the EV industry
  • Energica is the manufacturer of high-performance all-electric motorcycles
  • Ideanomics will participate at the upcoming MOVE America event, scheduled for September 28-30, where it will showcase technologies from WAVE and Energica

Ideanomics (NASDAQ: IDEX), a global company that facilitates the adoption of commercial electric vehicles (“EVs”) and supports next-generation financial services and fintech products, announced September 15 that it has entered into an agreement to launch a voluntary conditional tender offer together with the founders of Energica Motor Company S.p.A (“Energica”). The offer will see IDEX increase its stake to 70%, while the founders shall continue to own 29% of the Italy-based company, subject to regulatory approval and other closing conditions (https://nnw.fm/4zJiB).

The recent announcement comes about six months after Ideanomics acquired a 20% stake in Energica, a manufacturer and distributor of high-performance 100% battery-powered motorbikes (https://nnw.fm/njHos).

At the time, the investment represented IDEX’s resolve to expand its global footprint in the EV industry and complemented Treeletrik’s operations in the ASEAN market. Ideanomics purchased a controlling stake in the sales and distribution arm of Treeletrik, a Malaysia-based manufacturer of all-electric motorcycles, in March 2019 (https://nnw.fm/LpUCP). The renewed investment interest, as captured by the recent agreement, therefore extends this resolve even further. 

“We are grateful for Energica’s continued interest in growing synergistically alongside other brands within the Ideanomics Mobility ecosystem,” commented Ideanomics CEO Alf Poor (https://nnw.fm/tbrPo). “With exceptional management and leadership in place and a full range of innovative zero-emissions products already in the market, we believe Energica has the opportunity to benefit strongly from Ideanomics Capital’s resources, transforming their growth trajectory and positioning them as a global leader in the electric motorcycle market.”

Manufactured in historic Modena, the heart of the Italian Motor Valley, Energica motorcycles are the ultimate embodiment of the Italian design, performance, and exclusivity. Thanks to their state-of-the-art, race-derived technology, they boast the highest emissions-free peak and sustained performance of any road-legal electric motorcycle. 

It is no wonder that they have been a hit among motorcycle enthusiasts, as seen through Energica’s sales statistics. In 2020, the company nearly doubled its sales, while 2021 has seen the manufacturer accept its largest order to date. This growth trajectory may continue well into the future, especially in the wake of a Technavio market research report, which anticipates that the high-performance electric motorcycle market will grow at a CAGR of more than 35% between 2020 and 2024, with Europe accounting for about 39% of the overall growth (https://nnw.fm/zGHsz).

“The two-wheeler electric market is poised for significant growth, and we couldn’t be more excited about the synergies between Ideanomics and Energica that will allow us to be a prime player in this space,” said Ideanomics’ Executive Chairman, Shane McMahon.

Part of these synergies will be on display at an upcoming global showcase event for urban mobility discussions and solutions, MOVE America, in which Ideanomics will be a participant (https://nnw.fm/O3Cr6). Ideanomics will showcase technologies from WAVE, a wireless charging provider allowing commercial fleet operators to extend the range of medium- and heavy-duty EVs with 125kW to 500kW charging systems, and Energica. The event will be held from September 28 to 30 at the Palmer Events Center in Austin, Texas.

On September 28 at 10.40 am CT, WAVE CEO Aaron Gillmore will give a keynote presentation about overcoming fleet electrification barriers with wireless charging for the bus transportation sector. Later in the day, at 1:00 pm, he, in concert with Kate Lam, Ideanomics’ Managing Director of Financial Products, will lead a roundtable discussion on fleet electrification challenges. Thereafter at 2:55 pm, WAVE CTO Michael Masquelier will participate in a Truck Tech Panel. 

“MOVE is an opportunity for Ideanomics and our operating companies like Energica and WAVE to talk more about the things we are doing in the fleet electrification space that matter,” said Alf. 

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

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