Ideanomics (NASDAQ: IDEX), a global company focused on driving the adoption of commercial electric vehicles and associated energy consumption, has finalized the acquisition of US Hybrid. IDEX called the acquisition a critical milestone in its mission to decrease commercial fleet greenhouse gas emissions through advanced EV technologies and forward-thinking partnerships. US Hybrid is a manufacturer and distributor of electric powertrain components and fuel cell engines for medium and heavy-duty commercial fleet applications. In addition, Ideanomics announced that US Hybrid had received a significant order for all-electric street sweepers; the order came from Global Environment Products (“GEP”), which anticipates deploying the sweepers in cities around the United States and around the world. A manufacturer of specialized, purpose-built, heavy-duty, and reliable street cleaning equipment., GEP believes in reliable, affordable and innovative products; each new street sweeper is projected to save approximately 89 metric tons of carbon emissions, which is the equivalent of taking 19 cars off the road for one year, the company observed. The GEP order should deliver more than a million dollars in revenue to US Hybrid this year. “We welcome Dr. Goodarzi and his entire team to Ideanomics and are confident they will bring tremendous knowledge, innovation, and value to the company in addition to their synergistic alignment with many of our existing subsidiary brands,” said Ideanomics CEO Alf Poor in the press release. “Today’s deal announcement is the first of many important customers wins we anticipate going forward. I look forward to the accelerated commercialization and innovation US Hybrid will bring to Ideanomics’ ecosystem. It will benefit businesses, communities around the world, and more importantly our planet.”
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About Ideanomics Inc.
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. The Ideanomics Mobility division is a service provider that facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility and Ideanomics Capital provide the company’s global customers and partners with leading technologies and services designed to improve transparency, efficiency and accountability, and the company’s shareholders with the opportunity to participate in high-potential, growth industries. For more information about the company, please visit www.Ideanomics.com.
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