Ideanomics (NASDAQ: IDEX) recently provided an update on its Malaysia-based Treeletrik subsidiary’s expansion plans. In 2019 Ideanomics acquired 51% ownership in the holding companies of Treeletrik. Among other highlights, the company reported that the leasehold of land graded for development at the 250-acre site at Gebeng Industrial Estate in Kuantan, Pahang Darul Makmur, has been upgraded to title holder to offer Treeletrik flexibility with the development. The assessed value of the land is approximately 100 Million ringgit or $25 million. Treeletrik intends to bring in various China-based manufacturing partners to help round out the EV offerings under the Treeletrik brand. Discussions are presently taking place directly with Treeletrik management and augmented with discussions facilitated by Ideanomics’ MEG subsidiary. In addition, Treeletrik has secured sizeable electric motorbike and moped orders through distributors in Indonesia. Treeletrik is planning to go public in either Singapore or Hong Kong, potentially in late 2020. The planned IPO will provide Treeletrik with supplementary capital to further advance its growth plans.
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About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (“MEG”) provides financial services and incentives for commercial fleet operators, including group purchasing discounts and battery buy-back programs, in order to acquire large-scale customers with energy needs which are monetized through pre-paid electricity and EV charging offerings. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide global customers and partners with better efficiencies and technologies and greater access to global markets. The company is headquartered in New York, NY, and has offices in Beijing, China. For more information, visit www.Ideanomics.com.
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