NEW YORK, Nov. 23, 2020 /PRNewswire/ — Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) announces that it has increased its stake in California-based Solectrac, Inc. by means of a follow-on funding of a further $1.3 million. This extra funding displays funding curiosity in Solectrac by ESG funds which is predicted to shut within the coming weeks. As a reminder, on October 22, 2020, the Firm introduced that it acquired 14.7% of Solectrac, Inc. for the consideration of $1.3 million. Since this announcement, Solectrac skilled a rise in product and funding inquiries.
This latest funding will increase Ideanomics possession to 24%, which can cut back to roughly 22% post-money as soon as the extra third-party funding is finalized. The brand new funding by Ideanomics permits Ideanomics to extend its share of possession sufficiently to acknowledge its stake in Solectrac below the fairness methodology for US GAAP accounting functions.
“We’re more than happy to extend our funding in Steve and the Solectrac staff, and we welcome the funding curiosity from funds seeking to deploy capital within the clear power and EV sector. We consider Solectrac has monumental potential and, given the uptick in each product inquiries and funding curiosity they’re seeing, we exercised our rights to extend our stake so we can assist Solectrac scale to satisfy anticipated market demand,” mentioned Alf Poor, CEO of Ideanomics. “We’re excited to work with Ideanomics to speed up progress towards a cleaner, more healthy future,” mentioned Steve Heckeroth, CEO/Founding father of Solectrac.
Solectrac develops, assembles and distributes 100% battery-powered electrical tractors—an different to diesel tractors—for agriculture and utility operations. Based in 2012 to take electrical tractors into business manufacturing, Solectrac was integrated as a California Profit Corp in 2019. It has obtained grants from the Indian U.S. Science and Expertise Fund (IUSSTF) and the Nationwide Science Basis (NSF). Earlier this 12 months, Solectrac obtained the World Alliance Photo voltaic Impulse Environment friendly Options label from the Photo voltaic Impulse Basis. The label was awarded for being one of many one thousand most effective and worthwhile options that may transition society to being economically viable whereas being environmentally sustainable. To study extra about Solectrac and the advantages of its electrical tractors, learn the Company’s bylined article printed earlier this month.
Solectrac, Inc., positioned in Northern California, has developed 100% battery powered, all electrical tractors for agriculture and utility operations. Solectrac tractors present a chance for farmers around the globe to energy their tractors by utilizing the solar, wind, and different clear renewable sources of power. The corporate’s mission is to supply farmers independence from the air pollution, infrastructure, and worth volatility related to fossil fuels.
Ideanomics is a worldwide firm centered on the convergence of monetary providers and industries experiencing technological disruption. Our Cellular Vitality International (MEG) division is a service supplier which facilitates the adoption of electrical autos by business fleet operators by means of providing car procurement, finance and leasing, and power administration options below our modern gross sales to financing to charging (S2F2C) enterprise mannequin. Ideanomics Capital is concentrated on disruptive fintech options for the monetary providers business. Collectively, MEG and Ideanomics Capital present our international clients and companions with main applied sciences and providers designed to enhance transparency, effectivity, and accountability, and our shareholders with the chance to take part in high-potential, development industries.
The corporate is headquartered in New York, NY, with workplaces in Beijing, Hangzhou, and Qingdao, and operations within the U.S., China, Ukraine, and Malaysia.
Protected Harbor Assertion
This press launch incorporates sure statements which will embrace “ahead trying statements”. All statements apart from statements of historic reality included herein are “forward-looking statements.” These forward-looking statements are sometimes recognized by way of forward-looking terminology equivalent to “believes,” “expects” or related expressions, contain recognized and unknown dangers and uncertainties, and embrace statements concerning our intention to transition our enterprise mannequin to grow to be a next-generation monetary know-how firm, our enterprise technique and deliberate product choices, our intention to section out our oil buying and selling and client electronics companies, and potential future monetary outcomes. Though the Firm believes that the expectations mirrored in such forward-looking statements are affordable, they do contain assumptions, dangers and uncertainties, and these expectations might show to be incorrect. You shouldn’t place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. The Firm’s precise outcomes might differ materially from these anticipated in these forward-looking statements on account of quite a lot of dangers and uncertainties, equivalent to dangers associated to: our skill to proceed as a going concern; our skill to lift extra financing to satisfy our enterprise necessities; the transformation of our enterprise mannequin; fluctuations in our working outcomes; pressure to our personnel administration, monetary programs and different assets as we develop our enterprise; our skill to draw and retain key staff and senior administration; aggressive strain; our worldwide operations; and different dangers and uncertainties disclosed below the sections entitled “Danger Components” and “Administration’s Dialogue and Evaluation of Monetary Situation and Outcomes of Operations” in our most up-to-date Kind 10-Okay and Kind 10-Q filed with the Securities and Change Fee, and related disclosures in subsequent experiences filed with the SEC, which can be found on the SEC web site at www.sec.gov.. All forward-looking statements attributable to the Firm or individuals performing on its behalf are expressly certified of their entirety by these danger elements. Apart from as required below the securities legal guidelines, the Firm doesn’t assume an obligation to replace these forward-looking statements.
Investor Relations and Media Contact
Christiane Heckeroth, CCO
E-mail: [email protected]
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116 New York, NY 10018
Valerie Christopherson / Lora Wilson
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+1 949 306 6476
SOURCE Ideanomics; Solectrac