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Ideanomics Inc. (NASDAQ: IDEX) Expands Global EV Footprint with Energica Investment, CALSTART Membership
March 15, 2021

Ideanomics Inc. (NASDAQ: IDEX) Expands Global EV Footprint with Energica Investment, CALSTART Membership

  • The acquisition of 20% of Energica Motor Company S.p.A. compliments majority-owned Treeletrik’s business in the ASEAN market and continued investment in European-based OEM
  • CALSTART will assist in growing Ideanomics’ wholly-owned subsidiaries – enhancing national and global programs
  • Ideanomics Mobility is a part of a global commercial EV market expected to surpass $132 billion by 2022

Ideanomics (NASDAQ: IDEX), a global company that is facilitating the adoption of commercial electric vehicles and supporting next-generation financial services and fintech products, recently announced that it had acquired 20% of Energica Motor Company S.p.A. (“Energica”) for a consideration of $13.2 million. Energica develops 100% battery-powered motorbikes. 

The acquisition enables Ideanomics to expand its EV footprint globally and compliments Treeletrik’s business in the ASEAN market, while marking continued investment in European-based OEM. One of the five companies included in the Ideanomics Mobility division, Treeletrik is a majority owned Ideanomics investment that services the high-demand electric delivery moped market.

The Energica investment comes at a time of significant growth for the high-performance electric motorcycle market, which is forecasted to expand at a CAGR of over 35% by 2024, in line with the rapid increase of EV sales that began worldwide in 2019 and shows no signs of sopping. The acquisition brings additional value to Ideanomics Mobility as Energica has combined zero emissions EV technology with high-performance engineering to create a range of exceptional products for the motorcycle market, according to Ideanomics CEO Alf Poor. The Italian company also has proprietary EV battery and DC fast-charging systems that have applications and synergies with the Ideanomics division, Poor added (https://ibn.fm/6mlMv).

“We are proud to be part of this unified global platform. Ideanomics’ network of innovative companies will help accelerate the growth and adoption of new EV technologies such as Energica,” Energica CEO Livia Cevolini stated. “We look forward to leveraging Ideanomics to capture market share in the rapidly growing global electric motorcycle market.”

Another recent achievement for Ideanomics is the membership in CALSTART, a national non-profit organization that facilitates the clean transportation industry’s growth resulting in clean air, stability in the climate, and job growth. CALSTART will assist in growing Ideanomics’ wholly owned subsidiaries Wireless Advanced Vehicle Electrification (“WAVE”) and Medici Motor Works, Ideanomics North American heavy truck and specialty vehicle division, and portfolio company Solectrac.

“CALSTART provides Ideanomics with the network and expertise that will help us accelerate the adoption of WAVE’s technology. The benefits of WAVE’s wireless charging systems are aligned with CALSTART’s mission. With this membership, we can enhance our national and global programs,” Poor explained (https://ibn.fm/7POX1).

The CALSTART 270+ members comprise transportation-related stakeholders, including manufacturers, fleets, suppliers, tech firms, government agencies, academic institutions, NGOs, fuel providers, power companies, banks, and many others. Ideanomics will be a full member, allowing the company access to CALSTART and stakeholder leadership, partnership engagement, and industry connections.

The Ideanomics Mobility division is part of a global commercial EV market expected to reach $132,73 billion by 2022, growing at an impressive CAGR of 39.9% from the $34.7 billion value reported in 2018. Grand View Research projects the global EV charging infrastructure is also expected to grow exponentially, at a rate of 33.4%, to reach $144.97 billion in 2028. The growth of the EV industry is expected to be driven by an increasing interest and support from the public, as more people are looking for a clean alternative to fossil fuel-powered vehicles. The Biden administration also ran with a platform supporting a goal of achieving a 100% clean-energy economy.

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://ibn.fm/IDEX

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