- Commercial EV Company Ideanomics Inc. recently completed an investment agreement that will grant it a 30 percent ownership stake in Germany’s Prettl Electronics Automotive (“PEA”)
- PEA is testing an innovative high-power EV charging infrastructure solution it has developed and expects to market in 2023, strengthening Ideanomics’ efforts to fulfill its EV strategy
- The company also recently named a new executive chairman of the board and a new vice chairman of the board who will help it scale its synergistic businesses
New York-based commercial electric vehicle company Ideanomics (NASDAQ: IDEX) continues advancing its focus on the EV market as a solution to concerns about energy consumption and living standards worldwide. In June the company completed its $65 million acquisition of US Hybrid and on Aug. 2 Ideanomics announced its investment in Germany’s Prettl Electronics Automotive (“PEA”).
Prettl Electronics Automotive is part of an industrial company operation that manufactures and distributes components and systems for the automotive, energy, and electronics industries. Ideanomics’ strategic investment of €7.5 million (about $9 million) grants the company a 30 percent ownership stake in Prettl and exclusive sales and distribution rights for its charging infrastructure products and solutions in North America, according to the company’s news release (https://ibn.fm/slKIm).
“The opportunity to work with Prettl brings together two companies with a global perspective for what is required to bring EV Mobility solutions to global markets. The PEA team’s innovative approach, both in terms of potential to deploy high-power charging infrastructure and the dynamic load balancing of charging by energy requirements at an individual vehicle level, is among the most progressive EV charging solutions we have seen,” Ideanomics CEO Alf Poor stated in the news release. “PEA fulfills a critical component of our EV enablement strategy, and we look forward to supporting them as both an investor and as a regional partner.”
In conjunction with Ideanomics’ January acquisition of Wireless Advanced Vehicle Electrification (“WAVE”), which is a U.S.-based provider of inductive (wireless) charging solutions for medium and heavy-duty EVs, the Prettl investment strengthens Ideanomics’ charging infrastructure solutions for rapid deployment with or without grid connectivity, using modular technology.
The agreement also grants Ideanomics access to the expertise of automotive and power electronics industries personnel associated with PEA’s parent company the Prettl Group. The US Hybrid acquisition provides additional synergy under Ideanomics’ mission to “reduce commercial fleet greenhouse gas emissions through advanced EV technologies and forward-thinking partnerships,” building on US Hybrid’s electric powertrain components and fuel cell engines for medium and heavy-duty commercial fleet applications (https://ibn.fm/7WZtz).
Recent years have seen tremendous growth in consumer willingness to pay for technology designed to reduce the harmful effects of pollutants on the earth’s climate. Internal combustion engine emissions, in particular, have raised global concerns and spawned new efforts to advance electric-driven automotive technology in the world’s marketplace for private and commercial vehicles (https://ibn.fm/f5bdK).
“We recently launched the transformation of Ideanomics as we vertically enter the exciting EV and hydrogen fuel cell space. … I am thrilled for what’s yet to quickly come,” newly appointed Executive Chairman of the Board Shane McMahon, a former executive over World Wrestling Entertainment’s digital media and publishing divisions, stated (https://ibn.fm/1GVsQ).
Along with the announcement of McMahon’s new position, Ideanomics announced that three-time CEO Jim Cassano will become the new vice chairman as the company continues to position itself to scale its existing synergistic businesses in the EV space.
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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