From the racetrack to the farm: Ideanomics, Energica and Solectrac to design a new generation of electric tractors featuring technology from the world's best electric motorcycle
Ideanomics (IDEX) has announced a collaboration between its Energica Inside unit and Solectrac to develop a new generation of electric tractors. This partnership will focus on battery pack development, Vehicle Control Unit (VCU) design, and prototype assembly. Energica's advanced battery technology is anticipated to enhance runtime, allowing for more efficient farming operations. The tractors will also feature innovative designs and integrated performance data. Ideanomics expects to launch these tractors in 2023, which could significantly boost revenue through increased sales in the agriculture sector.
- Collaboration with Solectrac expected to improve product efficiency and energy usage.
- Energica's advanced battery technology likely to enhance tractor runtime.
- Introduction of new Solectrac tractors anticipated in 2023, signaling business growth.
- None.
NEW YORK, Nov. 10, 2022 /PRNewswire/ -- Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that Energica, through its Energica Inside business unit, and Solectrac are starting technical collaboration on a new generation of electric tractors. Energica Inside will support Solectrac with battery pack development, Vehicle Control Unit (VCU) development, and prototype assembly and testing.
"This is the end game - different teams from across Ideanomics working together to make new and better electric vehicles," says Robin Mackie, president of Ideanomics Mobility. "It's a great example of our approach to smart spending in action. By bringing design, digital and product development in-house, Ideanomics can deliver new products faster, better and cheaper. I see big opportunities for more collaboration like this once the VIA acquisition is complete."
Collaboration between Solectrac and Energica Inside on battery pack development is expected to boost run-time, meaning customers can do more with their electric tractors per charge. Thanks to its industry-leading battery pack technology, Energica motorcycles offer more range than any other electric motorcycle on the market. Energica's VCU is expected to further enhance the overall performance and efficiency of Solectrac's next-generation electric tractors.
New Solectrac tractors will also incorporate modular and future-forward styling from Ideanomics Design as well as telematics and performance data from Ideanomics Digital. Ideanomics expects to introduce a new range of Solectrac tractors in 2023.
"Energica Inside has the potential to become a significant source of revenue," says Livia Cevolini, CEO of Energica. "Governments around the world have made up their mind – the future is electric. For some companies and industries, this transition will not be easy. Through Energica Inside, we will provide our unparalleled EV expertise to help OEMs electrify their product offerings faster, easier and more affordably."
Energica Inside is focused on harnessing Energica's EV expertise to help other industries electrify– from agriculture to maritime to aviation and beyond. While this collaboration with Solectrac is Energica Inside's first project, there is already a rich funnel of companies interested in partnering with Energica Inside. This includes early-stage discussions with a two-wheel vehicle and a watercraft OEM.
Ideanomics is solving the complexity of fleet electrification, offering fleet operators everything they need to electrify faster, easier, and more affordably all in one place. Ideanomics is committed to supporting the growth of its Energica and Solectrac subsidiaries, both of which are consistently delivering increased sales and higher-margin revenue generation.
About Ideanomics
Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging, and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected timing for the filing of the Form 10-K, the Company's ability to regain compliance with the Nasdaq requirements for continued listing and related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions that involve known and unknown risks and uncertainties. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the failure of the Company to file the Form 10-K on its expected timeline and other risk factors discussed from time to time in the Company's filings with the SEC. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, without limitation, the Company's most recent Form 10-K and Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements other than as required by law.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com
Theodore Rolfvondenbaumen, Communications Director
Trolfvondenbaumen@ideanomics.com
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SOURCE Ideanomics
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