Ideanomics, MAHLE form strategic partnership to bring the advanced chargeBIG solution to North America, targeting commercial EV fleets

Rhea-AI Summary

On February 8, 2023, Ideanomics (NASDAQ: IDEX) announced a strategic partnership with MAHLE to distribute the chargeBIG 18-36 AC fleet charging solution in North America. This agreement grants Ideanomics exclusive distribution rights for five years. Customers can place orders starting in Q2 2023, with fulfillment expected in early 2024. The chargeBIG system supports dynamic load management for up to 36 vehicles, providing efficient charging capabilities. This collaboration is aimed at optimizing the charging solution for North America's commercial fleets, leveraging Ideanomics Energy's existing offerings.

Positive

• Strategic partnership with MAHLE enhances brand portfolio.
• Exclusive five-year distribution rights for chargeBIG in North America.
• Proven technology with 1,500 chargeBIG points already in use in Europe.
• Efficient load management allows charging for up to 36 vehicles.

Negative

• None.

NEW YORK, Feb. 8, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announced that it has formed a strategic partnership with the German company MAHLE, and will become the development partner and exclusive North American distributor for the chargeBIG 18-36 AC fleet charging solution. Customers can order the unit from Ideanomics beginning in Q2 2023, with first orders expected to be fulfilled in early 2024.

The chargeBIG 18-36 AC system is easy to install, and provides dynamic load management for up to 36 charging points

"This is an exciting addition to Ideanomics Energy's lineup of turnkey charging solutions, which includes AC depot charging, DC high power charging, wireless charging and mobile charging," says Jan Freimann, Senior Vice President for Ideanomics Energy. "What sets the chargeBIG 18-36 AC charging product apart is its fantastic load management software and modular architecture that can charge up to 36 vehicles from one system that is about the size of a fridge. It's a scalable, cost-efficient charging solution for almost any in- and out-door application – depot charging, warehouses, parking lots and more." 

Under the terms of the agreement, Ideanomics has exclusive rights for 5 years to distribute the chargeBIG 18-36 AC charging system under the Ideanomics Energy brand in North America. Ideanomics and MAHLE will optimize the system for North American commercial fleets including UL certification. The system already meets regulatory requirements for charging infrastructure under California law. 

With around 1,500 chargeBIG charging points supplied to more than 20 customers in Europe, this is a proven solution. Thousands of electric passenger vehicles are powering up using chargeBIG charging points in residential and business parking garages, and a growing number of commercial fleet operators are choosing chargeBIG to power their light and medium-duty EV fleets. chargeBIG also maintains a large-scale demonstration site in China. 

The chargeBIG 18-36 AC system's centralized control unit is easy to install, and provides dynamic load management for up to 36 individual charging points with a charging power of either 7 kW, 11 kW or 19 kW. This allows for the most efficient charge across multiple EVs, and can charge twice as many vehicles compared to competing products. 

Ideanomics recently acquired VIA Motors, and has positioned Ideanomics Energy as the preferred charging solutions provider for VIA's electric work trucks. Together, Ideanomics Energy and VIA will offer a cost-efficient, integrated EV and charging solution for commercial fleets, which has been sorely lacking in the market. Along with its other charging solutions, Ideanomics Energy will offer the chargeBIG 18-36 charging solution to fleet operators looking to unleash the full potential of their new VIA electric work trucks. 

Ideanomics Energy provides charging solutions to customers no matter where they are on their electrification journey. 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. The company's subsidiaries, managed through Ideanomics' three verticals (Ideanomics Mobility, Ideanomics Energy and Ideanomics Capital), provide turnkey commercial electrification solutions including financing. 

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

FAQ

What is the new partnership announced by Ideanomics on February 8, 2023?

Ideanomics announced a strategic partnership with MAHLE to distribute the chargeBIG 18-36 AC fleet charging solution in North America.

What are the features of the chargeBIG charging solution?

The chargeBIG system supports dynamic load management for up to 36 vehicles and offers scalable, cost-efficient charging options.

When can customers start ordering the chargeBIG solution?

Customers can start placing orders for the chargeBIG solution in Q2 2023, with deliveries expected in early 2024.

How long is Ideanomics' exclusive distribution agreement for chargeBIG?

Ideanomics has exclusive distribution rights for five years under the terms of the agreement.

How does chargeBIG compare to other charging systems?

The chargeBIG system can manage charging for twice as many vehicles compared to competing products, offering efficient load management.