Ideanomics' subsidiary Energica progresses with the next phase of its headquarters expansion in Italy

Rhea-AI Summary

Ideanomics (NASDAQ: IDEX) announced that its subsidiary, Energica Motor Company, is advancing its facility expansion in Modena, Italy. This phase includes a new 12,370 square foot space dedicated to R&D, prototype development, and testing. Energica aims to enhance its capacity to support OEMs in the EV transition and is already seeing growth in the APAC region, with deliveries to Japan and Australia.

The expansion is expected to boost productivity and accelerate innovation in electric motorcycles, aligning with Ideanomics' mission to facilitate EV adoption.

Positive

• Expansion of Energica's facility in Modena, Italy, adding 12,370 square feet for R&D and prototype testing.
• Energica reports sustained growth in the APAC region, with initial deliveries in Japan and Australia.
• The new facility will improve capacity for dealing with OEM projects and enhance production efficiency.

Negative

• None.

NEW YORK, March 8, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announced that its subsidiary Energica Motor Company, maker of the world's leading high-performance electric motorcycle, has started the third phase of its facility expansion in Modena, Italy.

Ideanomics's subsidiary Energica progresses with the next phase of its headquarters expansion in Italy

Energica will add a new 12,370 square foot (1,150 square meter) facility dedicated to Energica Inside, research and development, and prototype development and testing.

"From the beginning, Energica has been a crucial leader in Italy regarding EV recruitment and innovation," says Livia Cevolini, CEO of Energica Motor Company. "Our reputation and know-how enables Energica to attract talented people from around the world who often choose to stay and build their career with us. We look forward to growing our facility, expanding our staff, and welcoming new people ready to make EV history."

Energica Inside is ready to help original equipment manufacturers (OEMs) in their EV transition and bring new products to market quickly and affordably. The business unit has several new projects underway in agriculture, marine and aviation and urban mobility. Its new facility will allow Energica Inside to take on even more projects, both for Ideanomics's portfolio of companies and other OEMs, all built around Energica's industry-leading design, engineering and technology.

At Energica's research and development center, the company's expert teams continue progressing on the design and implementation of advanced EV technologies with the support of Ideanomics.

"One year ago, Ideanomics acquired Energica. As part of our family, they transformed remarkably fast into a globally recognized brand known for making the best electric motorcycles," says Robin Mackie, Chief Operating Officer, Ideanomics. "All of us at Ideanomics are committed to supporting the growth of Energica and enabling them to make and sell more electric motorcycles."

Energica is also making progress on expanding its manufacturing and assembly facilities, including a target for automation which will allow the electric motorcycle manufacturer to deliver on increased market demand.

Within the APAC region, Energica is experiencing sustained growth, including its first deliveries into Japan and Australia. The United States and Europe also remain strong markets.

With ongoing support from Ideanomics, Energica is accelerating the disruption of the global two-wheeler market with its high-performance electric motorcycles. 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.

About Ideanomics

Ideanomics (NASDAQ: IDEX) is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide solutions needed for the commercial world to commit to an EV future. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involve known and unknown risks and uncertainties, and include the statement regarding the completion of the business combination within a certain period of time, if ever. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to obtain necessary regulatory approvals and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact
Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116 New York, NY 10018.
Email: ir@ideanomics.com

Theodore Rolfvondenbaumen
Communications Director
Email: trolfvondenbaumen@ideanomics.com

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SOURCE Ideanomics

FAQ

What is the latest news from Ideanomics regarding Energica?

Ideanomics announced that its subsidiary, Energica Motor Company, is progressing with a facility expansion in Modena, Italy, to enhance R&D and production capabilities.

How large is the new facility being built by Energica in Italy?

The new facility will span 12,370 square feet (1,150 square meters) and will focus on research and development, as well as prototype development.

What markets is Energica expanding into?

Energica is experiencing growth in the APAC region, including its first deliveries to Japan and Australia, while maintaining strong markets in the US and Europe.

What is the purpose of Energica Inside?

Energica Inside aims to assist original equipment manufacturers (OEMs) in transitioning to electric vehicles and to expedite the introduction of new products to the market.