Ideanomics' Subsidiary U.S. Hybrid Expands Partnership with Toyota Tsusho America, Inc. to Convert Existing Diesel Port Vehicles and Equipment to Hydrogen-Powered

Rhea-AI Summary

Ideanomics (Nasdaq: IDEX) announces a collaboration with Toyota Tsusho America, Inc. and its subsidiary U.S. Hybrid to accelerate the use of hydrogen in port drayage operations. They will retrofit a second Top Pick Stacker with a hydrogen fuel cell system, enhancing zero-emission capabilities. This second phase aims for delivery to the Yusen Terminal in early 2023. The project, supported by the U.S. and Japanese governments, seeks to reduce pollution from fossil fuel-powered vehicles at critical ports in Southern California.

Positive

• Collaboration with Toyota Tsusho to retrofit existing vehicles promotes zero-emission technology.
• Successful delivery of the first hydrogen-powered unit at the Port of Los Angeles enhances credibility.
• The initiative addresses the high cost of new zero-emission vehicles for fleet operators by providing retrofitting options.

Negative

• None.

NEW YORK, Dec. 20, 2022 /PRNewswire/ -- Ideanomics (Nasdaq: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that its subsidiary U.S. Hybrid and Toyota Tsusho America, Inc. are commencing the second phase of collaboration to accelerate the use of zero-emission hydrogen in port drayage operations. U.S. Hybrid will retrofit a second Top Pick Stacker, replacing diesel engines and drive trains with a new hydrogen fuel cell system.

U.S. Hybrid will perform the vehicle retrofit at its facility in Southern California and expects to deliver the new zero-emission port drayage vehicle to the Yusen Terminal in the first half of 2023. 

"This collaboration is special for me because Ideanomics gets to help create a better life for communities next to ports, where too many people are still breathing air full of toxic diesel pollution," says Robin Mackie, president of Ideanomics Mobility. "The work doesn't stop here. U.S. Hybrid is ready to help more port drayage fleet operators transition to zero-emission without breaking the bank or disrupting duty cycles. Few companies do what we do, and even fewer have the same proven track record of safe, on-time vehicle and equipment conversion."

With support from the U.S. and Japanese governments, Toyota Tsusho America, Inc. is leading a consortium project to commercialize the use of hydrogen in the Port of Los Angeles. U.S. Hybrid is supporting the initiative by providing its engineering and design capabilities to seamlessly integrate commercially available Hydrogen Fuel Cell technology into existing port drayage vehicles and equipment. The consortium recently achieved an important milestone delivering the first hydrogen-powered top stacker unit, retrofitted by U.S. Hybrid, at the Port of Los Angeles.

More than 3,300 vehicles and equipment are in operation at the Port of Los Angeles and the Port of Long beach, two of the biggest and most economically important ports in the United States. Many of these vehicles and equipment are still powered by fossil fuels, emitting significant amounts of pollution that hurts adjacent communities and the planet.

For many fleet operators, buying new zero-emission port drayage vehicles and equipment is not an option because of high upfront costs and low supply. By retrofitting existing vehicles to be zero emission, U.S. Hybrid is giving fleet operators a fast, easy and affordable way to future-proof their fleet and comply with regulations.

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. With ongoing support from Ideanomics, U.S. Hybrid is accelerating the transition of specialty vehicles – from street sweepers to buses, to port drayage vehicles and equipment – to zero emission.

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 recent collaboration announced by Ideanomics?

Ideanomics announced a collaboration with Toyota Tsusho America, Inc. and U.S. Hybrid to convert existing diesel port vehicles to hydrogen-powered models.

When is the new zero-emission vehicle delivery expected?

The new zero-emission vehicle is expected to be delivered to the Yusen Terminal in the first half of 2023.

How does the Ideanomics initiative impact pollution at ports?

The initiative aims to reduce pollution by retrofitting diesel vehicles to hydrogen fuel cells, addressing emissions from heavy-duty vehicles at ports.

What is the role of U.S. Hybrid in the collaboration?

U.S. Hybrid is responsible for retrofitting the vehicles with hydrogen fuel cell systems and integrating the technology into port operations.