Ideanomics subsidiary US Hybrid, Mi-Jack to develop hydrogen powered rubber tire gantry crane

Rhea-AI Summary

On March 6, 2023, Ideanomics (NASDAQ: IDEX) announced that its subsidiary US Hybrid will collaborate with Mi-Jack to convert a rubber tire gantry crane to hydrogen power. This initiative aims to decarbonize a heavily polluting piece of machinery that typically operates on fossil fuels. US Hybrid will oversee the design and procurement of a hydrogen propulsion kit sourced from Hyundai Motor Corp. The project aims to enhance carbon neutrality at intermodal terminals while maintaining performance. US Hybrid's expertise in decarbonization positions Ideanomics favorably in the growing zero-emission vehicle market.

Positive

• Collaborative project with Mi-Jack to convert RTG crane to hydrogen power.
• Focus on decarbonizing a heavily polluting equipment in transportation.
• US Hybrid's role emphasizes its strong track record and expertise in zero-emission technology.
• Partnership with Hyundai Motor Corp for sourcing hydrogen fuel cells enhances technology credibility.

Negative

• None.

NEW YORK, March 6, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of zero emission vehicles, today announced that its subsidiary US Hybrid is has been selected by Mi-Jack to convert a rubber tire gantry (RTG) crane from fossil diesel to hydrogen powered.

"For our exceptional engineers at US Hybrid, this is a dream project. They get to come up with a zero-emission way to power a very big and energy intensive piece of machinery," says Macy Neshati, Chief Commercial Officer at Ideanomics. "I want to extend a heartfelt thanks to Mi-Jack for taking action to decarbonize gantry cranes and trusting US Hybrid as their partner to do it."

Under the terms of the agreement, US Hybrid is managing all procurement, engineering and design work relating to the hydrogen propulsion kit. The company will source a hydrogen fuel cell system from Hyundai Motor Corp, and will locally manufacture core components including the hydrogen storage tanks and cooling systems.

All manufacturing, assembly and system testing will occur at US Hybrid's engineering facility in Torrance, California. Mi-Jack will install the hydrogen propulsion kit into the RTG crane at its Illinois facility, with US Hybrid providing all necessary engineering diagrams and on-site support.

"The new reality for intermodal terminals is achieving carbon neutrality. Offering hydrogen-powered RTG cranes is paramount for ensuring terminals meet their carbon neutrality goals without compromising on performance," says Aaron Newton, VP of Sales at Mi-Jack. "We look forward to collaborating with US Hybrid on bringing innovative hydrogen-powered solutions to the intermodal market."

RTG cranes are one of the largest, noisiest, heaviest polluting and hard to decarbonize pieces of equipment in ports and railyards. They operate 10-20 hours per day, continuously lifting shipping containers that can weigh nearly 80,000 pounds when fully loaded.

This job requires a lot of power, and most RTG cranes still rely on fossil fuels to meet this need. On average, a RTG crane burns 10 US gallons per hour. One gallon of diesel emits 22 pounds of CO2 into the atmosphere.

Hydrogen is a much better option for RTG cranes. Hydrogen fuel cells can be refilled fast, are proven to operate efficiently in extreme hot and cold weather, and deliver the same or more power as diesel. Powered by hydrogen, RTG cranes can keep operating reliably with zero emissions.

US Hybrid has a strong, proven track record when it comes to decarbonizing port equipment and machinery as well as other specialty vehicles. The company has strategic partnerships with International OEMs to convert new and existing ICE powered port equipment to zero emission, and is working to develop zero emission buses and trucks.

Ideanomics views US Hybrid's expertise in designing fuel cell systems and electric power trains as a competitive advantage. and is committed to supporting the growth of US Hybrid. Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure, and financing solutions under one roof. 

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.

About Mi-Jack

Mi-Jack is recognized worldwide as an industry leader and innovator in rubber-tired gantry (RTG) cranes and other products and solutions globally. Corporate headquarters are in Hazel Crest, Illinois at an ISO 9001:2017 certified facility that produces Translift™ and Travelift® RTGs now in use on six continents. The company maintains four regional operations headquarters and five sales offices. Mi-Jack is part of the Lanco Group of Companies. For more information, go to www.mi-jack.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 Ideanomics' latest project related to hydrogen-powered cranes?

Ideanomics announced a partnership with Mi-Jack to convert a rubber tire gantry crane from diesel to hydrogen power, aiming for carbon neutrality.

When did Ideanomics announce the project with Mi-Jack?

The project announcement was made on March 6, 2023.

What is the significance of the hydrogen-powered RTG crane project for Ideanomics?

This project highlights Ideanomics' commitment to zero-emission technologies and its strategic position in the growing market for sustainable transportation solutions.

How is US Hybrid involved in the hydrogen-powered crane project?

US Hybrid is managing all aspects of design, procurement, and engineering for the hydrogen propulsion kit.

What are the environmental benefits of converting RTG cranes to hydrogen power?

Hydrogen-powered cranes reduce carbon emissions compared to traditional diesel engines, supporting carbon neutrality goals in intermodal terminals.