Solectrac e25 Compact Electric Tractor Now Eligible for the Clean Off-Road Equipment Voucher Incentive Program

Rhea-AI Summary

Solectrac, a subsidiary of Ideanomics (NASDAQ: IDEX), announced that its e25 compact electric tractor is now eligible for California's $125 million CORE Voucher Incentive Program. This initiative aims to assist off-road equipment users in purchasing zero-emission tractors, thus promoting the transition towards electric options. Financial assistance will help mitigate the upfront costs typically associated with electric tractors compared to diesel models. The CORE program collaborates with the California Air Resources Board to enhance air quality and meet emissions goals.

Positive

• Solectrac's e25 electric tractor is now eligible for the CORE Voucher Incentive Program in California.
• $125 million is allocated for the CORE program, aimed at facilitating the purchase of electric tractors.
• The program provides financial assistance, helping reduce the upfront cost of electric tractors for users.

Negative

• None.

$125 million financial assistance vouchers are available to California off-road equipment users looking to purchase a new electric tractor

WINDSOR, Calif., July 25, 2022 /PRNewswire/ -- Solectrac, maker of electric tractors and an operating company of Ideanomics (NASDAQ: IDEX), today announced that its popular e25 compact electric tractor is now eligible for the Clean Off-Road Equipment (CORE) Voucher Incentive Program. Vouchers for Solectrac's e25 tractors are available immediately to provide financial assistance to California businesses and government agencies. The CORE Voucher Incentive Program is a $125 million project encouraging off-road equipment users to move to zero-emission options.

Often upfront costs inhibit conversion to electric tractors even though over the life of the machine, Solectrac electric tractors provide substantial cost savings when compared to diesel," explains Mani Iyer, CEO of Solectrac. "The CORE vouchers will help offset the upfront cost of purchasing an electric tractor in comparison to similar diesel models. We work with agencies around the country, so it is very exciting to have our e25 be a part of California's CORE Voucher Incentive Program."

CORE is instrumental in facilitating the transition to electric off-road equipment, which is as important as on-road electric vehicles in addressing climate change, lowering reliance on fossil fuels, and implementing new technologies. CORE works with the California Air Resources Board (CARB) to meet emissions goals and improve air quality statewide. Solectrac's acceptance into the CORE program illustrates the importance of including regenerative agriculture in the movement towards electrifying off-road equipment for the betterment of our climate as the e25 tractor offers a cleaner, cost-saving alternative to diesel tractors.

CORE vouchers work as a point-of-sale discount and have no scrappage requirement. Additional funding is available for charging and fueling infrastructure and for equipment deployed in disadvantaged communities. To request a CORE voucher for a Solectrac e25 tractor, visit https://californiacore.org.

About Solectrac
Solectrac, Inc., located in Northern California, has developed battery-powered, electric tractors for agriculture and utility operations. Solectrac tractors provide an opportunity for farmers around the world to power their tractors by using the sun, wind, and other clean, renewable sources of energy. The company's mission is to offer farmers independence from the pollution, infrastructure, and price volatility associated with fossil fuels.

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 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.

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

Malory Van Guilder, Skyya PR for Ideanomics
malory@skyya.com

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SOURCE Solectrac

FAQ

What is the CORE Voucher Incentive Program related to Ideanomics (IDEX)?

The CORE Voucher Incentive Program provides financial assistance to users purchasing electric tractors, including Solectrac's e25 model.

How much funding is available for California's CORE program?

$125 million is available in the CORE program to support the transition to zero-emission off-road equipment.

What benefits does the e25 electric tractor offer over diesel models?

The e25 electric tractor offers substantial cost savings over its lifetime compared to diesel tractors, while also being environmentally friendly.

Who is Solectrac and what do they manufacture?

Solectrac is a manufacturer of battery-powered electric tractors, aiming to provide sustainable farming solutions.