Solectrac Partners With Nolan Manufacturing to Meet Increasing Electric Tractor Demands

Rhea-AI Summary

Solectrac has partnered with Nolan Manufacturing to establish a new 10,000-square-foot production facility in Denton, North Carolina, aimed at expanding its electric tractor operations and supporting its growing dealer network. This facility will primarily manufacture the e25 electric tractor and will enhance Solectrac's presence on the East Coast. Since Ideanomics acquired Solectrac in June 2021, the company has added several dealers across the U.S., indicating strong demand for their eco-friendly tractors.

Positive

• New 10,000-square-foot facility in North Carolina to boost production.
• Partnership with Nolan Manufacturing to meet rising demand for electric tractors.
• Continued expansion with additional dealer network across the U.S.

Negative

• None.

• This 10,000-square-foot facility in North Carolina allows Solectrac to scale operations as it continues to expand its nationwide dealer network.
• Nolan manufacturing will produce Solectrac's e25 electric tractors with additional models slated for future production.

WINDSOR, Calif., July 12, 2022 /PRNewswire/ -- Solectrac, makers of electric tractors and an operating company of Ideanomics (NASDAQ: IDEX), today announced a partnership with Nolan Manufacturing establishing an east coast production facility to meet the increasing demand for electric tractors across the country. The 10,000-square-foot facility in Denton, NC broadens Solectrac's service for east coast customers and reinforces the company's continued nationwide growth.

Since Ideanomics' acquisition in June 2021, Solectrac has grown significantly, adding several dealers throughout the United States, including three recently added on the east coast in Alabama, Florida and Georgia. Partnering with Nolan Manufacturing increases Solectrac's production capacity in support of its growing dealer network. The primary production at Nolan Manufacturing is Solectrac's e25 electric tractor, with additional models planned for future production.

"As the demand for Solectrac's electric tractors continues to increase, I'm excited about our persistent progress on the East Coast towards a more sustainable future and regenerative agriculture," said Mani Iyer, Solectrac CEO. "With a 10,000 square foot manufacturing facility, 57 acres and three new buildings, we are ramping up production quickly and will be able to deliver tractors to dealer partners expeditiously and provide more efficient services to existing customers. As we achieve full production capacity, we are focused on making hiring and training a top priority."

Nolan Manufacturing has over 50 dealers from Maryland to Georgia, with four equipment dealerships in North Carolina. They are producers of equipment and landscaping trailers with plans to expand production and distribution operations to include farm tractor implements, alongside the distribution of Solectrac tractors.

"It's exciting to be in a partnership that will support Solectrac with meeting the growing demand for their tractors," states Chris Biesecker, owner of Nolan Manufacturing. "The demand for Solectrac tractors is growing on the East Coast, and we're proud to do our part in providing the market with the economical and environmentally friendly Solectrac tractor." Chris has worked in equipment retail for over 30 years and will oversee the day-to-day operations of Solectrac tractors.

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. 

Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements". 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 statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. 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 continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; 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.

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 significance of Solectrac's new facility in North Carolina?

The new 10,000-square-foot facility aims to boost electric tractor production and support Solectrac's expanding East Coast dealer network.

When did Ideanomics acquire Solectrac?

Ideanomics acquired Solectrac in June 2021.

What models will be produced at the new facility?

The primary model produced will be the e25 electric tractor, with additional models planned for future production.

How is Solectrac expanding its dealer network?

Solectrac has added several dealers across the U.S., including new locations in Alabama, Florida, and Georgia, since Ideanomics' acquisition.

Who is overseeing operations for Solectrac tractors at Nolan Manufacturing?

Chris Biesecker, who has over 30 years of experience in equipment retail, will oversee the day-to-day operations of Solectrac tractors.