US Hybrid secures two contracts valued at more than $6 million

Rhea-AI Summary

Ideanomics subsidiary US Hybrid has secured two large follow-on orders for electric propulsion systems, valued at more than $6 million. These orders will be used in Department of Defense projects and to power specialty vehicles. US Hybrid's customer pipeline is expected to generate more than $50 million in sales over the next 12-18 months.

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• US Hybrid has secured two large follow-on orders for electric propulsion systems, valued at more than $6 million.
• US Hybrid's customer pipeline is expected to generate more than $50 million in sales over the next 12-18 months.

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NEW YORK, May 8, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of zero-emission vehicles, is pleased to announce that its subsidiary US Hybrid has secured two large follow-on orders for electric propulsion systems that, separately, will be used in Department of Defense projects and to power specialty vehicles.

These two orders, valued at more than $6 million, are part of US Hybrid's robust customer pipeline through the next 12-18 months, which is expected to generate more than $50 million in sales.

"Across the country, US Hybrid's zero-emission, made-in-America electric and fuel cell propulsion systems are powering buses, street sweepers, port vehicles and equipment and Department of Defense projects," says Richard Woods, VP and General Manager of US Hybrid.  "With 24 years of industry experience, the US Hybrid continues to show that we have the right mix of people and technology to get the job done for our customers." 

US Hybrid's propulsion systems are Buy America compliant, built at the company's facility in Torrance, California. US Hybrid has strategic relationships with a diverse set of local and global vendors for components, creating a resilient and efficient supply chain that allows the company to keep its operations running smoothly and ultimately pass cost savings onto customers.

US Hybrid's technology has a proven track record of success. Today, the company's technology is powering zero-emission street sweepers operating in New York, California, Washington, D.C. and Tokyo, Japan, buses operating in Hawaii, Ohio, and New York, and rubber tire gantry cranes and top pick stacker units operating at the Port of Los Angeles.

With more than 24 years of experience, US Hybrid is a leader in designing, developing and manufacturing hydrogen-electric and battery-electric zero-emission propulsion systems and power conversion systems for medium- and heavy-duty electric, hybrid and full-cell commercial buses and trucks and heavy-duty on-road and off-road equipment. 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

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SOURCE Ideanomics

FAQ

What are the orders secured by US Hybrid?

US Hybrid has secured two large follow-on orders for electric propulsion systems, valued at more than $6 million.

What is the expected sales from US Hybrid's customer pipeline?

US Hybrid's customer pipeline is expected to generate more than $50 million in sales over the next 12-18 months.