WAVE Secures Follow-On Order from Twin Transit for Wireless Charging Systems

Rhea-AI Summary

WAVE, a subsidiary of Ideanomics (NASDAQ: IDEX), has received a second order from Twin Transit for two 250kW wireless charging systems, enhancing electric bus capabilities at the Mellen Street e-Transit Station. These systems will support new Gillig battery-electric buses set to begin service in 2023, aiming to address the operational range of electric vehicles compared to legacy diesel options. The partnership underscores the reliability of WAVE's technology, noted for its ease of use and low maintenance, propelling Twin Transit towards its zero-emission goals.

Positive

• Second order from Twin Transit confirms confidence in WAVE's technology.
• Wireless charging systems improve operational range of battery-electric buses.
• Partnership supports Twin Transit's zero-emission goals.

Negative

• None.

• Twin Transit's second order signals the advancement of WAVE's market-leading technology with the addition of two WAVE 250kW systems at the Mellen Street e-Transit Station.
• The WAVE systems will power the new Gillig battery-electric buses to begin service in 2023.

SALT LAKE CITY, May 12, 2022 /PRNewswire/ -- WAVE, Inc., a wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX) and developer of high-power, wireless inductive charging solutions for medium- and heavy-duty commercial vehicles, today announced that the Twin Transit has placed a second order for two additional WAVE 250kW wireless charging systems. The follow-on order addresses the critical need to automatically extend the range of battery-electric buses to meet the range of legacy diesel vehicles. The two WAVE 250kW systems will be installed at the Mellen Street e-Transit Station and will power new Gillig battery-electric buses scheduled to arrive in 2023.

In June of 2021, Twin Transit completed the installation of a WAVE 250kW high-power wireless charging system at their Mellen Street e-Transit Station to power its first two battery-electric buses.

"In just a few short months of running the WAVE system, it became clear to us WAVE's wireless charging solution performed well beyond plug-in and overhead charging systems," said Twin Transit's Executive Director, Joe Clark. "In addition, the system proved to be easy for our drivers to operate, and maintenance was virtually non-existent. We're confident our extended partnership with WAVE will help us reach our zero-emission goals faster and easier."

"Twin Transit's Mellen Street e-Transit Station is a model of the future for electric bus transit hubs," said WAVE Chief Technology Officer, Mike Masquelier. "Clean, elegant, free of overhead and ground-based charging infrastructure, the station design is exactly what we envisioned when we set out to solve the problem of extending the range of electric buses to match that of diesel.

Repeat orders from experienced customers substantiate the inevitable future of wireless charging. With many other charging choices on the market, Twin Transit's new order exemplifies the growing interest from transit agencies to power their clean fleet transition with WAVE.

"We could not be happier to expand our charging technology at Mellon Street," said WAVE CEO Aaron Gillmore. "Twin Transit's continued confidence in WAVE speaks volumes about the readiness of wireless charging to solve even the most difficult transit electrification challenges."

About WAVE, Inc.

With a global-leading number of high-power, rigorously proven inductive charging systems deployed, WAVE enables commercial fleet operators with a faster, easier way to extend the range of medium- and heavy-duty electric vehicles. Founded in 2011, with systems ranging from 125kW to 500kW, WAVE makes tomorrow's EV charging technology available today. Learn more at www.waveipt.com.

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 the 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.

Contacts:

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

Allison Matthews, Skyya PR for Ideanomics
allison@skyya.com 

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SOURCE WAVE, Inc.

FAQ

What is the recent order placed by Twin Transit?

Twin Transit has placed a second order for two 250kW wireless charging systems from WAVE.

What will the WAVE systems power for Twin Transit?

The WAVE systems will power new Gillig battery-electric buses set to begin service in 2023.

What is the significance of the WAVE 250kW systems for electric buses?

The WAVE 250kW systems are designed to extend the operational range of battery-electric buses, matching that of diesel vehicles.

When did Twin Transit complete its first installation of WAVE systems?

Twin Transit completed the installation of its first WAVE system in June 2021.

How does Twin Transit view WAVE's wireless charging solution?

Twin Transit's Executive Director stated that WAVE's solution performed well beyond expectations and was easy for drivers to operate.