Vancouver, British Columbia--(Newsfile Corp. - October 23, 2020) - (NASDAQ: IDEX), a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, has acquired 15% of Northern California-based Solectrac Inc for $1.3 million. Founded in 2012, Solectrac develops, assembles and distributes 100% battery-powered electric tractors for agriculture and utility operations.
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Solectrac tractors provide farmers globally, the opportunity to power their tractors by solar, wind, and other clean renewable sources of energy, as an alternative to diesel tractors. Its stated mission is to offer farmers independence from the pollution, infrastructure, and price volatility associated with fossil fuels.
This investment by Ideanomics marks the company's first investment in an existing US-based OEM, thereby expanding its global footprint in the electric vehicle industry, specifically in the specialty commercial vehicle category. Ideanomics will assume a seat on Solectrac's Board of Directors.
Alf Poor, CEO, Ideanomics, stated: "We are very impressed with Steve and the Solectrac team and their deep knowledge of the agricultural sector. We have been interested in this industry for some time because we knew EVs could have an immediate impact without the need for extensive infrastructure. Solectrac is a pioneer in the electric tractor market and shares our motivation and passion for a cleaner tomorrow."
In 2019, Solectrac incorporated as a California Benefit Corporation, and has received grants from the United States - India Science and Technology Endowment Fund and the National Science Foundation. Earlier this year, Solectrac received the World Alliance Solar Impulse Efficient Solutions label from the Solar Impulse Foundation as one of the top 1,000 most efficient and profitable solutions enabling society to become economically viable while being environmentally sustainable.
Steve Heckeroth, (heck-roth) CEO and founder, Solectrac, added: "With our zero-emission electric tractors, tractor operators don't have to choose between power and environmentally friendly practices. My life's work has been dedicated to creating clean, renewable alternatives to fossil fuels. Now-with Ideanomics and the company's unique experience and industry perspective-we are well-positioned to achieve these goals."
According to Research And Markets, the global agricultural tractor market is currently valued at $75 billion, with the North American agricultural tractor market expected to reach $20 billion by 2023. The largest segment for agricultural tractors is the below 40 horse powered segment, where Solectrac's initial three models address the broad needs of the market, being specifically designed to serve the needs of community-based farms, vineyards, orchards, equestrian arenas, greenhouses, and hobby farms.
Headquartered in New York, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia, Ideanomics facilitates the adoption of commercial electric vehicles and supports next-generation financial services and fintech products. Its electric vehicle division, Mobile Energy Global provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity, as well as financing and charging solutions.
Through Ideanomics Capital, the company provides fintech services including intelligent and innovative solutions powered by AI and blockchain. Together, Mobile Energy and Ideanomics Capital provide their global customers and partners with more efficient solutions for a greener economy.
For more information, please visit the company's website www.ideanomics.com, contact Tony Sklar, VP of Communications, at firstname.lastname@example.org. For more information about Solectrac, please visit their website www.solectrac.com, contact Christiane Heckeroth, CCO, at email@example.com.
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