Ideanomics Inks Deal with Leading Partners To Develop The Fastest EV Charging Networks

Press Releases

Jul 01, 2019

NEW YORK, July 1, 2019 /PRNewswire/ — Ideanomics Inc. (Nasdaq: IDEX) has today announced it has entered into a strategic agreement with Three Gorges Power Energy Management Co., Ltd., Tianda Energy (Shenzhen) Co., Ltd., and Shenshang Technology (Shenzhen) Co., Ltd., to promote and distribute methanol, and solid hydrogen based EV fast-charging solutions, into existing fuel station networks, as well as residential and industrial areas. These new energy management solutions will be part of an integrated network access that includes large industrial and commercial compounds, as well as other areas of vehicle concentration throughout China and the ASEAN region. The partnership’s directive is to develop technology with vastly improved efficiency and access as part of the shift away from fossil fuel powered vehicles, while developing more convenient fuel charging areas in addition to utilizing the extensive network infrastructure of fuel stations such that these assets are redeveloped over time and not simply abandoned.

Ideanomics (PRNewsfoto/Ideanomics)

Together the partners will support the new energy vehicles market with convenient places to access power, charging, network, communications, data access points, and more.

“This is a natural progression for our activities in the space. In recent months we have expanded our offering focusing from group purchase sales bringing significant discount to the commercial vehicle buyer to full value chain financing services ranging from supply chain finance, to lease financing, to ABS. This latest partnership enables us to participate in the lucrative after market, including spare and replacement fuel cells, and the recurring revenue streams from the fast charging station networks we will help to develop and implement,” said Alf Poor, CEO of Ideanomics. “We are excited to work with world-class partners who bring significant expertise and resources to help our NECV division aims to expand its NECV model from S2F (sales to financing), to S2F2C (Sales to Financing to Charging networks) in order to develop the ubiquitous access to energy the rapidly-growing EV automotive market requires.  The fast charging technology that NECV is working with aims at cutting charging time from the current charge of 30 minutes to between 5-10 minutes.”

Ideanomics, through its NECV division, will provide client acquisition, strategic sales and marketing services, as well as other advisory services.

Tianda Energy (Shenzhen) will provide operational teams and technical resources for cold storage technology, and the resources for the external connections such as attachment and conduit technologies, as well as other channel resources.

Three Gorges Power Energy, the world’s largest hydroelectric power company with significant cash reserves, will provide the financing capital, additional operation teams, and the technical resources for energy IoT solutions, intelligent operation and maintenance solutions, smart power solutions, comprehensive energy solutions, and financing resources that will include, but not limited to, Three Gorges Capital Group.

“We are continually encouraged by the quality of industry partners interested in working with Ideanomics on all aspects of the NECV ecosystem,” said Alf Poor, CEO of Ideanomics. “Three Gorges is one of the world’s largest energy companies, bringing tremendous expertise and resources at scale. Their Hubei division, along with the other partners in this deal will see us begin to move into EV infrastructure and the long-term revenues offered by charging networks and energy management systems. This is an exciting opportunity to diversify our revenues further, and a testament to the vision of Chairman Bruno Wu and the efforts of the team in Asia.”

This strategic cooperation between the partners will focus on the energy storage and energy station acquisition business. Ideanomics will lead the business development efforts and the other strategic partners will provide the implementation strategy and domain expertise. All the partners will jointly carry out nationwide fast charging and charging network, and mobile network fast charging business as a National fast charging and charging network (distributed in gas stations, parking garages, venues, supermarkets, malls, etc.), including using methanol reforming hydrogen production technology.

Three Gorges Electric Energy, is committed to becoming a leader in the sales and distribution of electricity. It is mainly engaged in electricity sales and distribution, electricity distribution network investment construction and operation, distributed energy (micro-grid), Internet + user energy efficiency management, and energy storage technology and applications.

Tianda Energy (Shenzhen) Co., Ltd. is a new energy technology enterprise that specializes in energy investment. The company possesses the most advanced energy utilization technology and applies it to large-scale industrial and civil constructions. It has made a great contribution to energy conservation and comprehensive recycling.

Shenshang Technology (Shenzhen) Co., Ltd. is a diversified company, 100% owned by Shenzhen West Construction Investment Holding Group Co., Ltd., and focuses on projects where large-scale technology and infrastructure connect. https://m.tianyancha.com/company/2807842615

About Ideanomics
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provides our customers and partners better efficiencies, technologies, and access to global markets.

Ideanomics, through its investments and, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.

The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.

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.

Investor Relations and Media Contact
Tony Sklar, VP of Communications at Ideanomics
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com
www.ideanomics.com 
Tel: +1.212.206.1216

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SOURCE Ideanomics

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