InvestmentPitch Media Video Discusses Ideanomics' Signing of Definitive Agreement to Acquire 100% of Utah-Based Electric Vehicle Wireless Charging Provider 'WAVE' - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 6, 2021) - Ideanomics (NASDAQ: IDEX), a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, has signed a definitive agreement to acquire 100% of privately owned Wireless Advanced Vehicle Electrification, better known as WAVE. Roth Capital Partners acted as advisor to WAVE in the cash and stock acquisition, which is subject to the customary closing conditions. Founded in 2011, and headquartered in Salt Lake City, Utah, WAVE is a leading provider of inductive (wireless) charging solutions for medium and heavy-duty electric vehicles.
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Embedded in roadways and charging vehicles during scheduled stops, the fully automated, hands-free WAVE system eliminates battery range limitations and enables fleets to achieve driving ranges that match that of internal combustion engines. Deployed since 2012, WAVE has demonstrated the capability to develop and integrate high-power charging systems into heavy-duty electric vehicles from leading commercial EV manufacturers. With commercially available wireless charging systems up to 250kW with higher power systems in development, WAVE provides custom fleet solutions for mass transit, logistics, airport and campus shuttles, drayage fleets, and off-road vehicles at ports and industrial sites.
Wireless charging systems offer several compelling benefits over plug-in-based charging systems, including reduced maintenance, improved health and safety, and expedited energy connection. Furthermore, wireless in-route charging enables greater route lengths or smaller batteries while also maintaining battery life.
Wave's customers include the Antelope Valley Transit Authority, the largest electric vehicle bus system in the United States, which services a population of more than 450,000 residents covering 1,200 square miles in parts of the greater Los Angles area. In December 2020, the Antelope Valley Transit Authority's zero-emission buses passed a significant milestone as they collectively accumulated four million service miles.
WAVE also works in partnerships include Kenworth, Gillig, BYD, Complete Coach Works, and more.
Alf Poor, Ideanomics CEO, stated: "The acquisition of WAVE is a significant one for our EV efforts across the board. We are excited to bring Michael Masquelier and his team into the Ideanomics family, where we can inject significant growth capital to enable WAVE to further accelerate its business and bring wireless charging to our product offerings. WAVE has become a market leader in inductive charging systems, which are much better suited for commercial EVs than plug-in charging systems. WAVE complements our Medici Motor Works and Treeletrik businesses, and our investment in Solectrac, and is aligned with our MEG division's Sales to Financing to Charging (S2F2C) model. This is a win-win all around, which will help maximize shareholder value. We're thrilled to have signed the definitive agreement for this acquisition so we can get to work immediately on the opportunities this brings to both Ideanomics and WAVE."
Michael Masquelier, WAVE's Founder and CEO, added: "Fast, safe, in-route charging is key to enabling commercial EVs to match the range of internal combustion vehicles. Joining the Ideanomics family will allow WAVE solutions to rapidly develop at the scale needed to help fleet operators around the world meet their zero-emission goals."
Headquartered in New York, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia, Ideanomics is focused on the convergence of financial services and industries experiencing technological disruption. Its Mobile Energy Global (MEG) division is a service provider facilitating the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under its innovative sales to financing to charging business model.
Through Ideanomics Capital, the company focuses on disruptive fintech solutions and services across the financial services industry. Together, Mobile Energy Global and Ideanomics Capital provide their global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and their shareholders with the opportunity to participate in high-potential, growth industries.
For more information, please visit the company's website www.ideanomics.com, contact Tony Sklar, VP of Communications, at ir@ideanomics.com. For information about WAVE, please contact Tom McDonald, Senior Director of Marketing at tom.mcdonald@waveipt.com.
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