Ideanomics (IDEX) Acquires U.S. EV Tractor Maker Solectrac
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Ideanomics (NASDAQ: IDEX) is pleased to announce it has fully acquired Solectrac Inc., a California-based manufacturer, and distributor of premium zero-emission electric tractors that use clean renewable sources of energy, furthering the mission to reduce commercial fleet greenhouse gas emissions.
Ideanomics will support Solectrac across various business functions providing operational confidence to scale and become established as a global leader and supplier of clean agricultural equipment. Solectrac has a significant head start in the electric tractor market in North America with limited competition and aligns with Ideanomics' commitments to ESG initiatives. Those commitments include accelerating the adoption of zero-emission commercial EVs, transparency, accountability, and environmental sustainability.
Solectrac enhances Ideanomics' ecosystem of EV businesses with a premium offering in the rapidly growing agriculture sector that is on the cusp of EV adoption. The Solectrac electric tractor lineup is fully scalable and market-ready to generate revenue in the US with proven demand. The use of proceeds from the deal will allow Solectrac to build up inventory, improve negotiating power, strengthen and diversify the supply chain, increase production capacity in the US, hire additional management and staff, and fuel further sales and marketing initiatives.
"The acquisition of Solectrac is perfectly aligned with our EV and Mobility initiatives," said Alf Poor, Ideanomics CEO. "EV tractors have proven to be superior to their diesel counterparts not only when it comes to torque and overall performance, but also when you consider operating costs, reliability, and the positive impact they have on the environment. They are also an underserved part of the market when it comes to EV initiatives. For those reasons, we are excited to bring Steve Heckeroth and the Solectrac team into the Ideanomics family. With farmers and business operators eager to transition from diesel to sustainable alternatives, we intend to make Solectrac the reliable, go-to brand not just here in North America, but across the globe."
"All of us at Solectrac are pleased to be joining the Ideanomics ecosystem, giving us access to an array of resources to help scale our marketing, operations, and manufacturing capabilities," said Solectrac Founder and CEO Steve Heckeroth. "Our mission is to lead the transition from fossil fuel-based farming to zero-emission regenerative agriculture with best-in-class technologies, and Ideanomics will help us accelerate our progress toward that game-changing goal."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Amgen (AMGN) Acquires Teneobio For $900M With Future Contingent Milestone Payments
- Inspire Clean Energy Announces Acquisition by Shell to Accelerate Mission of Achieving a Net-Zero Carbon Future
- GlowTouch LLC Earns Recognition in Everest Group's 2021 CXM PEAK Matrix®
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Related EntitiesEarnings, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!