- Ideanomics completed the acquisition of US Hybrid, a manufacturer and distributor of electric powertrain parts and fuel cell engines for medium and heavy-duty vehicles
- IDEX paid an aggregate purchase price of $50 million in cash and stock considerations
- The acquisition marked IDEX’s entry into the burgeoning EV powertrain market, which is expected to grow at a CAGR of 16% from 2020 to 2027
- The growth is due to several favorable factors that also bode well for the operations of IDEX and US Hybrid
- Ideanomics also announced that US Hybrid had received orders from Global Environment Products (“GEP”) for a fleet of all-electric street sweepers
Ideanomics (NASDAQ: IDEX) entered 2021 with the expectation that it would be yet another growth year. The company, which started the year by completing the acquisition of Wireless Advanced Vehicle Electrification (“WAVE”) and Timios, continued seeking new investments and acquisitions in revenue-based opportunities that would complement its existing operations segmented into two divisions – Ideanomics Mobility, dealing with electric vehicle (“EV”) business, and Ideanomics Capital, focusing on fintech.
Early this month, Ideanomics added yet another company to its growing list of wholly owned subsidiaries when it completed the acquisition of 100% of privately held US Hybrid, a manufacturer and seller of&
NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://ibn.fm/IDEX
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