Ideanomics (NASDAQ: IDEX), a company focused on the convergence of financial services and industries experiencing technological disruption, today announced that it has made a strategic investment in Prettl Electronics Automotive (“PEA”). According to the update, PEA is a business unit within the Prettl Group, a large German industrial company that manufactures and distributes components and systems for the automotive, energy and electronics industries. The deal terms include a strategic investment of €7.5M (~$9M) for a 30% ownership stake, under which Ideanomics will receive exclusive sales and distribution rights for PEA charging infrastructure products and solutions in North America. In addition, IDEX CEO Alf Poor will join PEA’s board of directors. “The opportunity to work with Prettl brings together two companies with a global perspective for what is required to bring EV mobility solutions to global markets. The PEA team’s innovative approach, both in terms of potential to deploy high-power charging infrastructure and the dynamic load balancing of charging by energy requirements at an individual vehicle level, is among the most progressive EV charging solutions we have seen,” said Ideanomics CEO Alf Poor. “PEA fulfills a critical component of our EV enablement strategy, and we look forward to supporting them as both an investor and as a regional partner. PEA greatly adds to the family of products, services and technologies we are assembling that are synergistic, in-demand and high-value, and ultimately positions Ideanomics to capture revenues and market share throughout the commercial EV value chain.”
The company also announced its appointment of Shane McMahon as the executive chairman of the board. Per the update, Jim Cassano will become the new vice chairman. McMahon has been involved with IDEX since 2010, and previously served as vice chairman. “Shane has been an inspirational and passionate leader for Ideanomics, and we are honored to have him as our executive chairman,” said Ideanomics CEO Alf Poor. “His entrepreneurial approach and marketing acumen have been vital to our recent and anticipated growth. We are excited to be able to leverage his broad business and organizational understanding as we scale the company in the U.S. and globally.”
About Ideanomics Inc.
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. The Ideanomics Mobility division is a service provider that facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under an innovative sales to financing to charging (“S2F2C”) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility and Ideanomics Capital provide global customers and partners with leading technologies and services designed to improve transparency, efficiency and accountability, and shareholders with the opportunity to participate in high-potential growth industries. For more information, visit www.Ideanomics.com.
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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