Ideanomics has completed its previously reported May 12, 2021, definitive agreement to acquire 100% of privately held US Hybrid, a manufacturer and distributor of electric powertrain components and fuel cell engines for medium- and heavy-duty commercial fleet applications.
The material details of the terms are disclosed in the Company's related 8-K filing. The completed acquisition is another critical milestone in Ideanomics' mission to reduce commercial fleet greenhouse gas emissions through advanced EV technologies and forward-thinking partnerships.
Ideanomics simultaneously announces that US Hybrid has received orders from partner Global Environment Products (GEP) for a fleet of all-electric street sweepers expected to deploy in multiple cities in the U.S. and globally.
Global Environment Products is a manufacturer of specialized, purpose-built, heavy-duty, and reliable Street Cleaning Equipment. Headquartered in San Bernardino, CA, GEP believes in reliable, affordable, and innovative products. They are proud to say that their sweepers are Made in the USA.
The current order for the GEP street sweepers is anticipated to deliver more than a million dollars in revenue to US Hybrid in the balance of CY 2021. This extends an existing partnership between GEP and US Hybrid, who have delivered many clean street sweepers to customers in the US and Japan.
Each new all-electric street sweeper will save an estimated 89 metric tons of carbon emissions over the lifetime of the vehicle, or the equivalent of taking 19 cars off the road for one year.
The new, all-electric US Hybrid and GEP street sweeper feature one 120-kW traction motor along with lithium-ion batteries that are charged via an AC 20kW, SAE J1772-compliant charging system.
"We are pleased today to join forces with Ideanomics and their subsidiaries, and to announce this significant order from the GEP," said Dr. Gordon Abas Goodarzi, Ph.D., PE, CEO of US Hybrid. "Ideanomics has emerged as a true powerhouse in the commercial EV sector with a synergistic ecosystem of technologies and solutions that covers the entire value chain of electrification. We look forward to leveraging that strength going forward."
"We welcome Dr. Goodarzi and his entire team to Ideanomics and are confident they will bring tremendous knowledge, innovation, and value to the company in addition to their synergistic alignment with many of our existing subsidiary brands," said Alf Poor, Ideanomics CEO. "Today's deal announcement is the first of many important customers wins we anticipate going forward. I look forward to the accelerated commercialization and innovation US Hybrid will bring to Ideanomics' ecosystem. It will benefit businesses, communities around the world, and more importantly our planet."