NEW YORK, May 13, 2021 Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) is pleased to announce it has signed a definitive agreement to acquire 100% of privately held US Hybrid in cash and stock consideration, the material terms of which are disclosed in the Company’s related 8-K filing. The acquisition is subject to customary closing conditions.
The acquisition of US Hybrid brings to Ideanomics the application of US-built technology, for use in its own vehicles, and significantly extends the company’s capabilities in zero-emission transportation. US Hybrid will continue to service its existing customer base, and Ideanomics will assist them in scaling their business operations within the Ideanomics Mobility business division. US Hybrid operates from locations in California, Connecticut, and Massachusetts.
Founded in 1999, and headquartered in Torrance, California, US Hybrid has been providing innovative solutions including components, drive trains, and fuel cells to medium and heavy-duty commercial fleet operators. US Hybrid designs, manufactures, and markets integrated power conversion systems for battery electric, fuel cell, and hybrid vehicles, as well as systems for renewable energy generation and storage. The company has been leading the clean-tech revolution by offering integrated power conversion components and integrated motor drives, motors and controllers, distributed energy management systems, and DC-DC boost converters – equipment that is vital to the growth of the broader EV industry. In addition to its relationships with leading OEMs, US Hybrid has delivered projects for the private and public sectors, including the defense industry and governmental customers.
US Hybrid has reliably demonstrated proven powertrain technology, along with DC-DC converters which possess high efficiency ratings and fast dynamic response capabilities. US Hybrid enjoys long-term commercial relationships in various industries including Commercial, Defense & Aerospace, and Transit/Municipal for its BEV, FCe, and Hybrid platforms.
“The acquisition of US Hybrid is a significant one for our EV efforts across the Ideanomics Mobility division and is the stepping-stone we were looking for to ensure we provide vehicles and technologies that can proudly allow us to state the meaningful components are Made in America. We are excited to bring Dr. Goodarzi and team into the Ideanomics family, they have been exceptional to work with throughout our discussions, and we look forward to helping them develop their business further. We will be bringing their technologies and capabilities into our own vehicles, as well as helping the broader industry leverage the outstanding technology the US Hybrid team has developed in Hybrid, EV, and Hydrogen fuel cells,” said Alf Poor, Ideanomics CEO. “With decades of experience and credibility from deployments with reputable customers, US Hybrid will become an innovation engine for Ideanomics and provide strategic opportunities for clean technology applications across the zero emissions transportation value chain, both now and in the future.”
“We are excited to be joining the Ideanomics family, as a synergistic addition to the Ideanomics ecosystem of EV businesses. Ideanomics’ global platform will provide us with the opportunity to unlock the commercialization and sales potential of our American-made zero-emission products within Ideanomics and our broad customer base. This combination of our businesses provides for a bright future in zero emission transportation, where we continue to innovate for the future, while scaling our commercial products to meet the immediate demands of the industry,” said Dr. Gordon Abas Goodarzi, PhD, PE, CEO of US Hybrid.
About US Hybrid.
US Hybrid specializes in the design and manufacturing of zero emission powertrain components for electric, hybrid, and fuel cell medium and heavy-duty municipality vehicles, commercial trucks, buses, and specialty vehicles throughout the world. Established in 1999, US Hybrid began with a cadre of knowledgeable engineers and management with decades of experience in electric and hybrid powertrain and energy storage systems. US Hybrid has been developing and deploying electric, hybrid, and fuel cell vehicles for decades, as well as designing, developing and manufacturing electric powertrain and fuel cell engines for medium and heavy-duty fuel cell commercial buses and truck OEMs. US Hybrid powertrain components are designed for the MD/HD clean transportation industry, providing zero emission powertrain solutions to our customers and partners globally.