Ideanomics has completed its definitive agreement to acquire 100 percent 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.
US Hybrid has concurrently received orders from partner Global Environment Products for a fleet of all-electric street sweepers expected to deploy in multiple cities in the US and globally. Global Environment Products is a manufacturer of street cleaning equipment. Headquartered in San Bernardino, CA.
“We are pleased today to join forces with Ideanomics and their subsidiaries, and to announce this significant order from the GEP,” said Gordon Abas Goodarzi, 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.”
Alf Poor, Ideanomics CEO, said, “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.”