IDEX Stock: is Ideanomics the future of electric vehicles?

Ideanomics (IDEX) seems to be pioneering the move to electric vehicles at a rapid paste. One day ago the company announced that is will acquire US Hybrid company who manufactures zero emission powertrain components for electric, hybrid, and fuel cell vehicles.

US Hybrid was founded in 1999 and has pioneered clean transportation technologies for over 20 years. It offers proven zero-emission powertrain components for electric, hybrid and fuel cell applications and has fully operational Fuel Cell Engines for both mobile and stationary use at the 10kw, 50kw, and 100kw power levels.

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

 Dr. Gordon Abas Goodarzi, PhD, PE, CEO of US Hybrid

The CEO Dr. Gordon Abas Goodarzi, a 30-year veteran of BEV, FCe, and Hybrid industries will become Chief Scientist for Ideanomics.

The acquisition of US Hybrid allows Ideanomics to deploy US-built technology in its own cars, considerably expanding the company’s potential in zero-emission mobility. US Hybrid will continue to serve its existing customers, and Ideanomics will help them scale their business operations inside the Ideanomics Mobility business segment. US Hybrid operates from locations in California, Connecticut, and Massachusetts.

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, 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

Alf Poor, Ideanomics CEO