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NEW YORK, Nov. 26, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced an exclusive agreement with Yunnan Energy to establish a joint venture to promote Electric Vehicle (EV) enablement within the Province, and into South East Asia through the province's designation as China's 'belt and road' partner.
The agreement provides for the establishment of a joint venture between Ideanomics and Yunnan Energy Investment Group Co., Ltd., a state-owned entity currently ranked as 219 in China's top 500 enterprises of 2019. The joint venture will exclusively promote the adoption of EV heavy trucks in the mining-centric province, as well as for Buses, Logistic Vehicles, and Taxis, as part of Ideanomics' MEG division's S2F2C (Sales-to-Financing-to-Charging) program. The JV anticipates leading the China market in this area, and extending its capabilities in China beyond Yunnan province, as well as into the ASEAN region, where Yunnan is the official "belt and road" sponsor and where Ideanomics has an interest in Malaysia's EV manufacturer Treeletrik.
Additionally, the parties will establish a development fund with resources from Yunnan province with two key objectives: 1) EV acquisition to include an operational company for the benefit of the leasor; and 2) Investment into cleantech mobile energy related projects identified by the joint venture, including investment into the construction and management of power grid infrastructure in South Asia and South East Asia to deliver the fast-charging and energy storage solutions required to support the EV industry.
"Yunnan province is an important keystone province, due to its extensive mining activities and its position as the sponsor for China's Belt and Road activities in South East Asia. This agreement, an extension to our recently announced Taxi deal, brings together Ideanomics' MEG division and Yunnan province with a shared objective of enabling commercial EV at scale in China and the ASEAN region," said Alf Poor, CEO of Ideanomics. "Together with the team at Yunnan Energy, we have developed objectives to significantly accelerate commercial EV adoption in China and South East Asia, and to invest in technologies and operating companies that make clean mobile energy a viable proposition."
Ideanomics will begin cooperation with Yunnan Energy immediately and expects to have its joint venture operational in early 2020. Yunnan Energy and MEG will provide the management resources for the JV, leveraging existing personnel in both organizations.
Ideanomics' MEG division operates in 4 key segments of commercial EV, which are Heavy Duty commercial, for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.
About Ideanomics
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provide our customers and partners better efficiencies, technologies, and access to global markets. The Ideanomics Mobile Energy Global (MEG) its key EV operating segments are Heavy Duty commercial, for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.
The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.
About Yunnan Energy Investment Group Co., Ltd.
Yunnan Energy Investment Co., LTD, formerly Yunnan Salt & Chemical Industry Co., Ltd., is a state-owned entity (SOE) that is listed on the Shenzhen stock exchange (Symbol: 002053) and is principally engaged in the production and sale of salt and sodium products and chlor-alkali products. The Company's main business include the development, production and sale of salt and salt series products, chlor-alkali chemical products, chemical products and raw materials, including calcium carbide, as well as the operation of hydroelectric power generation business. The Company operates the business in domestic markets, with Yunnan Province as its major market.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com
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