Ideanomics Secures Third-Party Funding to Accelerate Growth of Solectrac’s Dealer Network

NEW YORK, November 14, 2022 /PRNewswire/ — ideonomic (NASDAQ:IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EVs), today announced that its subsidiary Solectrac has added seven additional certified dealers to its dealer network. To enable dealer expansion, Ideanomics secured strategic funding from global financial solutions provider DLL.

“Our ability to engage a leading company like DLL as a partner to fund Solectrac’s growth is a validation of our brand and our products,” says Ideanomics Mobility President Robin Macky. “It shows that Ideanomics has succeeded in its mission to make Solectrac a trusted company, as underlined by the fact that Solectrac sells units as fast as it can manufacture them. With more strategic third-party capital, Solectrac can scale faster and getting more electric tractors into the hands of customers.”

Solectrac can assemble 360 ​​tractors per month and is available at 57 sites across United States. The new Solectrac dealers are Taylor Tool Company (Col. and Kan.), Haney Equipment and Foothills Tractor and Equipment (To the.), truck top UNITED STATES and San Joaquin Tractor Co. (California), Wade Tractor and equipment (Ga.) and The best of Clinton equipment (NC).

The combination of a nationwide dealer network and industry-leading production capacity uniquely positions Solectrac to fulfill orders from large fleet operators. The company targets the specialty agriculture, parks, municipal and university market segments for direct sales.

DLL will be Solectrac’s privileged financial partner in United States. Thanks to the financing solutions offered by DLL, Solectrac dealers will now have access to leasing and leasing programs that facilitate the sale of equipment to the end customer.

“We are thrilled to partner with Ideanomics and Solectrac to help accelerate the electrification of the tractor industry and demonstrate our commitment to sustainability,” added Britta McSparen, program manager at DLL. “Through existing relationships and forging new ones, our partnerships will continue to support customers through this evolution of agriculture and into the future.”

The combination of government incentives, volatile diesel fuel costs, and corporate commitments to climate action will accelerate the growth of electric machines in the off-road market. The Equipment Manufacturers Association (AEM), an industry group that tracks retail tractor sales, reports that sales of tractors under 40 PTO hp have exceeded 127,000 units so far this year*.

Solectrac offers the e25g in the category of less than 40 hp at the power take-off. Solectrac electric tractors do everything equivalent to a diesel tractor, except better with zero pollution from burning expensive diesel fuel. In 2023, Ideanomics plans to start assembling the e75N tractor, as well as launching new models on the market.

Ideanomics solves the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure and financing solutions under one roof. The Company is committed to supporting the growth of Solectrac and views it as a flagship solution for the high-growth, high-value off-road vehicle market that offers alternatives to diesel engines for sustainable agriculture.

*Association of Equipment Manufacturers, Report on agricultural tractors and combine harvesters, August 2022

About Ideonomics
Ideanomics is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles, charging and financing solutions under one roof, we are the single partner needed to simplify the transition to and operation of any electric vehicle fleet. To keep up to date with Ideanomics, please follow the company on social media @ideanomicshq or visit https://ideanomics.com.

About DLLs
DLL is a global equipment and technology asset finance company with a managed portfolio of over 35 billion euros. Founded in 1969 and based in Eindhoven, the Netherlands, DLL provides financial solutions to the agriculture, food, healthcare, clean technology, construction, transportation, industrial, office equipment and technology sectors in more from 30 countries. DLL partners directly with equipment manufacturers, resellers and distributors, as well as end customers, to provide businesses with easier access to equipment, technology and software. The company also provides information and guidance to partners and customers that promotes smarter, more cost-effective ways to use it. DLL combines customer focus with deep industry knowledge to provide sustainable solutions for the full lifecycle of assets, including trade finance, retail finance and used equipment finance. DLL is a wholly owned subsidiary of Rabobank Group. To learn more about DLL, visit www.dllgroup.com.

Safe Harbor Statement
This press release contains certain statements which may include “forward-looking statements”. All statements other than statements of historical facts 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 evolving our business model to become a next-generation fintech company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and future financial results potentials. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and such 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 due to a variety of risks and uncertainties, such as risks related to: our ability to continue our business; our ability to raise additional financing to meet our business needs; the transformation of our business model; fluctuations in our operating results; strain on our people management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior executives; competitive pressure; our international operations; and other risks and uncertainties disclosed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recently filed Forms 10-K and 10-Q with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC’s 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. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements.

contacts:
Ideanomics, Inc.
Tony SklerSenior Vice President of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
[email protected]

Théodore Rolfvondenbaumen, Communications Director
[email protected]

SOURCE Ideonomy

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