- Ideanomics Inc (NASDAQ: IDEX) announced it signed a definitive agreement to buy 100% of privately held US Hybrid in cash and stock consideration. These are the details.
Today Ideanomics Inc (NASDAQ: IDEX) announced it signed a definitive agreement to buy 100% of privately held US Hybrid in cash and stock consideration. The deal to buy 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. Going forward, 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 operation.
Launched 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. And 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.
US Hybrid has essentially 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 – which is equipment that is vital to the growth of the broader electric vehicle industry. Plus US Hybrid has delivered projects for the private and public sectors, including the defense industry and governmental customers.
US Hybrid reliably demonstrated proven powertrain technology, along with DC-DC converters which possess high efficiency ratings and fast dynamic response capabilities. And US Hybrid enjoys long-term commercial relationships in various industries including Commercial, Defense & Aerospace, and Transit/Municipal for its BEV, FCe, and Hybrid platforms.
KEY QUOTES:
“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
“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
