Ideanomics Signs Deal with State-Owned Yunnan Energy To Create JV For Electric Vehicle Enablement
- Deal sees Ideanomics MEG division assuming exclusive deal for EV heavy trucks; Yunnan Province is a mining state rich in natural resources including Tin, Zinc, Copper, Lead, Salt, Aluminum, Nickel, and more
- In addition to heavy trucks used in mining, exclusivity includes Buses and Logistic Vehicles, in addition to the Taxi deal recently announced.
- Yunnan Province is China's 'Belt and Road' sponsor for ASEAN region; deal includes joint market development for South East Asia
- Deal includes establishment of New Energy Industry fund through Yunnan Province for battery-based power and new energy technology initiatives
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.
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.
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