Ideanomics Is at the Forefront of Sustainability Transformation
A Shift Towards Green –The EV market will be worth $2,495.5 billion by 2027, and Ideanomics is directly involved with the push toward lowering carbon emissions.
Solving a Major Problem –Electric vehicles lead to lower overall carbon emissions in 95% of the world. As governments mandate lowering emissions to help solve the climate crisis, those in the business of providing potential solutions are likely to grow.
Six Quarters of Growth –The growth is already happening. Ideanomics announced their sixth straight quarter of growth through Q2 of 2021 with $33.2 million in revenue.
Electric vehicles may not be ubiquitous today, but sooner or later they will be the status quo on roads all over the world. Combustion engines powered by fossil fuels are on their way out, and sustainable Electric Vehicles (EVs) are on their way in. The US electric vehicles market is expected to reach 6.9 million unit sales by 2025, up from 1.4 million unit sales that were forecast for 2020, according to the market research firm Frost & Sullivan. Much of this will be fueled by government incentives driving EV ownership.
However, this shift won’t just happen in the consumer market with everyday folks purchasing EV daily drivers en masse. That is part of the equation, but some of the greatest opportunities for industry growth lie in making that shift affordable, efficient, and most importantly accessible for commercial fleets. Universal EV adoption in mass transit, ports, trucking, agriculture, and even in today’s growing culture of ride sharing and ride hailing are all sectors that are experiencing rapid change today and into the future. Ideanomics (NASDAQ: IDEX) is focused on accelerating the growth of commercial EV adoption. They provide solutions for fleet operators that set out to go electric, from acquiring vehicles to capital or energy/powering solutions, and even infrastructure needed for EV operation.
Keys to the Market
Uniquely Positioned –Ideanomics has established itself in key markets across Asia, Europe, and the Americas, making them a leader in parts of the globe where EV adoption will have the greatest impact. These markets are currently some of the greatest contributors of carbon emissions due to transport and likely represent the greatest market opportunities for investors.
Cutting Edge Products –Ideanomics has a hand in developing the Electric Vehicles they connect many clients to. They also have access to infrastructure resources like 5G towers and charging stations companies need for innovative electrification.
Solving the Money Problem – With capital (or lack thereof) often presenting the biggest barrier to fleet electrification, Ideanomics is leveraging their technology and partnerships to maximize profitability.
A Politically-Backed Industry –The need to reduce carbon emissions is one of the greatest global concerns for our planet’s future. With everything from government-backed incentives like tax breaks, to evolving production regulations for manufacturers, the EV market is bound to boom. According to Globe Newswire, the EV market will be worth $2,495.5 billion by 2027.
The Ideanomics Ecosystem
Ideanomics has two main areas of focus: Mobility and Capital.
Mobility –Any fleet operator looking to electrify their range of vehicles will need more than just a few battery-powered cars. The transformation requires acquiring cost-efficient and reliable vehicles, an infrastructure for charging them, and the energy to make them run.
If you were a fleet operator would you know where to even begin? Many business owners with fleets don’t, yet they do know their business needs to undergo EV transformation in order to thrive (or even survive) in the future. It’s daunting enough to stop some before they even start. What is the best configuration of all these moving parts that will make the transformation efficient and affordable? What will it cost? How will their business change operationally?
Ideanomics provides turnkey solutions to these very challenges and then some. They offer bespoke, data-driven strategies to help businesses plan for such a major change, including budgeting and TCO forecasting. Next, Ideanomics either provides or procures the vehicles best suited for each client based on their needs and areas of operation. The same goes for building the correct charging infrastructure and finally, providing solutions for managing energy costs.
All of these services and solutions are adapted by industry specific needs for: mass transit, ports, freight and long haul shipping, and logistics & last mile delivery.
Capital –Ideanomics Capital provides Fintech solutions for the financial services industry. As transportation evolves, so too does its economic landscape. Just as they assist clients in fleet electrification, they provide a similar infrastructure, tools, and advice for engaging in new technologies.
A Snapshot of the Global Emissions Problem
It’s not exactly a secret that carbon emissions pose a major threat to the health of our planet, and transportation is a massive contributor to that problem. When broken down by economic sectors a decade ago, transportation accounted for 14% of global greenhouse gas emissions. But agriculture was also a major contributor, accounting for another 21% of global gas emissions, which includes cultivation of crops with tractors (something Ideanomics is leading in electrification innovation). What’s transportation fueled by? Well, almost all of that energy (95% of it, according to the EPA) comes from petroleum-based fuels like gasoline and diesel.
A 2020 study by the universities of Exeter, Nijmegen and Cambridge found that electric vehicles lead to lower overall carbon emissions in 95% of the world. Over the average lifetime of cars, they found that EVs have up to 70% lower lifetime emissions than traditional gas-powered cars in places like France and Sweden and around 30% lower in the UK, for example. The researchers predicted that every second vehicle on the road in 2050 could be electric, and that shift would reduce carbon emissions by 1.5 gigatons per year — the total carbon emissions of all of Russia now.
“Even in our worst-cast scenario, there would be a reduction in emissions in almost all cases,” they wrote. “This insight should be very useful for policy makers.”
And that leads us to…
Electrification as a Policy
The EV transformation will be driven by policy. How fast we get there is largely dependent on government involvement across the globe. While political focus has slowly shifted to this over the past decade, there is still a lot of room for change, which translates to opportunity for investors. However, if you’re wondering when electrification will become universal, government policy across the globe suggests we will witness the greatest shift over the next decade.
Examples of specific EV-focused government policy are too numerous to list. China, the EU, and the United States accounted for 54% of the world’s carbon emissions for fossil fuel combustion, according to the EPA in 2017. Naturally, we can assume ambitious policies enacted in those parts of the world will steer us into an EV-friendly future. Coincidentally, China and the United States are the world’s largest EV markets.
Currently, 45 of the 50 United States as well as the District of Columbia have legislation that incentivizes EV and Plug-In Hybrid Electric Vehicle (PHEV) use. This includes tax credits and rebates for consumers as well as fleet acquisition goals for businesses. In California, for example, the Golden State has a goal of getting five million Zero Emissions Vehicles (ZEVs) on its roads by 2030, and establishing 250,000 electric vehicle charging stations by 2025.
Meanwhile, China has committed to slowing down the manufacturing and selling of conventional gasoline vehicles over the next 10 and 15 years, and endeavors to reach carbon neutrality by 2060. A key to making that reality, they’ve decided, is for the only gas-powered vehicles in China to be hybrids by the year 2035, aiming for 75% of gasoline cars being hybrids by the end of the decade.
Ideanomics’ 3 Pillars of EV
So how does a company like Ideanomics position itself to lead us toward EV adoption? Generally, there are three pillars of the EV equation, and Ideanomics has a strong foundation and industry-leading technology to drive their clients through each of them. Here are just a few examples of the subsidiaries within their ecosystem:
Soletrac: In June of this 2021, Ideanomics acquired the California-based company Solectrac. The under 40-HP segment of the tractor industry accounts for more than 60% of the utility vehicle’s overall demand, ranging from livestock operations to vineyards, commercial farms, crop farms, and more.
Solectrac’s range of tractors will be the first available to other facilities in North America, as it’s the first and only manufacturer of e-tractors in the continent.
But for Ideanomics, it’s just one slice of the EV pie.
Energica: Energica Motor Company is an Italian maker of electric motorcycles — the first, to be exact. The company is a pioneer in what’s become a promising and exciting sector of the EV industry, as the high-performance electric motorcycle market is expected to grow at a CAGR of over 35% through 2024, according to Technavio Research.
Marketing itself as a luxury bike brand, Energica’s line of zero-emissions vehicles are engineered and tested by some of the brightest minds in Formula 1 racing. Entering 2022, Energica had a lineup of three high-performance electric motorcycles, which are each broken down into a total of eight different packages.
In 2021, Ideanomics rolled out a Dealer Floor Plan financing arrangement with the goal of more than doubling Energica dealers in the United States by the end of the year, targeting markets demonstrating the best opportunities for early EV adoption.
VIA Motors: Ideanomics’ August, 2021 acquisition of VIA motors rounded out the company’s full service offering for commercial fleet operators. The Utah-based VIA makes electric commercial vehicles including Class 2 through Class 5 cargo vans, trucks, buses, and is working in partnership with a company autonomous technology for short haul and mid-mile delivery electric trucks.
“VIA Motors is changing last and mid-mile delivery with innovative electric commercial vehicles that fleets can afford,” said Bob Purcell, CEO of VIA Motors. “Combining VIA with Ideanomics facilitates significant synergies, while Ideanomics’ financial and personnel resources provide the backing we need to pursue an array of exciting growth prospects we have identified. All of us at VIA Motors are delighted to join the team to usher in the new era of electric commercial vehicles and further the long-term growth strategy at Ideanomics.”
Medici Motor Works: Medici Motor Works builds medium- and heavy-duty buses, trucks and off-road vehicles for commercial fleet operators. It’s another subsidiary of Ideanomics that provides viable options for companies looking to electrify entire fleets in both the U.S. and overseas. Medici Motor Works is active in Asia, particularly China, and plans to expand to Korea and North America.
Treeletrik: Treeletrik is an EV maker based in Malaysia, specializing in electric scooters and motorbikes. The company does have an EV truck in its lineup, the T-MV7, which is a commercial e-vehicle designed for heavy transport tasks its two-wheel products cannot. Treeletrik is a leading provider of scooters and motorcycles in the ASEAN region, which is heavily dependent on motorbike transportation due to costs and traffic congestion.
In the EV market, efficient and effective charging capabilities are as important as horsepower and fuel efficiency are in the gasoline car industry. Ideanomics holds a major key to the future of charging after its January 2021 acquisition of WAVE, a Utah-based company that specializes in wireless charging systems.
In mass transit, WAVE’s technology enables agencies to meet or exceed their typical range without buses even needing to return to their depot for charging. They provide in-route charging systems that reduce the weight of vehicles and expands their overall traveling range. Imagine what that does for efficiency, with wireless charging pads installed directly into the ground and a wireless charging pad underneath each vehicle. A partnership with the Antelope Valley Transit Authority, for example, has enabled the AVTA to become the first fully electric fleet in the United States. Through the first two years of their partnership AVTA set a record for U.S. transit agencies by driving 5 million zero-emissions miles over its 100-square miles of routes. That success led to a late-2021 follow-on purchase order of 28 additional wireless charging systems for its fleet of buses.
Meanwhile, the Port of Los Angeles has employed the same technology for container handlers, yard trucks, and drayage trucks as a means to preserve battery health. There’s no plugging and unplugging, just wireless systems that maximize efficiency and power in industries that are part of the backbone of our society. This is the kind of innovation businesses and local governments can be eager to employ on the road to EV adoption.
You have the vehicle, you have a way to charge it, now how are you going to power it?
Ideanomics acquiredUS Hybrid in 2021, a designer and manufacturer of zero-emissions powertrain components. US Hybrid has been powering fleets in public and private sectors of the EV market since 1999, back when the hybrid car felt more like a dreamlike novelty. Today, they specialize in OEM fuel cell engines and their innovative, futuristic-sounding hydrogen fuel cell paratransit van, a bus that emits only water from its tailpipe. The company touts fully-automated, hands-free charging systems ranging from 125kW to 500kW that can extend fleets’ battery mileage ranges closer to what traditional combustion engines have offered. The systems are embedded in roadways and charge vehicles during scheduled stops.
Then in 2022, US Hybrid and Ideanomics announced an industry-first vehicle-to-vehicle charging system for standard long-haul fleets. The technology emits lower than .02 g/bhp-hr of nitrogen dioxide, significantly lowering the carbon footprint over standard fleets.
By acquiring and partnering with other innovative leaders in the main sectors of the EV industry, Ideanomics is uniquely positioned to ride the bus of universal EV adoption.
Providing Capital for Fleet Conversion
Ideanomics is truly in the business of helping companies navigate fleet conversion. Beyond just offering the charging, power, and vehicle options needed to fulfill the task they also assist on the financial end. Ideanomics Capital assists in the negotiation and acquisition of systems as well advising CapEx and OpEx.
For example, a new New Jersey Zero-Emission Incentive Program (NJ ZIP) created a $44.25 million funding pool for vouchers dedicated for businesses in the state wishing to convert their fleets. According to the NJEDA, more than 90 percent of its applicants were small businesses — 50% have been women- and minority-owned. Assistance and support from Ideanomics has allowed eligible businesses to secure the financing needed to complete fleet conversion.
“As a small business owner based in Orange, NJ, I wanted to invest in additional work vans to meet the needs of my growing business, but transitioning to an electric fleet is typically cost-prohibitive for new construction businesses like mine,” said Jessie Phillip, CEO of JP2018 LLC, a property renovation and investment firm. “Ideanomics’ holistic approach to complete commercial electrification solutions through innovative technology and financing has not only made e-mobility accessible for JP2018, but it also provided my business with an unparalleled customer experience compared to working through a traditional commercial bank.”
Ideanomics announced their sixth straight quarter of growth through Q2 of 2021 with $33.2 million in revenue. In Q3, the company reported a third straight quarter of growth in its mobility unit with $11.5 million in revenue, up from $8.7 million the previous quarter. In 2020, gross profit for the third quarter was $.7 million compared to $4.5 million gross profit for the third quarter of 2021.
The company’s consistent growth with each passing quarter supports optimism for Ideanomics’ strategy of acquiring new, innovative partnerships in the EV sector. And positioning themselves in an industry guaranteed to overtake our traditional, gas-powered modes of transportation gives a bright outlook for the future of the company.
Alf Poor, CEO Prior to joining Ideanomics in 2019, Alf Poor worked as the Chief Operating Officer at Global Data Sentinel, a cybersecurity company that specializes in protecting data at the data level instead of through network perimeter defense.
Alf specializes in taking companies through aggressive growth and successful exit and bringing new technologies to market such as zero-emission vehicles and charging, AI, big data, and more.
Robin Mackie, President Robin Mackie served as a consultant to Ideanomics for six months before the company appointed him President of its Mobility division. Mackie has over 30 years of experience in global design, engineering, and operations in various highly regulated industries such as construction, offshore and automotive.
Conor McCarthy, CFO Conor McCarthy has served as Ideanomics’ Chief Financial Officer since late 2019. That comes with 30 years of previous service as CFO in corporate strategy and corporate finance. Most recently, McCarthy was the CFO of another leading FinTech business, OS33, a private equity SaaS platform in the wealth management sector.
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What we were paid to advertise the Profiled Issuers.
The details of our compensation and the period of the Campaign is set forth below.
Name of Issuer & Ticker Symbol - Ideanomics (IDEX)
Amount & Form of Compensation - $500,000.00 in Restricted Common Stock
Who Paid for the Campaign & Position with Company if any - Ideanomics (IDEX)
Period of Campaign - 09/29/2021 - 09/29/2022
What securities of the Profiled Issuers do we hold?
The positions we hold of the Profiled Issuer are set forth below. We plan to sell these securities during the Campaign.
Name of Issuer & Ticker Symbol - Ideanomics (IDEX)
Number of Shares We or our Affiliates Hold - 261,780
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