Ideanomics Inc (NASDAQ: IDEX) is rocketing in the market this morning, and for good reason. The company announced that it increased its stake in a company known as Solectrac. Here’s what’s going on:
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IDEX Stock Rockets On e-Tractor Investment News
As mentioned above, Ideanomics is rocketing in the market this morning after announcing that it has increased its stake in a California company known as Solectrac. The increased stake took place as a follow-on investment of an additional $1.3 million in Solectrac.
As a result of the additional investment, IDEX now owns 24% of Solectrac. However, the company said post-money, this will be reduced to 22%.
In the release, the company reminded investors that Solectrac develops, assembles, and distributes tractors that are 100% battery powered. The company was founded in 2012 and was incorporated as a California Benefit Corp in 2019.
Due to its work to bring clean opportunities to the commercial tractor industry, Solectrac has received grants from the Indian U.S. Science and Technology Fund as well as the National Science fund.
In a statement, Alf Poor, CEO at IDEX, had the following to offer:
We are very pleased to increase our investment in Steve and the Solectrac team, and we welcome the investment interest from funds looking to deploy capital in the clean energy and EV sector. We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand. We are excited to work with Ideanomics to accelerate progress toward a cleaner, healthier future.
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This Is Huge News
Ideanomics is already on the right side of the transportation industry. With Joe Biden taking the United States Presidential win, clean energy and clean transportation will take center stage. As a result, the electric vehicle manufacturer will likely begin to benefit from tax perks, grants, and other government assistance to those that develop clean energy and clean transportation products, as well as those who use them.
The fact of the matter is that a large part of the carbon footprint we leave on this planet comes from farming and the use of commercial tractors. However, there aren’t many options in terms of electric commercial tractors. So, this investment allows IDEX to play a role in cornering the market as an innovative leader in the space.
This, combined with the fact that the company is already a key player in the electric vehicles space makes IDEX stock one that’s hard to ignore.
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