Ideanomics secures third-party financing to accelerate the growth of Solectrac's dealer network
NEW YORK, Nov. 14, 2022 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that its subsidiary Solectrac has added seven more certified dealers to its dealer network. To enable dealer expansion, Ideanomics secured strategic financing from global financial solutions provider DLL.
"Our ability to bring on a leading company like DLL as a partner to finance the growth of Solectrac is a validation of our brand and products," says Ideanomics Mobility president Robin Mackie. "It shows that Ideanomics has succeeded in our mission to build Solectrac into a trusted company, underscored by the fact that Solectrac is selling units as fast as they can make them. With more strategic third-party capital, Solectrac can scale faster and get more electric tractors into the hands of customers."
Solectrac can assemble 360 tractors per month and are available at 57 locations across the United States. The newest Solectrac dealers are Taylor Implement Company (Colo. and Kan.), Haney Equipment and Foothills Tractor & Equipment (Ala.), Truck Tops USA and San Joaquin Tractor Co. (Calif.), Wade Tractor & Equipment (Ga.) and Best of Clinton Equipment (N.C.).
The combination of a national dealer network and industry-leading production capacity uniquely positions Solectrac to meet orders from large fleet operators. The company is targeting specialty agriculture, parks, municipalities and university market segments for direct sales.
DLL will serve as a preferred financing partner for Solectrac in the United States. Through financing solutions offered by DLL, dealers of Solectrac will now have access to installment and leasing programs that facilitate the sale of equipment to the end-use customer.
"We are thrilled to partner with Ideanomics and Solectrac to help accelerate the electrification of the tractor industry, and to demonstrate our commitment to sustainability," added Britta McSparen, program manager at DLL. "Through existing relationships and by forging new ones, our partnerships will continue to support customers through this evolution of agriculture and in the future."
The combination of government incentives, volatile diesel fuel costs and corporate commitments to climate actions will accelerate the growth of electric machinery in the off-road market. The Association of Equipment Manufacturers (AEM), an industry group tracking retail tractor sales, reports that tractor sales with less than 40 PTO hp exceeded 127,000 units so far this year*.
Solectrac offers the e25g in the under 40 PTO hp category. Solectrac electric tractors do everything equivalent to a diesel tractor except better with zero pollution from burning expensive diesel fuel. In 2023, Ideanomics expects to begin assembly of the e75N tractor, as well as introduce new models to the market.
Ideanomics is solving 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 fast-growing, high-value off-road vehicle market that provides alternatives to diesel engines for sustainable farming.
*Association of Equipment Manufacturers, Ag Tractor and Combine Report, August 2022
About Ideanomics
Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.
About DLL
DLL is a global asset finance company for equipment and technology with a managed portfolio of more than EUR 35 billion. Founded in 1969 and headquartered in Eindhoven, the Netherlands, DLL provides financial solutions to the Agriculture, Food, Healthcare, Clean Technology, Construction, Transportation, Industrial, Office Equipment and Technology industries in more than 30 countries. DLL partners with equipment manufacturers, dealers and distributors, as well as end-customers on a direct basis, to enable businesses to more easily access equipment, technology and software. The company also delivers insights and advice to partners and customers that drive smarter and more economical methods of use. DLL combines customer focus with deep industry knowledge to deliver sustainable solutions for the complete asset life cycle, including commercial 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 that may include "forward-looking statements". All statements other than statements of historical fact 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 transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these 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 as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC 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. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
[email protected]
Theodore Rolfvondenbaumen, Communications Director
[email protected]
SOURCE Ideanomics
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