WAVE to Expand Utah Facility to Increase Manufacturing Capacity for High-Power Wireless Vehicle Charging

• WAVE's second facility located near its Utah headquarters to accommodate rapid growth in personnel, doubling current employee capacity for in-person work
• Facility will also accommodate development of 500 kilowatt and 1-megawatt systems
• Increase in inductive charging projects reflects the critical role high-power wireless charging plays in the transition to zero-emission fleets

SALT LAKE CITY, April 6, 2022 /PRNewswire/ -- WAVE, a wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX), and developer of high-power, wireless inductive charging solutions for medium- and heavy-duty commercial vehicles, today announced its facility expansion to accommodate the growing demand for its high-power wireless vehicle charging systems. Located across the street from the company's current Salt Lake City headquarters, the new 12,000 square-foot facility will support WAVE's expanding engineering, testing and production teams and provide more space for product line expansion. Employees will begin moving into the facility this week.

New Facility
The new facility represents a significant expansion of WAVE's Utah footprint, supporting aspects of the business to rapidly mature the high-power wireless EV charging technology. This includes integration and testing with a growing list of vehicle manufacturers, commercialization of a new 500-kilowatt system and prototype work on a 1-megawatt system. Proximity to the current headquarters will enable easier cross-functional communication and collaboration and allow for meetings and tours with WAVE's customers and partners. The new space will accommodate 42 additional team members, roughly doubling the company's current headcount to a total of 90 on-site employees. Since Ideanomics' acquisition in early 2021, WAVE has expanded its workforce by 43%.

"We are proud to increase our footprint locally – it's a commitment to the company's long-term growth," said Aaron Gillmore, Chief Executive Officer of WAVE. "We look forward to the increased efficiency and product development this facility will provide, ultimately enhancing our ability to serve our customers and strengthening our position in the market."

Technology
WAVE's hands-free wireless charging systems are embedded in roadways, automatically charging vehicles during scheduled stops or while in a depot. The technology has been deployed since 2012 and has been shown to be a faster, more convenient way to extend the range of medium- and heavy-duty electric vehicles, which in turn, enables them to match the range and duty cycles of internal combustion engines (ICEs) more closely, thus allowing for smaller, lighter and more affordable battery packs. WAVE's systems are integrated with leading commercial EV manufacturers and deliver 125kW to 500kW. Free of moving parts, the fully automated system lowers the total cost of ownership when compared to legacy plug-in and overhead pantograph systems.

 WAVE's industry-leading deployments include transit and port applications. Just last month, the Antelope Valley Transit Authority in Lancaster, CA became North America's first fully zero-emission transit fleet. The Northern Los Angeles County agency is WAVE's flagship customer, boasting the largest known high-power wireless charging system in North America – twelve 250-kilowatt chargers spread out over 100 square miles.

Employment Opportunities and Accelerating EV Adoption
We are only in the early days of EV adoption. At scale, and at the high power needed for medium- and heavy-duty vehicles, legacy conductive charging solutions will become complex and challenging to maintain. Because of this, WAVE believes wireless charging is inevitable. The hands-free automated capabilities make the technology a necessity for an autonomous future. The introduction of WAVE's 12,000 square-foot facility will double its size and bring more local jobs to the Salt Lake City area. This brings exciting career opportunities to the Salt Lake City area to help expedite the adoption of commercial EVs.

Ideanomics and WAVE

• Since the acquisition of WAVE in January 2021, Ideanomics has continued investing in facilities and resources to meet the growing demand for WAVE's high-power inductive wireless charging products.
• WAVE has continued to develop its high-powered induction capabilities beyond 250kW, successfully delivering systems at 125kW and 500kW, and continues the development of the 1-megawatt system for next-gen Class 8 battery-electric trucks.
• To support widespread adoption, WAVE is developing relationships with additional OEM partners to facilitate the integration of its vehicle-side hardware.
• Over the next 12 months, Ideanomics will support WAVE with supply chain development and quality initiatives, cost reductions, and increased manufacturing and assembly capacity to improve production capabilities in response to increased market demand.

To support its expansion plans, WAVE is adapting its products to meet the varying power requirements and standards for Europe and Asia.

For more information and news on Ideanomics and its operating companies and other investments, please visit https://ideanomics.com.

About WAVE, Inc.
With a large number of high-power, rigorously proven inductive charging systems deployed, WAVE enables commercial fleet operators to extend the range of medium- and heavy-duty electric vehicles. Founded in 2011, with systems ranging from 125kW to 500kW, WAVE makes tomorrow's EV charging technology available today. Learn more at www.waveipt.com.

About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide the solutions needed for the commercial world to commit to an EV future. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit: https://ideanomics.com.

Contacts:

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018 
[email protected]

Malory Van Guilder, Skyya PR for Ideanomics
[email protected]

SOURCE WAVE, Inc.