Ideanomics Acquires Electric Tractor Maker Solectrac
JUN 15, 2021 - 6:39 am
Ideanomics acquired Solectrac, a California-based manufacturer and distributor of zero-emission electric tractors that use clean and renewable sources of energy.
Ideanomics will support Solectrac across various business functions and provide operational confidence to scale the company as a supplier of clean agricultural equipment. Solectrac aligns with Ideanomics’ commitments to environmental, social and corporate governance initiatives, including accelerating the adoption of zero-emission commercial electric vehicles, transparency, accountability and environmental sustainability.
The Solectrac electric tractor lineup is fully scalable and market-ready to generate revenue in the U.S. The use of proceeds from the deal with Ideanomics will allow Solectrac to build up inventory, improve negotiating power, strengthen and diversify the supply chain, increase production capacity in the U.S., hire additional management and staff and fuel further sales and marketing initiatives.
“The acquisition of Solectrac is perfectly aligned with our EV and mobility initiatives,” Alf Poor, CEO of Ideanomics, said. “EV tractors have proven to be superior to their diesel counterparts, not only when it comes to torque and overall performance, but also when you consider operating costs, reliability and the positive impact they have on the environment. They are also an underserved part of the market when it comes to EV initiatives. For those reasons, we are excited to bring Steve Heckeroth and the Solectrac team into the Ideanomics family. With farmers and business operators eager to transition from diesel to sustainable alternatives, we intend to make Solectrac the reliable, go-to brand, not just here in North America, but across the globe.”
“All of us at Solectrac are pleased to be joining the Ideanomics ecosystem, giving us access to an array of resources to help scale our marketing, operations and manufacturing capabilities,” Heckeroth, who is the founder and CEO of Solectrac, said. “Our mission is to lead the transition from fossil fuel-based farming to zero-emission regenerative agriculture with best-in-class technologies, and Ideanomics will help us accelerate our progress toward that game-changing goal.”
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