Ideanomics Completes Acquisition of US Hybrid

Ideanomics completed its previously reported definitive agreement to acquire 100% of privately-held US Hybrid, a manufacturer and distributor of electric powertrain components and fuel cell engines for medium and heavy-duty commercial fleet applications.

The completed acquisition is another milestone in Ideanomics’ mission to reduce commercial fleet greenhouse gas emissions through advanced electric vehicle technologies and partnerships.

In addition to the completion of the acquisition, Global Environment Products (GEP) ordered a fleet of all-electric street sweepers from US Hybrid. The street sweepers are expected to deploy in multiple cities in the U.S. and globally.

Headquartered in San Bernardino, CA, Global Environment Products is a manufacturer of specialized heavy-duty street cleaning equipment.

The current order for the GEP street sweepers is expected to deliver more than $1 million in revenue to US Hybrid in the balance of 2021. This extends an existing partnership between GEP and US Hybrid, which have delivered street sweepers to customers in the U.S. and Japan. Each new all-electric street sweeper will save an estimated 89 metric tons of carbon emissions over the lifetime of the vehicle, which is the equivalent of taking 19 cars off the road for one year. The new, all-electric US Hybrid and GEP street sweeper features one 120-kW traction motor along with lithium-ion batteries that are charged via an AC 20kW, SAE J1772-compliant charging system.

“We are pleased today to join forces with Ideanomics and their subsidiaries and to announce this significant order from the GEP,” Gordon Abas Goodarzi, Ph.D., PE, CEO of US Hybrid, said. “Ideanomics has emerged as a true powerhouse in the commercial EV sector with a synergistic ecosystem of technologies and solutions that covers the entire value chain of electrification. We look forward to leveraging that strength going forward.”

“We welcome Dr. Goodarzi and his entire team to Ideanomics and are confident they will bring tremendous knowledge, innovation and value to the company in addition to their synergistic alignment with many of our existing subsidiary brands,” Alf Poor, CEO of Ideanomics, said. “Today’s deal announcement is the first of many important customers wins we anticipate going forward. I look forward to the accelerated commercialization and innovation US Hybrid will bring to Ideanomics’ ecosystem. It will benefit businesses, communities around the world and, more importantly, our planet.”

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