Ideanomics Secures Funding from DLL to Expand Solectrac Dealer Network

Ideanomics secured strategic financing from global financial solutions provider DLL to enable expansion of Solectrac, adding seven more certified dealers to its dealer network.

“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,” Robin Mackie, president of mobility at Ideanomics, said. “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 is targeting specialty agriculture, parks, municipalities and university market segments for direct sales. Solectrac can assemble 360 tractors per month and are available at 57 locations across the U.S. The newest Solectrac dealers are Taylor Implement Company (Colo. and Kan.), Haney Equipment and Foothills Tractor & Equipment (AL), Truck Tops USA and San Joaquin Tractor Co. (CA) Wade Tractor & Equipment (GA) and Best of Clinton Equipment (NC).

DLL will serve as a preferred financing partner for Solectrac in the United States, where dealers of Solectrac will 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,” Britta McSparen, program manager at DLL, said. “Through existing relationships and by forging new ones, our partnerships will continue to support customers through this evolution of agriculture and in the future.”

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 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.

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