NEW YORK, July 16, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) has today announced the formation of New Energy Transportation Services Group (NETS), a service company proving comprehensive and commercial solutions that include Marketing, Financial Services, Technology and Infrastructure for the New Energy Transportation Services industry with.
This newly-formed group will be domiciled in Singapore to embrace the global business ex-China, beginning with Malaysia and the other ASEAN countries. From Asean, the company plans to expand its substantial commercial offerings into other regions, including North America and Europe, to develop and support cleantech commercial vehicle markets. The NETS Group is focusing its full-service model of 'Sales-to-Financing-to-Charging networks (S2F2C) in efforts to support the full value chain of the cleantech commercial vehicle industry. As the new energy transportation markets continue to gain momentum globally, we expect our sales from the NETS Group to grow significantly by the end of 2020 and with it the potential to spin-off what is anticipated to a highly profitable division to create additional shareholder value.
According to a recent Bloomberg New Energy Finance (BNEF) report "...commercial electric van and truck sales are set to accelerate in the 2020s," and "By 2040, it's expected that 56% of light commercial vehicle sales and 31% of medium commercial vehicles in China, the U.S. and Europe to be electric."
The NETS Group is positioning to become a global leader in the sourcing, sales, and debt and equity financing of global new energy transportation solutions; to help streamline the adoption of cleantech commercial vehicles, and associated infrastructure, and to support the rapid adoption of new energy passenger vehicles, globally.
The NETS Group competitive advantage will be improved pricing through volume discount from factory to customer direct group-based purchasing, improved financing rates and availability, and will have the ability to procure a full range of vehicles from a variety of manufacturers through a single point of service in ASEAN, European, and North American markets.
"Having recently began to refer to this business unit as the NEVC Group, we took a step back and considered what additional services and solutions we needed to round out the offering," said Alf Poor. "With the continued interest in light rail and heavy municipal vehicles, such as garbage and fire trucks, as part of our audience's transportation planning objectives, we understood that a full-service solution would need to include light rail, and the power infrastructure required for the different forms of new energy transportation from rail to the fast-charging networks needed to support the different types of commercial vehicles required for tomorrow's transportation needs."
The NETS Group continues to expand and grow its new energy commercial vehicle strategic industry alliances within the new energy commercial transportation ecosystem with partners and market leaders such as JAC, Beijing Foton, Yinlong, and BYD. The NETS Group will continue to grow this alliance and add new strategic partners and market leaders, and grow its offerings, enterprise operational tools, and commercial support to fuel the fast and growing demand.
"Technologies such as Artificial Intelligence will play an increasingly import role the New Energy Transportation Services industry. Our world-class AI offerings from our subsidiary 'Intelligenta' will support this commercial level smart integration needed for a successful go to market strategy," said Poor.
The NETS Group plans to leverage its full-service model with all stakeholders involved in transportation planning, from local, regional, and national governments, through to private enterprise groups supporting travel and tourism. This will help to establish a cost-efficient underwriting model that will provide a streamlined path for the adoption and transformation to cleantech from urban transportation's current reliance on fossil fuels.
About Ideanomics
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provides our customers and partners better efficiencies, technologies, and access to global markets.
Ideanomics, through its investments and, along with its partners curate innovation around the globe through hubs and centers that foster a pipeline of technological excellence in cleantech, fintech, tradetech, agritech, regtech, insuretech, playtech, healthtech, cyber security, and more.
The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.
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.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com
www.ideanomics.com
Tel: +1.212.206.1216
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