NEW YORK, March 27, 2020 /PRNewswire/ -- Ideanomics,
(NASDAQ: IDEX) ("Ideanomics" or the "Company"), is pleased to
announce the formation of two core business entities to capitalize
on China's RMB24 trillion
(USD3.4 trillion) "New
Infrastructure" investments. The Chinese government is accelerating
its New Infrastructure" investment as part of the financial
stimulus measures put in place to help stabilize growth and
employment, serve consumption upgrades, and improve overall quality
of life. As of March 4, seven
provinces and cities have launched more than RMB 24 trillion in key new infrastructure
construction projects.
New infrastructure refers to the infrastructure construction
that focuses on the technology infrastructure - 5G infrastructure,
ultra high voltage (UHV), intercity high-speed railways and
intercity rail transit, new energy vehicle charging station
infrastructure, big data centers to service 5G IoT/IoV data
collection, improve major fields of study such as artificial
intelligence and industrial internet. Investments and progress in
the New infrastructure are expected to mitigate the effects of the
Covid-19 epidemic and consequent economic downturn as well as
promote reform and innovation.
The two entities, MEG New Energy Vehicles and MEG 5G Energy
Services, will be subgroups of MEG's New Energy Sales division,
each having a core group of strategic partners.
New Energy Vehicles will facilitate financing and leasing of
supporting IoV infrastructure under a variety of scenarios
including the Belt and Road Initiative, electric vehicles (EVs) in
Qingdao, Shandong Port, urban
electric engineering vehicles, new energy taxi exchanges, urban new
energy buses and other operating scenarios. It will be primarily
financing for 5G towers and stations as well as other similar
group's power supply. MEG's New Energy Vehicles has formed a
strategic cooperation with several leading partners, including
CATL, Beiben Trucks Group Co., Ltd., Chery Automobile Group, CEMI
Group, iUnicorn (Shenma Zhuanche), etc. to incorporate IoV
technology into their manufacturing.
5G Energy Services will make use of IoT/IoV services to
accelerate the deployment, maintenance, and management of clean
energy services in a variety of scenarios ranging from urban data
centers, energy transformation (distributed energy), to urban
charging ports. It has formed a strategic cooperation with
China Tower, GCL Group, State Grid,
Dongfang Energy Sales Cloud, and TMR Energy. GCL brings a real-time
fleet management platform which will leverage the IoV and IoT data
capabilities over 5G to assist commercial fleet operators with
everything from charging and battery replacement indicators,
through to route optimization based on traffic and weather
conditions.
New Energy Vehicles and IoT/5G Energy Services augment MEG's
platform with a long-term layout in new energy, 5G towers, big data
centers, artificial intelligence, and the industrial internet are
positioned to take advantage of the "New Infrastructure" economic
initiative in China. MEG's
ultimate strategy is to derive revenues from new energy sales from
the increasing adoption of EVs. 5G Energy Services is an additional
layer of revenue - powering the thousands of 5G towers used to
support IoT/IoV services in commercial electric vehicles, and
complements MEG's New Energy Sales platform which includes
wholesale electricity sales and prepaid sales through UnionPay
4-in-1 cards.
About Ideanomics
Ideanomics is a global company
focused on facilitating the adoption of commercial electric
vehicles and developing next generation financial services and
Fintech products. Its electric vehicle division, Mobile Energy
Global (MEG) provides group purchasing discounts on commercial
electric vehicles, EV batteries and electricity as well as
financing and charging solutions. Ideanomics Capital includes DBOT
ATS and Intelligenta which provide innovative financial services
solutions powered by AI and blockchain. MEG and Ideanomics Capital
provide our global customers and partners with better efficiencies
and technologies and greater access to global markets.
The company is headquartered in New
York, NY, and has offices in Beijing, China.
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 at
Ideanomics
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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