Ideanomics Enters into US EV Manufacturing Market
The Californer/10099343

NEW YORK - Californer -- New York, - Ideanomics announced it has acquired 15% of California-based Solectrac, Inc. for the consideration of $1.3 million. Solectrac develops, assembles and distributes 100% battery-powered electric tractors—an alternative to diesel tractors—for agriculture and utility operations. With this investment in Solectrac, Ideanomics expands its global footprint in the electric vehicle (EV) industry, specifically in the category of specialty commercial vehicles. This investment marks its first in an existing US-based OEM, and Ideanomics will assume a seat on Solectrac's Board of Directors.

"We are very impressed with Steve and the Solectrac team and their deep knowledge of the agricultural sector. We have been interested in this industry for some time because we knew EVs could have an immediate impact without the need for extensive infrastructure," says Alf Poor, CEO of Ideanomics. "Solectrac is a pioneer in the electric tractor market and shares our motivation and passion for a cleaner tomorrow."

More on The Californer

• Governor Newsom swears in Rohit Chopra as Secretary of the new California Business and Consumer Services Agency
• New Digestive Evaluation Pathway Helps Clients Understand Gut Stress Patterns and Wellness Support
• California: Governor Newsom, State Treasurer Fiona Ma, CPA announce collaboration with Early Wealth Partnership to help families better access financial resources
• Jeanne Marie Spicuzza Book 'Love is' Available In June
• 100+ Episodes In, Liftoff with Keith Newman Tells Founders to Stop Publishing More

According to Research And Markets, the global agricultural tractor market is currently valued at $75 billion, with the North American agricultural tractor market expected to reach $20 billion by 2023. The largest segment for agricultural tractors is the below-40HP segment, where Solectrac's initial three models address the broad needs of the market. Its tractors are specifically designed to serve the needs of community-based farms, vineyards, orchards, equestrian arenas, greenhouses, and hobby farms.

"With our zero-emission electric tractors, tractor operators don't have to choose between power and environmentally friendly practices," says Steve Heckeroth, CEO and founder of Solectrac and visionary in the renewable energy and EV industry. "My life's work has been dedicated to creating clean, renewable alternatives to fossil fuels. Now—with Ideanomics and the company's unique experience and industry perspective—we are well-positioned to achieve these goals."

More on The Californer

• Vierra Communities Adds Operations of Two Skilled Nursing Facilities in the DC Metro Area
• Slotozilla Introduces a Centralized Resource for World Cup Bonus Offers
• Elklook Independence Day: What You Need to Know
• Webinar Announcement: Built for Trust: Latitude's 0 to 1 Compliance Playbook for Modern Cross-Border Payments
• OneVizion Names AI Leader Matthew Kirk as Chief Operating Officer to Drive Governed AI Across Telecom and Electric Utilities

Founded in 2012 to take electric tractors into commercial production, Solectrac was incorporated as a California Benefit Corp in 2019. It has received grants from the Indian U.S. Science and Technology Fund (IUSSTF) and the National Science Foundation (NSF). Earlier this year, Solectrac received the World Alliance Solar Impulse Efficient Solutions label from the Solar Impulse Foundation. The label was awarded for being one of the one thousand most efficient and profitable solutions that can transition society to being economically viable while being environmentally sustainable.

For more information, visit: ideanomics.com and solectrac.com.