NEW
YORK, March 16, 2023 /PRNewswire/ --
Ideanomics (NASDAQ: IDEX), a global company focused on
accelerating the commercial adoption of zero-emission vehicles,
today announced that the company has been selected by Fenton
Mobility Products as its partner to build five
hydrogen-powered, zero-emission transit vans for the
Rochester-Genesee Regional Transportation
Authority (RGRTA).
Fenton Mobility Products selects Ideanomics
as its partner to bring hydrogen-powered transit buses to
New York.
"Fenton Mobility and Ideanomics are the dream team for this
project. Fenton is known for delivering the best solutions for
public transportation, and Ideanomics has some of the best
zero-emission products and technology," says Macy Neshati, Chief Commercial Officer at
Ideanomics. "I would like to thank RGRTA for its bold climate
leadership, and for putting their trust in Ideanomics and Fenton,
two local companies, to provide zero-emission buses made right here
in the U.S."
The value of RGRTA's order exceeds $2.2
million. The cost of the buses is covered with funds from a
$23 million grant the RGRTA received
from the U.S. Department of Transportation to deploy hydrogen fuel
cell buses.
"We are proud to partner with the highly respected
Rochester-Genesee Regional Transportation Authority. As an industry
leader, Fenton continues to invest in low and no-emissions
solutions. We believe hydrogen will play a key role as a future
fuel," says Scott Fenton,
President of Fenton Mobility.
Under the terms of the agreement, Fenton Mobility will deliver a
pilot hydrogen fuel cell battery electric-powered high-headroom van
to the RGRTA. Once the pilot vehicle completes the FTA-mandated
Altoona durability testing period and is shown to meet all
requirements, production will commence on five additional vehicles
to be delivered by Q1 2024.
Ideanomics, through its subsidiary US Hybrid, will assemble
the hydrogen fuel cell propulsion system and manufacture
associated components at its engineering facility in
Torrance, California. Fenton
Mobility will install the hydrogen propulsion kit into the
vans.
New York State has set a goal
for several transit systems across the state – including RGRTA – to
fully transition their fleets to zero-emission by 2035. The state
and RGRTA see hydrogen as an important clean energy solution to
achieve these goals.
"As we work to meet New York
State's goal of having a fully zero-emission bus fleet by
2035, we are focused on identifying the zero-emission solution that
meets our operational needs and provides the level of reliability
that our customers expect," said RGRTA CEO Miguel Velázquez. "I thank the New York State Department of Transportation
for the grant funds we received for this effort. We look forward to
working with Ideanomics and Fenton Mobility to evaluate the
effectiveness of hydrogen fuel-cell technology in our fleet and
help New York achieve its climate
change goals."
Ideanomics's subsidiary US Hybrid has a strong, proven track
record when it comes to hydrogen-powered buses. The company is
part of a coalition to build zero-emission, hydrogen-powered
shuttle buses, and has supplied hydrogen-powered buses to the
County of Hawai'i Mass Transit Agency.
Ideanomics views US Hybrid's expertise in designing fuel cell
systems and electric power trains as a competitive advantage. and
is committed to supporting the growth of US Hybrid. Ideanomics is
solving the complexity of fleet electrification by bringing
together high-performance electric vehicles, charging
infrastructure, and financing solutions under one roof.
About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a simple
mission: to accelerate the commercial adoption of electric
vehicles. By bringing together vehicles and charging technology
with design, implementation, and financial services, we provide
solutions needed for the commercial world to commit to an EV
future. To keep up with Ideanomics, please follow the company on
social @ideanomicshq or visit https://ideanomics.com.
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the federal securities laws. 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 the statement
regarding the completion of the business combination within a
certain period of time, if ever. 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 obtain
necessary regulatory approvals 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
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116 New York,
NY 10018.
Email: ir@ideanomics.com
Theodore Rolfvondenbaumen
Communications Director
Email: trolfvondenbaumen@ideanomics.com
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