NEW YORK, June 17, 2019 /PRNewswire/ -- Ideanomics Inc. (Nasdaq: IDEX) has today announced a deal with Yinlong Energy Co Ltd. The deal strengthens Ideanomics offering in the NEV space and is part of the company's recently announced creation of its NEVX division which has been established in order to enable the company to participate in the entire Commercial NEV value chain. The deal enables Ideanomics to bolster vehicle fulfilment capabilities in terms of previously announced deals, while enabling the company to participate in commission-based fees for the introduction of suppliers to the NEV purchasing market.
Under the terms of the agreement, Ideanomics will commit to marketing Yinlong products for at least 5,000 tour bus orders within China over the next three years and will further assist Yinlong in marketing its entire product line within China. Ideanomics has also agreed to assist Yinlong with securing orders for 100,000 light trucks in the ASEAN region over the next three years. In return, Ideanomics will receive commissions on all product sales, of up to a maximum of 15% according to the type of vehicle, group purchase price, and its specifications.
The agreement also provides for cooperation in the area of new energy fuels and is intended to advance the application, development and promotion of new energy technologies, batteries, and other materials including nano-ceramic batteries, hydrogen fuel cells, solid state hydrogen storage and transportation, and energy storage and charging networks. As part of the new energy fuels activity, Ideanomics is responsible for introducing state and private utilities in active regions to help facilitate the development of large-scale charging networks.
Additionally, the agreement provides for cooperation in the areas of autonomous driving and IoV (Internet over Vehicle) vehicle security. Ideanomics will introduce its cyber security expertise to help advance autonomous driving capabilities and related security to the commercial vehicle sector. Any IP developed in this area will be subject to separate agreements.
Finally, the deal provides for Ideanomics issuance of ABS-based financing products, secured against sales orders for Yinlong vehicles and fuel cell products. The initial ABS offering includes the city of Tianjin's bus assets valued at approximately 5.1 Billion RMB.
"We are very excited to have secured this agreement with Yinlong, after months of negotiations," said Alf Poor, CEO of Ideanomics. "Yinlong has an exceptional product line up, from fuel cells to new energy vehicles, and its unique offering of retro and traditionally-styled commercial NEVs, in addition to its modern fleet, is an exciting proposition for the bus industry that is core to our strategy. Yinlong is an outstanding partner which will help us provide the highest quality products throughout the commercial NEV value chain, we're thankful to our colleagues in China for helping Yinlong understand our vision and bringing this deal through to conclusion."
"Yinlong is a leader in NEV and fuel cell technology," said Dr. Bruno Wu, Chairman of Ideanomics. "We're very pleased and excited to begin working with them, as part of our NEVX activities. Ideanomics is pushing the envelope in the NEV space, and partners like Yinlong help us improve our offering to large-scale government, bus operators, and enterprise clients. This deal will improve our capabilities both today, in terms of vehicle and fuel cell fulfilment, and in the future with exciting innovations in the field of cleantech energy and areas such as the security of commercial vehicles."
"We very much look forward to the partnership between the two groups in the area of new energy. We aim to integrate both of ours platform advantages to jointly develop a successful business," said Mr. Lai Xinghua, General Manager of Ying Long Group.
Founded in 2008, Yinlong Energy Co. Ltd is a group company involved in global new energy and transportation industries. Currently, Yinlong's new energy vehicles are operating in more than 90 cities in China including Beijing, Guangzhou, Shenzhen, Harbin, Tianjin, Chengdu, Nanjing, Luoyang, Shijiazhuang, Wuhan, Changsha, Guizhou, and Zhuhai. The Company operates from 8 locations, with its headquarters in Zhuhai, Guangdong province. https://www.zhyle.com
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.
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