WAVE Expands Sourcewell Partnership to Lower the Upfront Costs of Wireless EV Charging

NEW YORK, Jan. 3, 2022 /PRNewswire/ -- WAVE, a developer of high-power, wireless inductive charging solutions for medium- and heavy-duty vehicles, and a subsidiary of Ideanomics (NASDAQ: IDEX), today announced that anticipated reductions in costs from recent manufacturing and engineering investments would be passed on to Sourcewell customers. It will make next generation charging technology more accessible to accelerate the adoption of wireless charging among EV fleets.  

WAVE's hands-free charging system is embedded in roadways and charges vehicles during scheduled stops. It extends EV range by quickly and automatically delivering the high-power charge these large vehicles need.

"For years, WAVE systems have enabled our customers to match diesel vehicles' range and duty cycle," said WAVE CTO Michael Masquelier. "Passing on newfound cost reductions to our customers with a class-leading warranty immediately provides fleet operators new electrification solutions."

In addition to the reduced pricing, WAVE's new Charging-as-a-Service (CaaS) offering is a comprehensive package including hardware, maintenance, and operational services. The package typically ranges from five to eight years and is available via a monthly CaaS subscription fee.

"CaaS enables Sourcewell members to go completely battery-electric with minimal impact on their business and operational expenditures," said WAVE CEO Aaron Gillmore. "As part of the broader Ideanomics commercial solution, we're able to help manage the entire fleet electrification process."

WAVE's CaaS offering can cover the following components:

• Charging hardware and related infrastructure
• Site assessment, preparation, construction, and installation
• Operation and maintenance
• Monitoring, reporting, power management
• Energy cost management
• Standard three (3) year warranty

WAVE's new three-year warranty offering is now standard, one of the many benefits of a system without moving parts. "The reliability of charging infrastructure is key to a successful EV transition," added Gillmore. "Our design is free of things that move and break, and our new warranty reflects that."

Sourcewell is a self-sustaining government organization with over 40 years of dedicated service offering cooperative purchasing with more than 400 competitively solicited contracts to government, education, and nonprofit entities throughout North America. Sourcewell helps participating agencies save time and money during the purchasing process by capturing the buying power of more than 50,000 organizations. Agencies choose from a wide array of products and services or work with Sourcewell's in-house specialists to find the solution that fits the agency's needs.

To learn more about Sourcewell contracts, visit https://sourcewell-mn.gov.

WAVE's fully automated, hands-free charging system eliminates battery range limitations and enables fleets to achieve driving ranges closer to that of internal combustion engines. Wireless charging systems offer several compelling benefits over plug-in and overheard charging systems, including reduced maintenance and expedited energy connection. Furthermore, wireless in-route charging enables greater route lengths or smaller batteries while maintaining battery life.

For more information and news on WAVE, visit https://waveipt.com.

About WAVE, Inc.
With a global-leading number of high-power, rigorously proven inductive charging systems deployed, WAVE enables commercial fleet operators with a faster, easier way to extend the range of medium- and heavy-duty electric vehicles. Founded in 2011, with systems ranging from 125kW to 500kW, WAVE makes tomorrow's EV charging technology available today. Learn more at www.waveipt.com.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. The Ideanomics Mobility division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under an innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility and Ideanomics Capital provide global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and offer shareholders the opportunity to participate in high-potential growth industries.

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Contacts:

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018  
[email protected]

Jeremy Ertl, Skyya PR for Ideanomics
[email protected]

SOURCE WAVE, Inc.