REED Stock
REED Stock

Ideanomics, Inc. (IDEX) stock soared 3.62% in the pre-market trading session at the price of $1.43 after it reported the strategic investment with InoBat Auto. IDEX is an international firm centered on the convergence of financial services and industries undergoing technological turmoil.

IDEX Strategic Investment with InoBat

On 4th January 2022, IDEX disclosed its strategic investment with InoBat Auto, a premium battery manufacturing and technology firm in Europe. The investment will fund InoBat’s Slovakia-based R&D center and pilot battery plant till the end of 2022.

Additionally, IDEX and InoBat will collaborate to design, develop, and distribute battery pack solutions for the U.S. market. The partnership aims to accelerate the company’s continued growth and provide revenue opportunities targeting other EV fleet clients.

Management Comments

President of IDEX, Robin Mackie, remarked that they had been looking for a visionary battery partner to support their electrification system. They believe that InoBat has good access to the rare-earth metals required to produce batteries at scale. Thus, this collaboration will future-proof their battery and supply needs to acknowledge their dedication towards making EV the mobility successor. It will also help them reduce supply chain risks across their Mobility operating divisions. They look onward to cooperating closely with the InoBat team, he added.

Chief Executive Officer of InoBat Auto, Marian Bocek, commented that they are honored to supply innovative solutions across the battery value chain through their cradle-to-cradle strategy. They are delighted to join hands with IDEX, a leading firm with vehicles across a broad range of industries. This strategic collaboration allows them to grow their battery technology for commercial EVs while raising their capacity to support the e-mobility market.

IDEX Reduced Costs of EV Charging

On 3rd January 2022, WAVE, a subsidiary of Ideanomics, reported lowering the costs from manufacturing investments to expand the Sourcewell partnership. It will facilitate the adoption of wireless charging in EV fleets and make charging technology more reasonable. WAVE’s wireless charging system is implanted in highways that charge the vehicles during scheduled stops.

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