The stock of Ideanomics Inc (NASDAQ: IDEX) dropped to $3.14. This company is pleased after signing a definitive agreement that wins US Hybrid to its side. It takes over the new acquisition through the definitive agreement pronounced back on May 12, 2021.
Details about the latest deal
The newly-struck deal involves the company taking over 100 percent of privately held US Hybrid. Analysts applaud the company’s move to take over the distributor of fuel cell engines for the heavy-duty and medium commercial fleet applications. US Hybrid has also been one of the big names in the manufacture and distribution of wide-raining electric power train components.
The 8-K filing bears all the finest details about the deal, and the company has been quick to term the latest deal a crucial milestone in its efforts to minimize the commercial fleet greenhouse gas emissions. Ideanomics Inc confirms that it will continue employing the advanced EV technologies in its efforts. It has also spoken about further engagements that will help it strike more meaningful and productive working collaboration with more forward-thinking firms.
Ideanomics has also spoken about its other major achievement in a separate announcement. The company discloses details about how partner Global Environment Products (GEP) has engaged US Hybrid in a new exciting deal.
Global Environment Products’ order
The terms of the deal provide that US Hybrid will serve GEP with a fleet of all-electric street sweepers. It is an order that allows Ideanomics to generate more revenues because it has bought off US Hybrid completely.
Global Environment Products intends to use the products it has ordered in several US cities and other areas around the globe. This company has, over the years, focused on the production of innovative and reliable Street Cleaning Equipment.
The CEO of US Hybrid, Dr. Gordon Abas Goodarzi, has applauded his company’s move to collaborate with Ideanomics and several other subsidiaries. Goodarzi has also impressed by the huge order they received from Global Environment Products. The official acknowledges that Ideanomics’ growth, outlining that it has risen to become a real powerhouse within the commercial EV sector. He refers to the company as a major supporter of the entire value chain of electrification.