Ideanomics and Ankai Partner On EV, Hydrogen Powered Buses, & Associated Power Solutions


NEW YORK, July 22, 2019 /PRNewswire/ — Ideanomics Inc. (Nasdaq: IDEX) has today announced it has signed an agreement to partner with Anhui Ankai Automobile Co., Ltd. (also known as “Ankai”) (000868:CH), a leading industry manufacturer and sales enterprise for bus markets, servicing a full range of small, medium, and large buses. The partnership will extend the service offering of Ideanomics’ recently-established NETS Group and will provide bus and tour bus operators with benefits ranging from factory/group purchasing power, through to streamlined ABS financing services. The partner will service major state-owned tourism groups, major domestic tourism associations and/or their members including tour agencies, hotels, parks and tour transportation operators, and other sources through official industry associations.

Under the terms of the deal Ideanomics is entitled to up to 10% commission on bus orders it introduces, the exact commission will be dependent on the make, model, and specification of the buses ordered, as well as any discounted pricing negotiated as part of the sales order. In return for the commissions, Ideanomics will seek to place a minimum of 10,000 orders with Ankai from its previously announced deals. The parties have agreed to cooperate on sales and marketing activities in Malaysia and the broader ASEAN region, as well as Europe and the United States. Ideanomics also earns fees from asset-backed financing (ABS) services it arranges through its banking and financial services relationships.

Furthermore, both parties have agreed to cooperate on new energy initiatives, including electric battery, hydrogen, and charging station networks, with Ideanomics contributing its relationships with leading partners in this field. Ideanomics is currently working with a number of partners in this area and plans to also derive a share of the recurring revenues from the charging networks it is partnering to facilitate.

“We are very pleased to be partnering with Ankai, as part of our Bus and Tour Bus initiatives. This, along with our other manufacturing partnerships that have been recently announced, will help speed up the time-to-market for sales orders received, as well as help facilitate a rounded offering of small, medium, and large buses required to service the different markets we are operating in,” said Alf Poor, CEO of Ideanomics. “This deal epitomizes the S2F2C (Sales to Financing to Charging) model which Ideanomics is pioneering for the benefit of streamlining and mobilizing the migration from fossil fuels to clean tech fuels. Our intentions with S2F2C is to become the lynchpin for the EV and Hydrogen bus markets, such that both manufacturers and the state-owned and private bus operators see Ideanomics as a one-stop solution for access to all of their vehicle procurement, financing, and charging station network needs. Our immediate objectives with Ankai, and our other manufacturing partners, is to establish a full value chain to support the Chinese government’s mandate for clean energy buses by 2020, as well as begin the process for exporting these world-leading manufacturers to the Asean region and beyond. This will see Ideanomics use our expertise and industry connections to enable expedient planning in areas such as right-hand drive vehicles, for those particular markets, as well as the certification and suitability of the vehicles for all of our target markets”.

The Ankai pure electric double-layer 5G bus connects the 5G smart bus vehicle big data real-time supervision platform, which can integrate the previously separated data systems and platforms to form intelligent central control, thus harvesting the smart public transportation “cloud brain” platform reputation.

Ankai continues to build and develop green, energy-saving and intelligent transportation service systems around the international development strategy of “creating global brands and becoming the world’s Ankai”, enabling Chinese manufacturing to go global and provide better quality transportation service to the people of the world.

About Ankai
As a subsidiary company to Anhui Jianghuai Automobile Co., Ltd. (JAC Group), Anhui Ankai Automobile Co., Ltd. (hereafter referred to as Ankai) is a professional manufacturing and sales enterprise for high-end and medium-end large, medium, and light buses and their parts. Ankai was listed at Shenzhen Stock Exchange in July of 1997(000868:CH).

About Ideanomics
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 provide our customers and partners with 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.

Safe Harbor Statement
This press release contains certain statements that may include “forward looking statements”. 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 statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. 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 continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; 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 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.

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SOURCE Ideanomics

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