Ideanomics announced it has signed a definitive agreement to acquire 100 percent of privately held US Hybrid in cash and stock considerations.
The acquisition of US Hybrid, which is subject to customary closing conditions brings to Ideanomics the application of US-built technology, for use in its own vehicles, and significantly extends the company’s capabilities in zero-emission transportation. US Hybrid will continue to service its existing customer base, and Ideanomics will assist them in scaling their business operations within the Ideanomics Mobility business division, the company says.
US Hybrid has been providing solutions including components, drivetrains and fuel cells to medium- and heavy-duty commercial fleet operators. US Hybrid designs, manufactures and markets integrated power conversion systems for battery electric, fuel cell and hybrid vehicles, as well as systems for renewable energy generation and storage.
US Hybrid has been offering integrated power conversion components and integrated motor drives, motors and controllers, distributed energy management systems and DC-DC boost converters — equipment that is vital to the growth of the broader EV industry. In addition to its relationships with leading OEMs, US Hybrid has delivered projects for the private and public sectors, including the defense industry and governmental customers.
US Hybrid has reliably demonstrated proven powertrain technology, along with DC-DC converters which possess high efficiency ratings and fast dynamic response capabilities. US Hybrid enjoys long-term commercial relationships in various industries including Commercial, Defense & Aerospace, and Transit/Municipal for its BEV, FCe, and hybrid platforms.
“The acquisition of US Hybrid is a significant one for our EV efforts across the Ideanomics Mobility division and is the stepping-stone we were looking for to ensure we provide vehicles and technologies that can proudly allow us to state the meaningful components are Made in America. We are excited to bring Dr. Goodarzi and team into the Ideanomics family; they have been exceptional to work with throughout our discussions, and we look forward to helping them develop their business further. We will be bringing their technologies and capabilities into our own vehicles, as well as helping the broader industry leverage the outstanding technology the US Hybrid team has developed in hybrid, EV and hydrogen fuel cells,” says Ideanomics CEO Alf Poor.
“With decades of experience and credibility from deployments with reputable customers, US Hybrid will become an innovation engine for Ideanomics and provide strategic opportunities for clean technology applications across the zero emissions transportation value chain, both now and in the future,” Poor says.
“We are excited to be joining the Ideanomics family as a synergistic addition to the Ideanomics ecosystem of EV businesses. Ideanomics’ global platform will provide us with the opportunity to unlock the commercialization and sales potential of our American-made zero-emission products within Ideanomics and our broad customer base,” says Dr. Gordon Abas Goodarzi, PhD, PE, CEO of US Hybrid.
“This combination of our businesses provides for a bright future in zero emission transportation, where we continue to innovate for the future, while scaling our commercial products to meet the immediate demands of the industry,” says Goodarzi.