Windsor, CA, March 27, 2024 (GLOBE NEWSWIRE) -- Solectrac, a leader in the electric tractor industry and a wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX), today announced a strategic reorganization and shift in its business model. The California-based distributor of electric tractors, recognized as an innovator in regenerative agriculture through its B Corp certification, is refocusing its efforts from expanding its dealer/distributor network to prioritizing direct-to – consumer sales and partnering with select dealers in key markets. This move is motivated by Solectrac’s commitment to lead the transition to zero-emission regenerative agriculture and utility operations and aims to leverage government EV subsidy programs and cooperative purchasing agreements that incentivize electrification as part of the larger DTC strategy.
Solectrac has been awarded e-tractor vendor status with two prominent national cooperative purchasing agencies: The Interlocal Purchasing System (TIPS) and The Association of Educational Purchasing Agencies (AEPA). These partnerships are instrumental in assisting public education organizations, higher education entities, and city and county governments enhance operational efficiency, be capital-efficient and in the case of Solectrac, offer an affordable clean energy solution.
In addition to these cooperative agreements, Solectrac is actively participating in the Clean Off-Road Equipment Voucher Incentive Project (CORE), a significant initiative designed to encourage the adoption of zero-emission off-road equipment in California. This program perfectly aligns with Solectrac's mission to support the transition to a cleaner, more sustainable future in the agricultural sector. With CORE’s support, Solectrac has already sold more than 60 tractors to date.
As part of its commitment to educate on sustainable alternatives to diesel-powered tractors, Solectrac has partnered with North Carolina’s Electric Cooperatives, Randolph Electric Membership Corporation, and North Carolina Zoo Society in support of the North Carolina Zoo—the world’s largest natural habitat zoo—on a yearlong pilot program featuring their e25G compact tractor. The pilot will help the North Carolina Zoo reach its goal of reducing greenhouse gas emissions by 30% by 2025. The tractor will be used around the Zoo’s greenhouse complex and “browse gardens” where plants and trees are grown to feed animals that live on the 2,800+ acre property.
“This pilot program will unveil the possibilities, benefits and uses that electric tractors have for not only for the Zoo but for businesses and consumers statewide,” said Jim Musilek, vice president of innovation and business development for North Carolina’s Electric Cooperatives.
“We are excited to shift Solectrac's business model to drive a robust growth strategy and strengthen the connection to our customers in markets that are on the forefront of the electrification movement and beyond," said Robin Mackie, Solectrac's interim CEO, and Ideanomics COO. "By creating more opportunities to engage directly with our customers and expanding our participation in programs that support electrification, we can ensure that our electric tractors are not only more accessible but also backed by the excellent service and support that our customers deserve."
Solectrac's commitment to innovation and the highest level of customer service is at the forefront of this strategic shift, ensuring that the company remains a leader in the electric tractor industry and continues to foster a more sustainable and efficient agricultural and utility operations environment.
About Solectrac
Solectrac, a wholly-owned subsidiary of Ideanomics, is a California-based distributor of electric powered tractors. As a certified B Corp, Solectrac is dedicated to providing eco-friendly farming and utility operations solutions. The company's electric tractors are designed to offer a cleaner, quieter, and more sustainable alternative to traditional diesel tractors. For more information about Solectrac and its electric tractors, please visit solectrac.com.
About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide solutions for the commercial world to commit to an EV future. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit: https://ideanomics.com.
Safe Harbor Statement
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected timing for the filing of the Form 10-K, the Company's ability to regain compliance with the Nasdaq requirements for continued listing and related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions that involve known and unknown risks and uncertainties. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the failure of the Company to file the Form 10-K on its expected timeline and other risk factors discussed from time to time in the Company's filings with the SEC. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, without limitation, the Company's most recent Form 10-K and Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements other than as required by law.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
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