WAVE Charging Announces Receipt of Purchase Order from Leading Retail and Logistics Company
18 January 2024 - 11:30PM
SALT LAKE CITY, UT (January 18, 2024) – WAVE Charging, a
wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX) and developer
of high-power, wireless inductive charging solutions for medium-
and heavy-duty commercial vehicles has announced the receipt of a
purchase order for a new commercial proof of concept project with a
major retail and logistics company in the United States. After six
months of dedicated efforts, WAVE is excited to embark on this
groundbreaking collaboration with a new partner that holds a
significant presence in the retail and logistics sector.
While the customer's name and some details of the project remain
confidential at this time due to contractual obligations, WAVE is
eager to share some key information about this impactful project.
The commercial proof of concept project will involve the deployment
of BYD yard tractors equipped with WAVE's cutting-edge wireless
charging technology. The battery electric yard tractors will be
employed at one of the customer’s distribution centers to
facilitate the movement of containers as part of a project
contributing to a reduction in the customer’s overall emissions
footprint. WAVE's wireless charging technology enables seamless
opportunity charging, allowing vehicles to recharge quickly during
pauses in operations. This not only enhances operational efficiency
but also aligns with sustainability goals.
One of the key advantages of WAVE's wireless charging solution
is the simplified charging process. Compared to wired charging,
WAVE's wireless charging system significantly reduces the risk of
cables being damaged or run over, ensuring a robust and reliable
charging experience for the customer.
Robin Mackie, Chief Operating Officer of Ideanomics, expressed
his enthusiasm for this significant milestone, stating, "We are
thrilled to announce this strategic partnership with another
leading player in the U.S. retail and logistics industry. This
purchase order is a testament to the hard work and dedication of
the entire WAVE team and helps cement WAVE’s position as a leader
in the wireless charging market. We believe that our wireless
charging technology will play a pivotal role in transforming the
way electric vehicles are charged and operated in distribution
centers."
The value of the initial order represented by this purchase
order is for approximately $500,000. Following the successful proof
of concept, WAVE’s and the customer’s objectives are to scale the
deployment to wider use within the customer's operations, both at
distribution centers and other warehouse and middle-mile scenarios,
showcasing the adaptability and versatility of the WAVE system.
WAVE is excited about the positive impact this collaboration
will have on the customer's operations and looks forward to
furthering the adoption of wireless charging solutions in the
retail and logistics sector.
Further details of the purchase order can be found in the
company's 8-K filing with the SEC.
About WAVE Charging
Founded in 2011, with systems available from 125kW through to
ultra-high power, WAVE delivers made-in-America wireless EV
charging systems for the commercial fleet sector. With a
global-leading number of high-power, rigorously proven inductive
charging systems deployed, WAVE provides commercial fleet operators
with a faster, easier, and future-proof way to extend the range of
medium- and heavy-duty electric vehicles without the hassle and
inefficiency of operations experienced with cable and pantograph
charging systems. Learn more at www.wavecharging.com.
About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a simple
mission: accelerating the commercial adoption of electric vehicles.
By bringing together vehicles, charging and financing solutions
under one roof, we are the one-stop partner needed to simplify the
transition to and operation of any EV fleet. To keep up with
Ideanomics, please follow the company on social @ideanomicshq or
visit www.ideanomics.com.
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 www.sec.gov. 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.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York,
NY 10018
ir@ideanomics.com
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