Ideanomics' MEG Division Finalizes Operational EV and Energy Business Units
NEW YORK, May 6, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), Mobile Energy Global (MEG) division has today announced it has finalized its EV and Energy business units under the S2F2C (Sales-to-Financing-to-Charging) model. Each business unit has been developed to focus on a key area of revenue, and is part of the Company's plans to onboard diversified revenue streams as it scales in Asia and beyond, having its own team and revenue objectives to provide focus and accountability as MEG activities scale in 2020 and beyond.
The Sales to Financing division's four key business segments are built around Commercial EV sales and are: 1) Lease Financing Fund Supported Sales; 2) Cash and Non-Fund Sales; 3) Qingdao EV Hub Sales; 4) Treeletrik and Ex-China Sales.
The Charging division's four key business segments are focused on energy sales and are: 1) Pre-paid Electricity Sales for Commercial EV Fleets; 2) EV Fast-charging Network Sales; 3) 5G Smarty City Energy Sales; 4) Consolidated Energy Purchasing Card With China Union Pay.
"We are entering a period of high-growth for the Company, and the business units have begun to take shape based on our EV order flows and the predicted revenue streams for energy sales," said Alf Poor, CEO of Ideanomics. "We've been developing each business unit under our S2F2C model as the demand for clean energy vehicles matures, adjusting according to market conditions and opportunity. Our analogy internally has been to create two thoroughbred race horses, each supported by four strong hooves, capable of accelerating quickly and efficiently to ensure we are well-placed to benefit from the uptick in EV and clean energy consumption as it transitions from emerging market to mainstream."
About Ideanomics
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.
The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.
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.
Investor Relations and Media Contact
Tony Sklar, VP of Communications
55 Broadway, 19th Floor New York, New York 10006
Email: ir@ideanomics.com
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