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Tuesday, January 31, 2023

Ideanomics (NASDAQ: IDEX) Finalizes Acquisition of US Hybrid

Ideanomics, Inc. (NASDAQ: IDEX) disclosed that it has finalized the earlier disclosed final agreement to buy 100% of privately held US hybrid. The finalized purchase is another critical landmark in the mission of Ideanomics to cut commercial fleet greenhouse gas emissions through sophisticated EV technologies and forward-thinking partnerships.

Furthermore, Ideanomics instantaneously disclosed that US Hybrid has got orders from partner Global Environment Products (GEP) for a fleet of all-electric street sweepers anticipated to implement in several cities in the US and worldwide. Global Environment Products has gained recognition as a maker of specialized, purpose-built, heavy-duty, and reliable Street Cleaning Equipment. It is based in San Bernardino, CA, GEP has faith in credible, inexpensive, and groundbreaking products.

In addition to this, it has disclosed that the current order for the GEP street sweepers is expected to provide more than a million dollars in revenue to US Hybrid in the balance of CY 2021. This expands a current partnership between GEP and US Hybrid, which have provided many clean street sweepers to clients in the US and Japan.

It has been disclosed that each new all-electric street sweeper is going to save approximately 89 metric tons of carbon emissions throughout the lifetime of the vehicle, or the equivalent of taking 19 cars off the road for one year.

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