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Ideanomics' MEG subsidiary to provide energy services for new Chinese infrastructure projects

As reported in March, Ideanomics launched two new businesses to capitalize on China's US$3.4 trillion (RMB24 trillion) investment in infrastructure

Ideanomics Inc -
It comes after Qingdao Enengju New Energy Sales and Service Co Ltd (Enengju) inked a strategic cooperation agreement with Zhongsen Tower Communications to build and operate new infrastructure projects

Ideanomics Inc (NASDAQ:IDEX), the greentech and Fintech advisory group, said its Mobile Energy Global (MEG) subsidiary is poised to provide electricity services for projects which include 5G towers and new energy vehicle charging piles in China.

It comes after Qingdao Enengju New Energy Sales and Service Co Ltd (Enengju) inked a strategic co-operation agreement with Zhongsen Tower Communications to build and operate new infrastructure projects.

READ: Ideanomics establishes two new businesses to capitalize on China's trillion dollar investment in infrastructure

As reported on March 27, Ideanomics has launched two new businesses - MEG New Energy Vehicles and MEG 5G Energy Services - to capitalize on China's US$3.4 trillion (RMB24 trillion) investment in infrastructure.

MEG has already established strategic partnerships with leading partners such as China Tower, GCL Group, State Grid, Dongfang Energy Sales Cloud, and TMR Energy.

Under the deal between Enegju and Zhongsen Tower, both parties will invest in, build, and operate new infrastructure projects including communication pipelines, 5G towers, 5G indoor distribution, new energy vehicle charging piles, big data centers, artificial intelligence, industrial Internet, and other strategic technology infrastructure projects.

MEG will extend its existing relationships with leading utility companies to provide the electricity to power these projects, Ideanomics said in a statement.

Shares of Ideanomics in New York rushed up 19% on the day to $0.76 each.

---Updates for share price---

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Price: 1.63 USD

NASDAQ:IDEX
Market: NASDAQ
Market Cap: $273.67 m
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Ideanomics launch energy services unit after securing deal with Service...

Ideanomics (NASDAQ: IDEX) CEO Alf Poor joined Steve Darling from Proactive to share news the company has done a deal with infrastructure giant Zhongsen Tower to give the company their launch of Its Energy Services Unit.  Poor talks about how this fits into their overall plan for MEG and...

on 06/25/2020

2 min read