Ideanomics Inc (NASDAQ:IDEX) announced that Harvest Global Investments (HGI) and its affiliate Harvest Alternative Investments will advise the company.
They will place an emphasis on Ideanomics’ Mobile Energy Global (MEG) division, H2FC and BEV Medici Motor Works truck and specialty vehicles business, according to a release.
Ideanomics said Henry XueJun Zhao will assume the advisory position, as well as become a board member to Medici Motor Works, to assist it with maximizing shareholder value for its EV divisions.
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The types of advisory activities include the potential to assist with capital raising, M&A, and other types of investment banking services for MEG and Medici Motor.
Additionally, as an advisor to Ideanomics, HGI will offer its senior management's experience in assisting growth companies for more than 25 years, allowing it to participate closely in areas such as business strategy and scaling operations.
"ESG-focused funds and other mainstream funds have begun making significant investments into EV and clean energy initiatives to take advantage of the significant momentum of clean tech, particularly as it pertains to the automotive industry," said Zhao, chairman of Harvest Fund Management, the parent company of Harvest Global Investments.
"Chairman Bruno Wu (of Ideanomics) has invested significant time and resources in bringing his vision to a reality, and we look forward to working with Ideanomics Board of Directors and Management regarding the expansion of its EV divisions as they begin the next growth phase of their businesses."
Ideanomics, headquartered in New York with offices in Beijing and Qingdao, is focused on monetizing the adoption of commercial EVs and is selling-off its non-core assets.
