Ideanomics Inc (NASDAQ:IDEX) (FRA:0V5) announced Tuesday that it has signed a definitive agreement to acquire 100% of privately held Wireless Advanced Vehicle Electrification Inc (WAVE) for cash and stock consideration.
WAVE, founded in 2011 and headquartered in Salt Lake City, Utah, is a leading provider of inductive (wireless) charging solutions for medium and heavy-duty electric vehicles (EVs), Ideanomics said in a statement.
Embedded in roadways and charging vehicles during scheduled stops, the fully automated, hands-free WAVE system eliminates battery range limitations and enables fleets to achieve driving ranges that match that of internal combustion engines.
Deployed since 2012, Ideanomics said WAVE has demonstrated the capability to develop and integrate high-power charging systems into heavy-duty electric vehicles from leading commercial EV manufacturers. With commercially available wireless charging systems up to 250 kilowatts (kW) and higher power systems in development, WAVE provides custom fleet solutions for mass transit, logistics, airport and campus shuttles, drayage fleets, and off-road vehicles at ports and industrial sites.
Wireless charging systems offer several compelling benefits over plug-in-based charging systems, including reduced maintenance, improved health and safety, and expedited energy connection. Furthermore, wireless in-route charging enables greater route lengths or smaller batteries while also maintaining battery life.
Ideanomics noted that WAVE customers include the largest EV bus system in the US, the Antelope Valley Transit Authority in California, and its partnerships include Kenworth, Gillig, BYD, Complete Coach Works, and more.
"The acquisition of WAVE is a significant one for our EV efforts across the board,” said Ideanomics CEO Alf Poor. “We are excited to bring Michael Masquelier and his team into the Ideanomics family, where we can inject significant growth capital to enable WAVE to further accelerate its business and bring wireless charging to our product offerings. WAVE has become a market leader in inductive charging systems, which are much better suited for commercial EVs than plug-in charging systems.”
Poor added: "WAVE complements our Medici Motor Works and Treeletrik businesses, and our investment in Solectrac, and is aligned with our MEG division's Sales to Financing to Charging (S2F2C) model. This is a win-win all around, which will help maximize shareholder value."
Roth Capital Partners acted as an advisor to WAVE on the transaction. The acquisition is subject to customary closing conditions.
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