Ideanomics (NASDAQ:IDEX) is seeing IDEX stock rise higher on Monday following news of an additional stake in electric tractor company Solectrac.
According to an IDEX news release, the company is investing another $1.3 million in Solectrac. Ideanomics notes that this will boost its stake in the company to 25%, which will then drop to about 22% once an additional third-party investment is complete.
Investors in IDEX stock likely know that this isn’t the first investment news from Ideanomics concerning Solectrac. It follows a previous $1.3 million investment made in the companion on Oct. 22. That investment gained it a 14.7% stake in the company.
Alf Poor, CEO of Ideanomics, said this about the news boosting IDEX stock.
“We are very pleased to increase our investment in Steve and the Solectrac team, and we welcome the investment interest from funds looking to deploy capital in the clean energy and EV sector. We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand.”
It’s worth mentioning that this isn’t the only news of IDEX stock jumping higher lately. The stock also saw a major boost on Friday that pushed it higher. That increase came on heavy trading and a lack of news concerning the company.
IDEX stock was soaring 69.2% as of Monday morning and is up 225.6% year-to-date.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.