With a new year upon us, excitement in the electric vehicle (EV) industry remains rampant. There has been a flurry of EV news recently, headlined by Ford’s (NYSE:F) announcement that it would be almost doubling its F-150 Lightning pickup truck production to 150,000 units due to increased demand. However, a smaller EV player is in the spotlight today due to some exciting news.
So what do you need to know?
First, Ideanomics (NASDAQ:IDEX) announced today that it had invested into electric battery startup InoBat. The exact investment figure was not specified, although InoBat is valued at the “mid-level hundreds of millions of pounds” according to sources close to the transaction. Furthermore, the two companies will work together to develop and manufacture battery solutions to target the U.S. commercial EV market.
InoBat operates as an electric battery designer and manufacturer for several sectors. The company has plans to build several gigafactories across Europe and other locations through 2024 to satisfy EV demand. On top of that, InoBat boasts Andy Palmer on its roster. Palmer was the former CEO of Aston Martin and worked as the COO of Nissan to help develop the Nissan Leaf.
InoBat Auto CEO Marian Bocek praised the investment, adding that:
“InoBat prides itself on providing innovative solutions across the entire battery value chain thanks to our own ‘cradle-to-cradle’ approach. We are thrilled to join hands with Ideanomics, a like-minded company with vehicles across a wide range of industries.”
Ideanomics isn’t the first private investor in InoBat. Prior investors include mining giant Rio Tinto (NYSE:RIO) and Indian battery manufacturer Amara Raja.
Why Is IDEX Stock in the Spotlight Today?
However, there is a second source of news that has shareholders of IDEX stock excited.
WAVE, a subsidiary of Ideanomics, announced that it had expanded its partnership with Sourcewell. Sourcewell is a government organization that offers cooperative purchasing to more than 400 government, non-profit and educational entities. The partnership will effectively lower the upfront costs of WAVE’s hands-free EV charging station. Additionally, WAVE also announced that it would be offering a charging-as-a-service package for its charging station that requires a monthly payment.
“CaaS enables Sourcewell members to go completely battery-electric with minimal impact on their business and operational expenditures,” said WAVE CEO Aaron Gillmore.
On the date of publication, Eddie Pan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.