Ideanomics (NASDAQ:IDEX) soared 14% yesterday and climbed another 3% in pre-market trading today. Earlier this morning, the electric vehicle (EV) company, which is primarily involved in the Chinese market, announced it would help launch a new battery research and development (R&D) center in Indiana. This is the latest in a series of positive catalysts pushing up IDEX stock.
Ideanomics buys EVs and sells them to businesses that use large numbers of vehicles, such as ride-hailing services. It also arranges deals between EV makers and businesses while providing loans to companies to enable them to purchase electric vehicles.
New Projects and IDEX Stock
Ideanomics announced this morning that it will help open a facility dedicated to R&D and production for battery modules and pack assembly. At the outset, the plant, which will be located in Indiana, is expected to have an annual production capacity of 100 megawatt hours (Mwh). The announcement was made with InoBat Auto, which is a “European pioneering supplier of premium batteries for electric vehicles.”
The firms say they will subsequently launch a factory that can produce between two and three gigawatt hours of batteries annually. InoBat intends to provide battery cells to the plant during both stages of the project.
Meanwhile, the state of Indiana will provide “administrative, advisory, fiscal and site location support” for the undertaking, the companies explained.
Separately, Ideanomics announced early yesterday morning its subsidiary Wave had made a deal to provide to a wireless charging depot to Josephine Community Transit. Ideanomics will also install the chargers for the transit operator, which is located in Grants Pass, Oregon.
Additionally, Ideanomics “will manage all construction related to deploying the depot charging systems.”
IDEX stock has jumped about 25% in its last five trading days, but it has lost 40% of its value so far this year.
On the date of publication, Larry Ramer did not hold (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.