On November 30, Louis Navellier Reveals Bold New Income Strategy

Need cash now? Then check out The One Percent Event on November 30 at 12 p.m. ET.

Wed, November 30 at 12:00PM ET
 
 
 
 

Why Is Ideanomics (IDEX) Stock Climbing Higher Today?

  • Ideanomics (IDEX) announced today it would help launch a new battery research and development center in Indiana.
  • Additionally, the company announced yesterday it will provide a wireless charging depot to Josephine Community Transit.
  • IDEX stock has jumped about 25% in the last five trading days.
IDEX stock - Why Is Ideanomics (IDEX) Stock Climbing Higher Today?

Source: Matthew Troke / Shutterstock.com

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.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been PLUG, XOM and solar stocks. You can reach him on Stocktwits at @larryramer.


Article printed from InvestorPlace Media, https://investorplace.com/2022/06/why-is-ideanomics-idex-stock-climbing-higher-today/.

©2022 InvestorPlace Media, LLC