Ideanomics signs deal with state-owned yunnan energy to create jv for electric vehicle enablement

Ideanomics announced an exclusive agreement with yunnan energy to establish a joint venture to promote electric vehicle (ev) enablement within the province, and into south east asia through the province's designation as china's 'belt and road' partner. the agreement provides for the establishment of a joint venture between ideanomics and yunnan energy investment group co. ltd., a state-owned entity currently ranked as 219 in china's top 500 enterprises of 2019. the joint venture will exclusively promote the adoption of ev heavy trucks in the mining-centric province, as well as for buses, logistic vehicles, and taxis, as part of ideanomics' meg division's s2f2c (sales-to-financing-to-charging) program. the jv anticipates leading the china market in this area, and extending its capabilities in china beyond yunnan province, as well as into the asean region, where yunnan is the official "belt and road" sponsor and where ideanomics has an interest in malaysia's ev manufacturer treeletrik. additionally, the parties will establish a development fund with resources from yunnan province with two key objectives: 1) ev acquisition to include an operational company for the benefit of the leasor; and 2) investment into cleantech mobile energy related projects identified by the joint venture, including investment into the construction and management of power grid infrastructure in south asia and south east asia to deliver the fast-charging and energy storage solutions required to support the ev industry.
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