Solectrac Announces Strategic Reorganization to Further Amplify Electrification Efforts and Enhance Customer Support
March 27 2024 - 8:00AM
Solectrac, a leader in the electric tractor industry and a
wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX), today
announced a strategic reorganization and shift in its business
model. The California-based distributor of electric tractors,
recognized as an innovator in regenerative agriculture through its
B Corp certification, is refocusing its efforts from expanding its
dealer/distributor network to prioritizing direct-to – consumer
sales and partnering with select dealers in key markets. This move
is motivated by Solectrac’s commitment to lead the transition to
zero-emission regenerative agriculture and utility operations and
aims to leverage government EV subsidy programs and cooperative
purchasing agreements that incentivize electrification as part of
the larger DTC strategy.
Solectrac has been awarded e-tractor vendor status with two
prominent national cooperative purchasing agencies: The Interlocal
Purchasing System (TIPS) and The Association of Educational
Purchasing Agencies (AEPA). These partnerships are instrumental in
assisting public education organizations, higher education
entities, and city and county governments enhance operational
efficiency, be capital-efficient and in the case of Solectrac,
offer an affordable clean energy solution.
In addition to these cooperative agreements, Solectrac is
actively participating in the Clean Off-Road Equipment Voucher
Incentive Project (CORE), a significant initiative designed to
encourage the adoption of zero-emission off-road equipment in
California. This program perfectly aligns with Solectrac's mission
to support the transition to a cleaner, more sustainable future in
the agricultural sector. With CORE’s support, Solectrac has already
sold more than 60 tractors to date.
As part of its commitment to educate on sustainable alternatives
to diesel-powered tractors, Solectrac has partnered with North
Carolina’s Electric Cooperatives, Randolph Electric Membership
Corporation, and North Carolina Zoo Society in support of the North
Carolina Zoo—the world’s largest natural habitat zoo—on a yearlong
pilot program featuring their e25G compact tractor. The pilot will
help the North Carolina Zoo reach its goal of reducing greenhouse
gas emissions by 30% by 2025. The tractor will be used around the
Zoo’s greenhouse complex and “browse gardens” where plants and
trees are grown to feed animals that live on the 2,800+ acre
property.
“This pilot program will unveil the possibilities,
benefits and uses that electric tractors have for not only for the
Zoo but for businesses and consumers statewide,” said Jim Musilek,
vice president of innovation and business development for North
Carolina’s Electric Cooperatives.
“We are excited to shift Solectrac's business model to drive a
robust growth strategy and strengthen the connection to our
customers in markets that are on the forefront of the
electrification movement and beyond," said Robin Mackie,
Solectrac's interim CEO, and Ideanomics COO. "By creating more
opportunities to engage directly with our customers and expanding
our participation in programs that support electrification, we can
ensure that our electric tractors are not only more accessible but
also backed by the excellent service and support that our customers
deserve."
Solectrac's commitment to innovation and the highest level of
customer service is at the forefront of this strategic shift,
ensuring that the company remains a leader in the electric tractor
industry and continues to foster a more sustainable and efficient
agricultural and utility operations environment.
About Solectrac
Solectrac, a wholly-owned subsidiary of Ideanomics, is a
California-based distributor of electric powered tractors. As a
certified B Corp, Solectrac is dedicated to providing eco-friendly
farming and utility operations solutions. The company's electric
tractors are designed to offer a cleaner, quieter, and more
sustainable alternative to traditional diesel tractors. For more
information about Solectrac and its electric tractors, please visit
solectrac.com.
About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a
simple mission: to accelerate the commercial adoption of electric
vehicles. By bringing together vehicles and charging technology
with design, implementation, and financial services, we provide
solutions for the commercial world to commit to
an EV future. To keep up with Ideanomics, please
follow the company on social @ideanomicshq or
visit: https://ideanomics.com.
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describe historical facts may constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the expected timing for the
filing of the Form 10-K, the Company's ability to regain compliance
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to risks and uncertainties that could cause actual results to
differ materially from those indicated, including, but not limited
to, risks and uncertainties relating to the failure of the Company
to file the Form 10-K on its expected timeline and other risk
factors discussed from time to time in the Company's filings with
the SEC. These and other factors are identified and described in
more detail in the Company's filings with the SEC, including,
without limitation, the Company's most recent Form 10-K and Form
10-Q. The Company expressly disclaims any intent or obligation to
update these forward-looking statements other than as required by
law.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com
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