Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Ideanomics (NASDAQ: IDEX) announced on Monday that it has made a strategic investment in Prettl Electronics Automotive, sending its shares higher.
Prettl Electronics Automotive is a business unit within the Prettl Group, a prominent German industrial company that manufactures and distributes components and systems for the automotive, energy, and electronics industries. It was formed to develop the hardware and software for a “modular, scalable high performance (up to 2.0 MW) public charging park solution for electric vehicles.”
The deal includes a strategic investment of €7.5M ($9M) for a 30% ownership stake. In addition, Ideanomics will receive exclusive sales and distribution rights for Prettl charging infrastructure products and solutions in North America, and Ideanomics CEO Alf Poor will join PEA's Board of Directors.
“The opportunity to work with Prettl brings together two companies with a global perspective for what is required to bring EV Mobility solutions to global markets. The PEA team's innovative approach, both in terms of potential to deploy high-power charging infrastructure and the dynamic load balancing of charging by energy requirements at an individual vehicle level, is among the most progressive EV charging solutions we have seen,” said Poor.
Ideanomics recently acquired Wireless Advanced Vehicle Electrification, Inc, a company involved in inductive charging systems for medium- and heavy-duty electric vehicles.
In a statement, Ideanomics said the deal will leverage Prettl's expertise and “provide Ideanomics with robust charging infrastructure solutions which can rapidly deploy with or without grid connectivity, positioning the company to meet the needs of electric vehicle fleet operators and offer a full range of charging infrastructure products for commercial and public applications.”
Ideanomics' share price is up 4.22% at $2.47.
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