Ideanomics (NASDAQ: IDEX) has signed a definitive agreement to acquire 100% of privately held Wireless Advanced Vehicle Electrification, Inc. (WAVE). Founded in 2011, WAVE is a leading provider of inductive (wireless) charging solutions for medium and heavy-duty electric vehicles (EVs).
Embedded in roadways and charging vehicles during scheduled stops, the fully automated, hands-free WAVE system eliminates battery range limitations and enables fleets to achieve driving ranges that match that of internal combustion engines.
Michael Masquelier, WAVE’s Founder and CEO, says: “”Fast, safe, in-route charging is key to enabling commercial EVs to match the range of internal combustion vehicles. Joining the Ideanomics family will allow WAVE solutions to rapidly develop at the scale needed to help fleet operators around the world meet their zero-emission goals.”
Alf Poor, Ideanomics CEO, states: “The acquisition of WAVE is a significant one for our EV efforts across the board. We are excited to bring Michael Masquelier and his team into the Ideanomics family, where we can inject significant growth capital to enable WAVE to further accelerate its business and bring wireless charging to our product offerings. WAVE has become a market leader in inductive charging systems, which are much better suited for commercial EVs than plug-in charging systems.”
He adds: “WAVE complements our Medici Motor Works and Treeletrik businesses, and our investment in Solectrac, and is aligned with our MEG division’s Sales to Financing to Charging (S2F2C) model. This is a win-win all around, which will help maximize shareholder value. We’re thrilled to have signed the definitive agreement for this acquisition so we can get to work immediately on the opportunities this brings to both Ideanomics and WAVE.”
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Its Mobile Energy Global (MEG) division facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions.
It’s headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.