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Ideanomics engages Dr. Liqing Hu as Chief Scientist to launch Medici Research Institute for fuel cell R&D

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Based in China, Dr. Hu will lead the Medici Research Institute and manage a fuel cell research and development team, designing fuel cell technology to power the next generation of clean energy vehicles for the commercial sector.

Additional Information:

Company: Ideanomics
Website: http://www.ideanomics.com
Stock Symbol: NASDAQ: IDEX
Date Published: Sep 24, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Ideanomics, a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, has hired Dr. Liqing Hu as Chief Scientist for Medici Motor Works.

Dr. Hu is a celebrated innovator and pioneer in the field of hydrogen energy in China, where he completed his post-doctoral research, prior to working for Ballard Systems in Canada.

Based in China, Dr. Hu will lead the Medici Research Institute and manage a fuel cell research and development team, designing fuel cell technology to power the next generation of clean energy vehicles for the commercial sector.

Alf Poor, CEO, stated: "We are very excited to announce the hire of a distinguished executive to lead Medici Motor Works research and development institute. As well as bringing us access to fuel cell technology, the establishment of the Medici Research Institute will ensure that Medici Motor Works stays at the forefront of hydrogen fuel cell and battery electric vehicle innovation."

In June, Ideanomics rebranded its truck, specialty vehicle, and hydrogen to fuel cell vehicle division as Medici Motor Works as part of the branding to position and ramp up its activities in the fast-growing battery electric and hydrogen fuel cell truck market, primarily for commercial fleet operators.

Battery electric vehicles excel in short haul and closed-circuit operations such as mines, airports, steel mills and seaports, etc., whereas hydrogen fuel cell vehicles are more suited to long distance, offering the potential for reduced refueling stops and the introduction of self-driving autonomous vehicles as a solution to driver fatigue.

Medici Motor Works is a division of Ideanomics’ subsidiary Mobile Energy Global or “MEG”, which focuses on supplying heavy trucks, taxi/ride-hailing and other electric vehicles to the Chinese market.

Due to the potential size of the market, MEG sources vehicles from a number of suppliers, including BYD, Nissan, Kia, Geely, and Chery to ensure it can meet both cost and delivery requirements.

In May, the company launched the one million square foot MEG Center, largest auto trading market in Qingdao, Shandong Province, China, with a capacity of 18,000 vehicles, and hosting a full suite of car dealer services.

Ideanomics recently engaged Harvest Global Investments as an advisor to assist with capital raising, M & A, and other types of investment banking services to MEG and Medici Motor Works.

Harvest Global, through its affiliate Harvest Alternative Investments, has been a long-term investor in Ideanomics and has indicted an interest in investing directly in MEG and Medici Motor Works.

Dr. Henry Zhao, Chairman of Harvest Fund Management, the parent company of Harvest Global Investments, stated: “ESG-focused funds and other mainstream funds have begun making significant investments into EV and clean energy initiatives to take advantage of the significant momentum of clean tech, particularly as it pertains to the automotive industry. Chairman Wu has invested significant time and resources in bringing his vision to a reality, and we look forward to working with Ideanomics Board of Directors and Management regarding the expansion of its EV divisions as they begin the next growth phase of their businesses.”

Through Ideanomics Capital, Ideanomics provides fintech solutions that include intelligent and innovative financial services and solutions powered by AI and blockchain.

Together, MEG and Ideanomics Capital, provide their global customers and partners with more efficient solutions for a greener economy.

The shares are trading at $0.90.

For more information, please visit the company’s website www.ideanomics.com, contact Tony Sklar, VP of Communications, at ir@ideanomics.com.

I’m Cassandra Bolinski for Investmentpitch Media